Transparency Market Research announces the release of a new research report titled “Laser Processing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. This report states that expanding at a strong CAGR of 10.20% from 2014 to 2020, the global laser processing market is anticipated to rise from a value of US$8.7 bn in 2013 to US$17.2 bn in 2020.
The global laser processing market is driven by growing advantages of laser technology over conventional material processing technologies, rising use of laser drilling in oil and gas exploration, government regulations mandating the use of laser technology in marking and engraving products, and increasing applications of laser products in medical devices and surgeries. While emerging applications of laser technology and growing use of disk lasers in industrial applications hold immense scope for growth, the laser processing market is likely to be challenged by high initial costs of laser processing machines and rising environmental concerns with respect to mining of rare earth elements.
Other trends that have been influencing the workings of the laser processing market include growing adoption of laser technology in additive manufacturing, rising use of ultra-short lasers for industrial processes, and laser melting in 3D printing to be used for various applications such as medical, jewelry, and aerospace.The research report studies the overall laser processing market by segmenting it on the basis of four key parameters: product type, end use, process, and geography.
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By product type, the laser processing market is divided into solid-state lasers, gas lasers, fiber lasers, and others such as dye, excimer, and semiconductor lasers. By process, the laser processing market is segmented into marking and engraving, material processing, and micro-processing. By end-use industry, the laser processing market is categorized into aerospace, automotive, electronics and microelectronics, original equipment manufacturers (OEMs), medical devices and treatment, and packaging.
The laser processing market is geographically divided into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific dominates the global market and held a share of 42.60% in 2013. This region is primarily driven by increased demand for laser technology from original equipment manufacturers in material processing. Asia Pacific is also projected to be most rapidly developing segment of the laser processing market owing to increasing number of manufacturing plants in countries such as China, Japan, and South Korea.