One
of the most significant inventions of the 20th century is the laser
processing technology that has changed many aspects of the modern
life, primarily including industrial and commercial applications. The
ubiquity of lasers has put several aspects into the right perspective
by virtue of the fact that laser technology offers rapid and accurate
industrial results when put to use in industrial processing and
manufacturing, which is the reason for the soaring demand for the
market from all over the world. The use of lasers remains at the
forefront of numerous upcoming technologies typically used in
medical, scientific, military, industrial, and commercial
applications.
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Laser
Processing Market Set to Continue Growth Streak till 2020
Due
to a wide range of applications of laser technology, demand from the
global laser processing market is likely to rise in the forthcoming
years and is estimated to reach US$10.26 billion by 2020. Being a
non-contact process, one of the main factors fueling growth of the
laser processing market is the potential of laser processing for
providing clean and damage-free operation. Worldwide, manufacturing
industries are in need of efficient materials and processing
techniques for the production of various industrial and electronic
products. It is during such times that the laser processing market
plays a critical role in accomplishing specific industrial jobs and
notching up its unwavering presence in the global market.
Moreover,
due to a number of beneficial features offered by this technology,
the recent years have witnessed a significant growth in the usage of
laser diodes across various end-use markets in the electronics arena.
The laser processing techniques utilized to manufacture infallible
laser diodes act as a key factor driving the overall laser diode
market over other conventional laser technologies in the world. In
addition, the rapid growth in the number of government regulations
mandating the use of laser technology for engraving and marking
specifications in various products has propelled the overall market
for laser processing. This growth is further augmented by laser
products often being used in medical surgeries and other medical
applications. According to Transparency Market Research’s in-depth
study on the laser processing market, demand for this technology is
anticipated to continue to rise in the future, at a CAGR of 10.2%
from 2014 to 2020. The market is expected to reach US$17.26 billion
in the next five years, from a value of US$8.76 billion in 2013.
Widely
Used Applications of Laser Processing Market
Various
laser technologies such as fiber lasers, CO2 lasers, and solid state
lasers are used in several application processes such as welding,
cutting or marking, and engraving in small dimensions. Based on the
requirement and area of application, the dynamics of the laser
processing market comes into play. The usage of laser diodes for the
purpose of engraving, molding, and lighting of automotive plastics in
auto manufacturing units makes the automotive application segment a
leading industry for the use of laser processing techniques. This
application segment led the overall market with a 25.35% share of the
global laser diode market by revenue. This application segment is
expected to continue to lead the market till 2020.
Laser
processing is also used extensively across various application
segments such as industrial, healthcare, defense, and consumer
electronics, and the demand from these segments is expected to
continue to rise in the next few years. In 2013, the overall
Asia-Pacific region led the global laser processing market with a
market share of more than 42.6%. Countries in the Asia-Pacific
region, especially China, South Korea, and Japan are currently
leading the global market for laser processing due to the rising
adoption of laser technology for material processing in the
automotive and aerospace industries. Growth in these countries is
expected to lead the APAC laser processing market over the forecast
period.
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