Northbrook, IL -- (SBWIRE) -- 02/07/2021 -- The global laser processing market size is projected to grow from USD 4.0 billion in 2020 to USD 5.8 billion by 2025; it is projected to record a CAGR of 7.8% during the forecast period. The laser processing industry's growth is driven mainly by the growing preference of end-user industries for laser-based material processing over traditional approaches, increasing demand for high-quality and genuine end-products, rising demand for miniaturization of microelectronic devices, and surging technological advancements in the medical sector.
"Solid lasers segment to grow at highest CAGR in laser processing market, by laser type, during forecast period"
The solid lasers segment is expected to grow at the highest growth rate. Solid lasers prevent the wastage of materials in the active medium and produce both continuous and pulsed output with high efficiency. These lasers have numerous applications, such as drilling holes in metals, endoscopy in medical, and targeting in military.
"System revenue segment to hold larger share in laser processing market during forecast period"
The system revenue segment is projected to hold a larger share in the laser processing market during the forecast period. System revenue covers the revenue generated from the sales of several types of laser processing systems, such as systems for marking & engraving, welding & brazing, cutting & scribing, drilling, cladding & coating, annealing, material removal, and other multi-function laser processing systems.
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"Hybrid configuration segment to hold largest share of laser processing industry during forecast period"
The hybrid configuration segment is projected to hold the largest share of the laser processing market during the forecast period. A hybrid system is more efficient than the moving beam system as it provides a constant beam delivery path length and allows a comparatively simpler beam delivery system. This is due to the presence of a movable table and a movable head in the hybrid system.
"Architecture end-user industry segment to grow at highest CAGR in laser processing market during forecast period"
The architecture end-user industry segment is expected to grow at the highest rate. Lasers help architects in creating precise models of buildings. These models are capable of accurately representing the design prior to construction, so that the necessary changes can be made to remove flaws or avoid the effect of climatic conditions, such as rain, heavy storms, and other unavoidable natural circumstances.
"Asia Pacific market to record significant growth during the forecast period."
Asia Pacific (APAC) is projected to account for the largest share of the global laser processing market during the forecast period. The major countries contributing to the market in APAC include China, Japan, South Korea, and India. APAC has been ahead in terms of the adoption of laser processing solutions as compared with other regions. High population density, rise in R&D investments in technologies, and growth of the manufacturing and electronics sectors are expected to drive the growth of the market in the region.
Key Market Players
The laser processing market is currently dominated by Coherent (US), Trumpf (Germany), Han's Laser (China), IPG Photonics (US), and Jenoptik (Germany). A few of the major strategies adopted by these players to compete in the laser processing industry include product launches & developments, expansions, partnerships, and mergers & acquisitions.