The laser processing market share is expected to increase by USD 2.45 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.41%.

This laser processing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers laser processing market segmentation by type (gas, solid-state, and others) and geography (North America, Europe, APAC, MEA, and South America). The laser processing market report also offers information on several market vendors, including Coherent Inc., Epilog Corp., Gravotech Engineering Pvt Ltd, Hans Laser Technology Industry Group Co. Ltd., IPG Photonics Corp., Jenoptik AG, Laserstar Technologies Corp., Lumentum Holdings Inc., LUMIBIRD, and TRUMPF GmbH + Co. KG among others.

What will the Laser Processing Market Size be During the Forecast Period?

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Laser Processing Market: Key Drivers and Challenges

The growing benefits of laser welding over conventional welding is notably driving the laser processing market growth, although factors such as the availability of alternate machine tools for metal cutting application may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the laser processing industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Laser Processing Market Driver

One of the key factors driving growth in the laser processing market is the growing benefits of laser welding over conventional welding. Laser welding offers several technical advantages, such as deep narrow welds, minimal distortion, and ease of automation, over conventional welding procedures. One of the key advantages of laser welding is its ability to automate the welding process, which helps in increasing the overall production rates. Although laser systems, in general, are more expensive than traditional methods, the cost savings achieved through higher production and lower reject rates almost nullify the additional cost incurred during the purchase of the laser welding systems. Such factors will positively influence the adoption of laser processing for industrial applications.

Key Laser Processing Market Challenge

The availability of alternate machine tools for metal cutting applications will be a major challenge for the laser processing market during the forecast period. The use of waterjet cutting machines to cut a wide range of materials and produce high-quality cuts makes it the preferred profiling method in end-user industries. The heat cutting process uses laser or plasma cutting machines for cutting metal parts. However, the excessive heat generated during the cutting process in laser and plasma cutting machines limits their application for materials that are reflective, conductive, heat-resistant, or heat-sensitive. The ability of waterjet cutting machines to precisely cut heat-sensitive and heat-resistant materials without generating heat has increased their popularity among end-user industries, such as construction, automotive, electronics and electrical, and aerospace. Collectively, these factors have affected the demand for laser processing machines for heat-sensitive applications.

This laser processing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Laser Processing Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Coherent Inc.
• Epilog Corp.
• Gravotech Engineering Pvt Ltd
• Hans Laser Technology Industry Group Co. Ltd.
• IPG Photonics Corp.
• Jenoptik AG
• Laserstar Technologies Corp.
• Lumentum Holdings Inc.
• LUMIBIRD
• TRUMPF GmbH + Co. KG

This statistical study of the laser processing market encompasses successful business strategies deployed by the key vendors. The laser processing market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The laser processing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Laser Processing Market?

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36% of the market's growth will originate from North America during the forecast period. The US is the key market for laser processing in North America. Market growth in this region will be faster than the growth of the market in the South American and MEA regions.

Manufacturers in the US and local governments are increasingly focused on improving the technical skills of the workforce to ensure that automation and robotics technologies are seamlessly incorporated. As workforce skills improve, more automotive players are expected to invest in robotics laser processing machines for enhancing productivity and efficiency. This will facilitate the laser processing market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Laser Processing Market?

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The laser processing market share growth by the gas segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the laser processing market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Laser Processing Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive laser processing market growth during the next five years
• Precise estimation of the laser processing market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the laser processing industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of laser processing market vendors

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