July 19, 2024
Industrial Laser Systems Market
Ict

Growing Adoption Of Laser Processing Technology To Open Up The New Avenue For Industrial Laser Systems Market

The Industrial Laser Systems Market is estimated to be valued at US$ 22979.2 MnĀ  in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Industrial laser systems are laser cutting systems used in various manufacturing industries such as automotive, aerospace, electronics and medical devices. These laser systems offer precision, high cutting speed and lower cost of manufacturing. Key applications of industrial laser systems include cutting, welding, engraving, microprocessing, drilling and 3D printing. Advancements in fiber laser technology have enabled compact industrial laser systems to efficiently cut ultra-thin and complex metallic materials for automotive manufacturing.

Market Dynamics:

Rising adoption of laser technology across automotive industry is a major factor driving growth of the industrial laser systems market. Automotive manufacturers are increasingly using laser cutting systems for precision cutting of car body parts and electronic components. This is because laser systems provide clean and burr-free cuts compared to traditional cutting methods. Growing production of vehicles globally is augmenting demand for laser cutting systems from automotive OEMs. For instance, according to International Organization of Motor Vehicle Manufacturers, around 94 million vehicles were produced globally in 2019.

Adoption of industrial laser technology is enabling manufacturers to develop complex and lightweight components for electric vehicles. Laser cutting helps electron car producers manufacture battery enclosures, electric motor parts and chassis with intricate designs, thereby augmenting the range of EVs. This is positively impacting adoption of industrial laser systems in automotive industry.

Segment Analysis:

The industrial laser systems market can be segmented into CO2 lasers, solid state lasers, fiber lasers and others. Among these, the fiber laser segment accounts for the largest share of over 40% of the total industrial laser systems market due to their superior beam quality, high reliability and low maintenance. Fiber lasers are increasingly being used for various material processing applications such as cutting, welding, drilling and marking owing to their compact size, high output power and excellent beam quality.

PEST Analysis:

Political: Governments across regions are supporting industries to adopt advanced technologies such as industrial laser systems for various industrial applications. For instance, European Union provides subsidies to SMEs adopting laser tech for manufacturing.

Economic: Growing manufacturing industries globally is driving demand for precision processing solutions like industrial lasers. The low total cost of ownership and faster processing of industrial lasers compared to traditional machines is boosting their adoption.

Social: Increasing consumer demand for high-performance and quality processed products is propelling industries to incorporate laser technology for applications like cutting, marking, welding, drilling that ensures quality and reliability of processed goods.

Technological: Continuous advancements in laser source technology, beam delivery systems and integration of lasers with automated machines have enhanced functionality and efficiency of industrial laser systems.

Key Takeaways:

The Global Industrial Laser Systems Market Growth is expected to witness high, exhibiting CAGR of 6.8% over the forecast period of 2023 to 2030, due to increasing investments in advanced manufacturing technologies by industries globally. The market size is estimated to reach US$ 35,923.4 Mn by 2030 from US$ 22,979.2 Mn in 2023.

North America dominates the industrial laser systems market currently due to presence of major players and growing adoption across automotive, electronics and medical device industries in the region. Asia Pacific is expected to witness fastest growth in the coming years. This is attributed to government support for adoption of laser tech and expansion of manufacturing sectors in China, India and Southeast Asian countries.

Key players operating in the industrial laser systems market are Jenoptik AG, Han’s Laser Technology Co. Ltd., Newport Corporation, nLIGHT Inc., TRUMPH GmbH, ACSYS Lasertechnik Inc., Coherent Inc., IPG Photonics Corporation, II-VI Incorporated. Major players are focusing on development of fiber and solid state lasers with advanced features like high power, efficient beam delivery and integration with automated machines to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it