According to a report by S&S Insider, “The laser processing market size was US$8.64 billion in 2023 and is expected to reach US$17.91 billion by 2032, growing at a CAGR of 8.47% during the period 2024-2032.”
Advances in laser technology and its applications across industries have contributed to the significant growth of the laser processing market. The growth is primarily driven by the growing importance of automation and efficiency in the manufacturing industry, as organizations across the globe are adopting advanced laser processing technologies to streamline processes and improve productivity. 76% of manufacturers have implemented a strategy for equipment automation that enables annual production growth of 0.8% to 1.4% and delivers a 29% increase in customer order fulfillment rates. From automotive to aerospace and electronics, from healthcare to other industries, laser technology is being used to enhance precision manufacturing processes. For example, in the automotive industry, laser processing is a key method for producing lightweight materials and complex structures that are essential for fuel-efficient vehicles. Additionally, laser welding technology is used in automobile assembly as it provides high-strength and durable joints. For example, laser solutions giant Coherent Corp. addresses the needs of high-performance manufacturing by offering a wide range of advanced laser products for various industries.
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In 2023, fiber lasers will dominate the market with a 40% share due to their efficiency, adaptability, and compact design. Fiber lasers use optical fiber as a gain medium, providing high power density and excellent beam quality. This makes them indispensable for cutting, welding, and marking in the manufacturing, automotive, and aerospace industries. Key players such as IPG Photonics and nLIGHT dominate this field by offering advanced fiber laser systems that significantly improve productivity and accuracy.
The magnetic resonance imaging segment will account for more than 30% of the market share in 2023, primarily due to its widespread use in medical imaging and diagnostics. Laser technology improves the resolution and quality of MRI images, helping to accurately diagnose diseases. Companies such as Siemens Healthineers and GE Healthcare use advanced laser systems in their MRI machines, which provide clearer images, real-time monitoring, and better patient outcomes in clinical settings.
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The Asia Pacific region is expected to dominate the market with a 36% share in 2023, driven by rapid industrial growth and strong demand from the automotive, electronics, and manufacturing industries. Countries such as China and Japan are actively using laser technology in automobile assembly and electronics manufacturing. Major companies such as Han’s Laser Technology offer customized laser solutions for specific industrial needs in the region, fueling the rapid growth of this field.
North America is expected to see rapid growth in the laser processing market from 2024 to 2032 as the region invests heavily in automation, particularly in the automotive and aerospace industries. Major companies such as Coherent Corp. and IPG Photonics are enabling North American manufacturers to take advantage of advanced laser processing systems to improve efficiency and precision. Growing demand for advanced laser technology reflects the region’s commitment to modern manufacturing methods.
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With continued increases in laser power, precision, and compatibility with automation, the future of laser machining looks promising. The integration of artificial intelligence and the Internet of Things into laser systems is expected to further optimize manufacturing processes, enabling real-time adjustments and predictive maintenance. In addition, new applications in electronics miniaturization and electric vehicle manufacturing are likely to increase demand for laser machining technology, thereby driving market growth and innovation.
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Post time: Mar-18-2025