Industrial Laser Market: Overview
The global industrial laser market has been on a steady growth path in the 21st century. Industrial lasers are used throughout the industry in a number of applications. This can include material processing as well as other applications. Material processing consists of cutting, drilling, welding – all of which require high-powered industrial lasers. The adoption of industrial lasers is increasing by the day as they can be easily automated to control both robots and computers. The global industrial laser market has also proved invaluable in the field of fiber optics as these lasers can access locations that were previously impossible to.
Industrial Laser Market: Drivers & Restraints
The global industrial laser market is highly vibrant, dynamic, robust and growing. Ever-evolving technology is the main factor driving the global industrial laser market. Credit must be particularly given to the innovations taking place in fiber lasers as they have a major role to play in the growth of the global industrial laser market. The consumer electronics industry is only anticipated to record a CAGR in single digits for the forecast period. Even though solid-state and CO2 lasers are used the most, greater growth can be safely assumed in the fiber laser and disk laser segment of the global industrial laser market. The demand for small power along with high output power should boost the demand for fiber lasers. Another crucial advantage of fiber lasers is their high reliability as opposed to other laser types. Fiber lasers provide nanosensor pulses and high peak power that allow optimum marking and engraving. Fiber lasers can also cut with extreme precision at faster cutting speeds.
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The need for stringent emission monitoring in the oil & gas industry, bio-instrumentation demand from the medical industry, and the need for sensing instrumentation and quantum cascade laser tech should help the global industrial laser market record positive growth in the forecast period. Rising application of industrial lasers will increase the volume of demand, leading to a drop in both manufacturing cost and selling price. This may impact the profitability of a number of telecommunication and optical storage component suppliers. In the medical industry, cosmetology and dermatology are widely anticipated to emerge as the biggest drivers of the global industrial laser market.
Industrial Laser Market: Key Regions
The global industrial laser market has been segmented into seven major regions viz. APEJ, Japan, MEA, North America, Latin America, Western Europe and Eastern Europe. APEJ is anticipated to dominate the global industrial laser market for the period studied. The largest country in the APEJ industrial laser market is China and it is predicted to record substantial growth throughout the forecast period. This is primarily on account of large-scale state support encouraging the growth of the industrial laser market. Western Europe and North America are likely to grow moderately during the study period. Key market players from the APEJ region are investing heavily in R&D to try and break the stranglehold of western multinationals on the global industrial laser market and make it more competitive.
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Industrial Laser Market: Key Market Players
A few of the companies actively involved in the global industrial laser market are TRUMPF, IPG, Coherent, Prima, Han’s Laser, IPG and Wuhan Golden Laser.
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