The global laser processing market size is expected to reach USD 23 billion by 2025, at a CAGR of 8.9% according to a new report by Grand View Research, Inc. The rising utilization of expensive laser-drilling technique for oil & gas exploration purposes is projected to substitute the traditional techniques. Decreasing drilling costs are anticipated to increase the feasibility of uneconomic oil deposits; thus, positively impacting market growth. The growing need for this type of processing, in industrial solar modules, is further expected to fuel the market growth.
The requirement for laser technology in the medical sector is projected to witness a significant growth, owing to the increasing technological advancements. These technical developments offer faster recovery time, smaller incisions, and lesser pain. The increasing adoption of these methodologies is expected to spur the demand for surgical lasers. Advancements, leading to enhanced edge quality & cutting speeds, are anticipated to offer higher avenues to the laser processing market.
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Further key findings from the report suggest:
- Fiber lasers are projected to exhibit a significant growth with a CAGR exceeding 10.0% from 2016 to 2025, as they are widely used across several end-use industries and are highly cost-effective, compared to the other products
- The material processing segment is expected to gain prominence over the forecast period with an estimated CAGR exceeding 9%, which can be accredited to the ability of lasers to perform high-speed & accurate industrial processes
- The Asia Pacific region emerged as the fastest-growing region and is expected to witness a CAGR of over 10%, owing to the rising number of OEMs in this region
- The key purveyors of this industry are Trumpf, Han’s Laser Technology Industry Group Co., Ltd., Amada Co., Ltd., and Rofin-Sinar Technologies, Inc., among others. Industry participants focus on technology advancements and innovation to capture market share.
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