Growing need to cut the manufacturing materials in various industries has led to a surge in demand for the industrial lasers globally. In addition, increasing demand for the industrial lasers equipped with high-end technology is further expected to impact growth of the global industrial laser market positively. Transparency Market Research states that the global industrial laser market is expected to witness a CAGR of 4.6% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global industrial laser market will remain bound to various macro-economic and micro-economic factors. Surge in demand for processing manufacturing materials in various industries continues to impact growth of the global industrial laser market positively. With the growing need for heat treatment, welding, cutting, drilling and marking, demand for the industrial lasers continue to increase. A recent trend witnessed is the increasing use of the industrial lasers in various educational institutions for cutting tubes, box sections, sheets and plates. Bound to these factors, demand for the industrial lasers is expected to increase in the global market.
Industrial lasers also continue to witness significant demand for welding manufacturing materials and heat treatment of the surfaces for the purpose of transformational hardening in the automotive and electronic industry. Growing need for manufacturing tools that enable precise cutting of the aluminum and steel sheets has led to an upsurge in adoption of the laser cutting technology. As the laser cutting technology offers comparatively low contamination of the work pieces. Attributed to comparatively low contamination levels, the laser cutting technology offers various benefits over the traditional methods of cutting. These factors continue to impact growth of the global industrial laser market positively over the forecast period.
Equipped with the advanced technological features such as GPS technology and sensors, sales of the industrial lasers will continue to increase in various industries. Industrial lasers further enable the end users to collect data in the mining, construction, telecommunications, forestry and natural resource management.
However, various factors continue to inhibit growth of the global industrial laser market over the forecast period. Industrial lasers are highly priced and consume a lot of electricity during the manufacturing process, which adds to the cost of production. Moreover, difficulties in cutting the reflective metals such as aluminum, brass and copper is further expected to inhibit growth of the global industrial laser market.
Sales to Remain High through Fiber Laser Product
The global market is segmented on the basis of product type, end-use verticals, application and power type. On the basis of product type, the global market is segmented as CO2 lasers, fiber lasers, solid state lasers and others. Based on end-use verticals, the global market is segmented as medical defence, aeronautics & marine, construction, automotive, electronics, food & textile, utility and other verticals. By application, the global market is segmented as marking, micromaterials and macromaterials. On the basis of power, the global market is segmented as High (more than 1KW), Medium (100W to 1KW) and Low (1W to 100W). The fiber laser product type segment is expected to represent the most lucrative segment, accounting for over US$ 900 Mn. However, the others product type segment is expected to witness relatively fast growth in the global market through 2026.
Leading market players operating in the global industrial laser market include IPG Photonics, TRUMPF, Coherent, Hypertharm Inc., Clark MXR, Calmar Laser Inc., Apollo Instruments, Amonics Ltd., Han's Laser Technology and 3 SP Technologies S A S.