Industrial Lasers Systems Market Share, Trends, Development, Revenue and Forecast to 2031
The Industrial Lasers Systems Market Share is estimated to reach $34.8 billion by 2030
The Industrial Lasers Systems Market Share was valued at $17.3 billion in 2020, and is estimated to reach $34.8 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030. A laser system is used to cut fabrics and metals with the help of laser beam which simply melts the materials. It offers various other benefits such as weld metals with high precision, mark tracking codes, clean metal surface, and measure the part dimension. They are widely used in several industries such as automotive, medical, machinery manufacturing, and metal fabrication.
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By industrial lasers systems type, the macro-processing segment has generated highest revenue in the global industrial lasers systems market in 2020. This is attributed to increase in demand for lasers in industrial applications such as marking, welding, cutting, and additive manufacturing. Furthermore, the global expansion of the metal cutting industry and automotive particularly in emerging countries such as U.S., India, and China is propelling the industrial lasers systems market growth. Moreover, industrial lasers systems are popular due to their benefits such as compact size, high beam quality, less maintenance cost, and better stability. As a result, such advantages are projected to drive demand for industrial lasers systems in the forecast period. On the basis of application, the cutting segment accounted for a large share in term of revenue in global market in 2020.
In terms of region, Asia-Pacific has largest industrial lasers systems market share in terms of revenue, owing to high demand for lasers systems in countries such as China, India, and Japan. This is attributed to increase in adoption and manufacturing of fiber laser machines in manufacturing sector. Furthermore, development of the electronic and automotive sectors in this region has provided lucrative opportunities for the growth of the market.
Key players in the market have implemented strategic moves such as acquisition, business expansion, partnership and product launch to strengthen its market position and to expand their client base. For instance, in July 2021, NKT Photonics launched SuperK Fianium OCT Series, new supercontinuum laser for optical coherence tomography. It is designed for low-noise performance in multimodality applications to provide high contract low noise pictures.
However, during the pandemic, various manufacturers in the industrial lasers systems market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of industrial lasers systems companies. In addition, lack of manpower and raw materials constricted supply of equipment of industrial lasers systems, which has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of industrial lasers systems companies.
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