Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Industrial Laser Systems Market size is expected to reach $29.4 billion by 2028, rising at a market growth of 7.7% CAGR during the forecast period.
The Micro processing segment has shown growth rate of 9.5% during (2022 - 2028). Micro-processing is the fastest-growing application, because of its increasing use in a variety of industries, including automotive, medical, aerospace, electronics, and communications. The growing demand for micro-machining in the fabrication industry is likely to boost the market for industrial lasers. Aside from that, the industrial laser source market is likely to be driven by the growth of microelectronic components in the semiconductor sector.
The More than 1.1 kW segment acquired maximum revenue share in the Global Industrial Lasers Systems Market by Power 2021, thereby, achieving a market value of $18.5 billion by 2028. It is due to the fact that lasers are used in industry to cut metals, ceramics, and polymers at high speeds. With power of more than 1.1 kW lasers are in high demand, especially in numerous heavy industries.
The Welding segment is showcasing a CAGR of 8.5% during (2022 - 2028). The laser welding technology creates a concentrated heat source that enables deep welds and narrow and high welding rates. In high-volume welding applications, like the automotive industry, this method is often utilized. Manufacturers can use laser welding to weld component transmission parts, engine parts, solenoids, alternators, fuel filters, fuel injectors, air & conditioning equipment, and many more applications in the automotive sector. Because of its ability to weld pre-machined components with limited heat and minimal distortion, laser welding is a fantastic tool.
The Asia Pacific market dominated the Global Industrial Lasers Systems Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10.4 billion by 2028. The Europe market is estimated to grow at a CAGR of 7% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 7.2% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Coherent, Inc., NKT Photonics A/S (NKT A/S), IPG Photonics Corporation, Jenoptik AG, TRUMPF GmbH + Co. KG, LUMIBIRD, Amonics Ltd., Apollo Instruments Inc., CY Laser SRL, and TOPTICA Photonics AG.
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