The industrial laser system market is experiencing significant growth, projected to increase from $23.13 billion in 2023 to $25.58 billion in 2024, representing a compound annual growth rate (CAGR) of 10.6%. This surge is driven by advancements in material processing applications, manufacturing automation, medical and scientific uses, the growing 3D printing industry, and military applications. By 2028, the market is expected to reach $38.15 billion, maintaining a CAGR of 10.5%. Key factors influencing this growth include the rising adoption in electronics manufacturing, heightened demand for laser cutting in the automotive sector, and the expansion of the aerospace and medical device industries.
Major Driver In The Industrial Laser System Market
The industrial laser system market is poised for growth, driven by the increasing trend of automation in various industries. Automation, involving the application of technology to minimize human input in processes, has heightened the demand for high-precision industrial laser systems. These systems, integrating vision and motion technologies, contribute to accurate and high-quality industrial processes. According to the Association for Advancing Automation, robot orders increased by 67% in Q2 2021 compared to the same period in 2020, indicating a rising demand for automation. The surge in automation trends across industries underscores the pivotal role of industrial laser systems, shaping the market's growth in 2023, 2024, and 2028.
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Industrial Laser System Market Competitive Landscape
Corning Inc., Fanuc Corporation, The TRUMPF Group, Newport Corporation, COHERENT Inc. , Amonics Ltd., Amada Co. Ltd., DMG Mori Co. Ltd., Han's Laser Technology Co. Ltd., IPG Photonics Corporation, NKT Photonics A/S, Bystronic Laser AG, Jenoptik AG, Sodick Co. Ltd., Mazak Corporation, Prima Industrie SpA, Trodat Trotec Holding GmbH, nLIGHT Inc, Toptica Photonics AG, Universal Laser Systems , Epilog Laser Corporation, CY Laser SRL, ACSYS Lasertechnik Inc., Calmar Laser, Apollo Instruments Inc., Quantel Group, ROFIN-LASER GmbH , ALPHA LASER GmbH, Penta Laser Technology Co. Ltd., GSI Group
Key Industrial Laser System Market Trend
Technological advancements have emerged as a key trend gaining popularity in the industrial laser system market. Major companies operating in the industrial laser systems sector are focused on developing new technological solutions to strengthen their position. For instance, in July 2021, Furukawa Electric, a Japan-based electric and electronics equipment company, launched an industrial laser based on fiber technology. The laser has high beam quality and possesses high reliability, time stability, and high effect.
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Industrial Laser System Market Segmentation
The industrial laser system market covered in this report is segmented –
1) By Type of Laser: Fiber, Solid-State, CO2, Other Types
2) By Type: Macro Processing, Micro Processing
3) By Power: Less Than 1 kW, More Than 1.1 kW
4) By Application: Cutting, Welding, Marking, Drilling, Other Applications
5) By End Use Industry: Semiconductor And Electronics, Automotive, Aerospace And Defense, Medical, Other End-Use Industries
By Geography:The regions covered in the industrial laser system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the industrial laser system market in 2023.
The Industrial Laser System Global Market Report 2024 furnishes information about the global industrial laser system market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
