Laser Processing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Laser Processing Market: Overview
The laser processing market has been anticipated to experience innumerable growth opportunities in the years to come. The market can be attributed mainly to the increasing preference of different end-user industries for material processing that is based on laser compared to conventional approaches. In addition to this, rising demand for genuine and high-quality end-products and growing technological advancements in the medical industry are also propelling growth avenues in the market. There has been an increasing demand for the miniaturization of microelectronic devices to help create market opportunities in the forthcoming years.
In recent years, microelectronic devices have been shrinking at a rapid speed that is also adding to growth impetus in the global processing market. Along with this factor, an increasing shift to laser-based material processing instead of traditional methodologies is also predicted to drive growth impetus in the market during the forecast period.
Laser Processing Market: Key Trends
The recent years are witnessing a noticeable growth impetus in the laser processing market. The market growth has primarily been attributed to the rising need for high-power lasers that come with better beam quality.
The laser technology has been used for marking uses, medicinal, and industrial material processing. Along with these uses, the technology has also been employed for a wide variety of other applications, such as dental treatment, laser microchemistry, optical disc data storage, and others. In order to meet the requirements of data storage, lasers have been used at an increased rate. This, laser technology is more efficient compared to HD DVDs (high definition digital versatile discs) or Blu Ray. Compared to traditional discs, laser technology has been used in disc storage applications to improve the quality of audio and visual. Thus, based on these factors, the market has been predicted to grow at a noteworthy speed in the years to come.
There have been some noticeable technological advances taking place in the medical industry that is projected to propel demand opportunities in the market during the forecast period. Green laser devices for projection applications, increasing demand for mobile electronic devices, and increased disc laser use are also driving expansion avenues in the market.
Laser Processing Market: Competitive Dynamics and Key Developments
The key players dealing in the laser processing market have been incorporating various development strategies to drive growth avenues in the upcoming years. Some of these market strategies include mergers and acquisitions, technological partnerships and collaborations, novel product introductions and approvals, R & D activities, strategic initiatives, training services, and regional expansion are adopted by these prominent players to establish a stronghold in the market.
For instance, Trumpf, a Germany based company has acquired a minority stake in a France-based startup in laser technology named, GLOphotonics in January 2020.
Coherent, the U.S. based company has launched the switchable adjustable ring mode fiber laser in November 2019. It has the capability to provide power to two separate workstations or processes.
The key players in the laser processing market are:
Laser Processing Market: Regional Assessment
The laser processing market has been divided into Europe, Asia Pacific, North America, and the Rest of the World on the basis of geographical locations. The Asia Pacific region has been estimated to hold the largest share in the market revenue. This market dominance has been on the back of rising adoption of the laser processing solution in some countries, for example, India, South Korea, Japan, and China. In addition to this, growth in the manufacturing and electronics sectors, rising investments in different R & D activities for technological advancements, and high population density are some of the other factors that are propelling expansion avenues in the regional market.
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