Development of the global metal cutting tools market |...

Development of the global metal cutting tools market

Posted 2023-11-14 05:17:01

Market Research Future (MRFR) has published a cooked research report on the “industrial lasers market” that contains information from 2023 to 2032. The industrial lasers market is estimated to register a CAGR of 13.10% during the forecast period of 2023 to 2032 and projected to grow at USD 23.6 Billion by 2032.

MRFR recognizes the following companies as the key players in the Market- Amonics Ltd., Apollo Instruments Inc., TRUMPF, Toptica Photonics AG., Quantel Group, Jenoptik Laser GmbH, IPG Photonics Corporation, CY Laser SRL, NKT Photonics A/S, Coherent Inc.

Global Industrial Lasers Market Overview:

Global Industrial Lasers industry is poised for substantial expansion and grow from USD 8.8 Billion in 2023 to USD 23.6 Billion by 2032 With a projected compound annual growth rate (CAGR) of 13.10% during the forecast period from 2023 to 2032.

A laser is a device that amplifies light by emitting radiation. Using molecules or atoms and stimulated emission, an industrial laser is a mechanical device that produces a clean beam of light from a medium of controlled shape, size, and purity. Industrial laser systems have been embraced by a number of end-user industries, including electronics, food and beverage manufacturing, semiconductors, sheet metal processing, automotive, and electronics. This is because these laser systems can be used for a variety of tasks, including welding, cutting, brazing, engraving, marking, labelling, and additive manufacturing.

The global industrial lasers market encompasses the production, sale, and application of lasers in various industrial sectors for cutting, welding, engraving, marking, and other precision processes. Industrial lasers are used in industries such as manufacturing, automotive, electronics, healthcare, aerospace, and more. They offer high precision, speed, and versatility in a wide range of applications, contributing to increased efficiency and quality in industrial processes.

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Industrial Lasers Market Segmentation

Industrial Lasers Type Outlook

Macro Processing
Micro Processing

Industrial Lasers Power Outlook

Less Than 1 kW
More Than 1.1 kW

Industrial Lasers Application Outlook

Cutting
Welding
Non Metal Processing
Additive Manufacturing
Others

Industrial Lasers Regional Outlook

North America
Europe
Asia-Pacific
Rest of the World

Key Drivers:

Automated Manufacturing: The demand for automation and robotics in manufacturing processes drives the adoption of industrial lasers for precise and efficient operations.

Miniaturization: Industries like electronics and medical devices require high precision in small-scale manufacturing, where industrial lasers play a crucial role.

Material Processing: Industrial lasers are used for cutting, welding, engraving, and surface treatment of various materials including metals, plastics, ceramics, and composites.

Advancements in Laser Technology: Continuous advancements in laser technology, such as fiber lasers and ultrafast lasers, enhance performance and expand application possibilities.

Increased Demand for Customization: Industries are seeking ways to personalize products, and lasers enable intricate customization in various materials.

Market Restraints:

There are certain drawbacks to laser cutting, such as restrictions on material thickness, dangerous gases and fumes, excessive energy consumption, and upfront expenses. Given these, it is not surprising that demand may decline in the upcoming years, which may obstruct market expansion.

Industrial Lasers Key Market Players

Key Companies in the Industrial Lasers market include

Amonics Ltd.
Apollo Instruments Inc.
TRUMPF
Toptica Photonics AG.
Quantel Group
Jenoptik Laser GmbH
IPG Photonics Corporation
CY Laser SRL
NKT Photonics A/S
Coherent Inc

Regional Insights

In 2022, the worldwide market was led by North America (45.80%). Significant advancements in laser technology have been made possible by the government's increased investment in the US army. For welding, cutting, or military purposes, conventional lasers disperse high energy in brief bursts. In a pulse that lasts just one trillionth of a second, the new petawatt-class devices employed in military activities can produce 1 million billion watts of energy. Other than this, laser has many uses in the medical field given the expanding healthcare industry in North America.

Industrial Lasers Industry Developments

May 2022:

LW2 Laser Marking System by Gravotech: The availability of the LW2 laser marking system in various configurations based on the laser source, such as fiber or hybrid, demonstrates the industry's efforts to cater to diverse marking and identification requirements. The system's suitability for marking plastics and different metals indicates its versatility and potential applications across various industries.

April 2022:

FemtoBlade Laser System by Lumentum: The introduction of the FemtoBlade laser system as the second generation of high-precision, ultrafast industrial lasers highlights the continuous advancement of laser technology. The modular design of the system, emphasizing flexibility and processing speed while maintaining high power and repetition rates, reflects the industry's focus on improving efficiency and performance.