Eco-friendly technology, high beam quality and a lower cost of ownership, and acceptance of automobile and mobile electronics applications have propelled the growth of the global industrial lasers systems market.
Global Industrial Lasers Systems Market size was valued at $20.1 billion in 2018, and is projected to reach $36.5 billion by 2026, registering a CAGR of 7.5% from 2019 to 2026.
By type, the macro processing segment accrued the largest share in the industrial lasers systems market in 2018. Growth in demand for lasers in industrial applications such as additive manufacturing, marking, cutting, and welding fuels the demand for lasers for macro processing applications.
In addition, expansion of the automotive and metal cutting industry throughout the globe, especially in emerging nations such as China and India drives the industrial lasers systems market growth. Moreover, industrial lasers systems are popular owing to their advantageous features such as an excellent beam quality, compact size, robustness, and low maintenance cost.
Thus, such advantageous features are expected to fuel the demand for the industrial lasers systems market in the coming years.
On the basis of power, the more than 1.1 kW segment garnered a significant market share in 2018, owing to increase in need of lasers of high-power capacity in industries such as aerospace & defense. By application, the others segment accounted for a large share in terms of revenue in 2018.
Furthermore, in terms of region, Asia-Pacific and Europe collectively contributed around 79.3% of the shares in the global market in 2018.
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Eco-friendly technology, high beam quality and a lower cost of ownership, and acceptance of automobile and mobile electronics applications have boosted the growth of the global industrial lasers systems market. However, laser hazards and lower cutting speed while processing thicker materials hamper the market.
On the contrary, technological advancement with respect to fiber lasers is expected to create lucrative opportunities in the near future.
The global industrial lasers systems market across Asia Pacific held the largest share in 2018, contributing to nearly three-fifths of the market. The increase in demand for fiber lasers in the electronics and automotive industry in this region drives the growth of industrial laser systems market However, the market across LAMEA is projected to manifest the fastest CAGR of 8.8% during the forecast period, owing to the advantages associated with industrial lasers system such as less operating cost, enhanced productivity, flexible operational activities, and production of good quality products.
On the other hand, North America is estimated to register CAGR of 7.2% from 2019 to 2026.
The key players profiled in the market report includes Amonics Ltd., Apollo Instruments Inc., Coherent Inc., IPG Photonics Corporation, Jenoptik Laser GmbH, CY Laser SRL, NKT Photonics A/S, Quantel Group, TRUMPF, and Toptica Photonics AG.
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The major players operating in the global industrial lasers systems market have adopted key strategies such as product development and business expansion, to strengthen their market outreach and sustain the stiff competition in the market. For instance, the launch of the Integrated Photonic Systems Roadmap by the American Institute for Manufacturing Integrated Photonics in March 2017, foresees IoT applications to have a predominantly huge influence in this market.
In addition, in 2017, Industry 4.0 opportunities continue to emerge; for instance, TRUMPF, a laser machine tool maker opened a new smart factory in Chicago (a city encompassing around 40% of the country's entire sheet metalworking industry) emphasizing on digitally connected manufacturing solutions for the sheet metal process chain.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging industrial lasers systems market trends and dynamics.
- Depending on type, the macro processing segment dominated the industrial lasers systems market, in terms of revenue, in 2018 and is projected to grow at a CAGR 7.3%, during the forecast period.
- By application, the others segment led the market in 2018.
- LAMEA is projected to register the highest growth rate in the coming years.
- Key market players within the industrial lasers systems market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the industrial lasers systems industry.
- The report provides an extensive analysis of the industrial lasers systems market trends and its emerging opportunities.
- In-depth, the industrial lasers systems market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global industrial lasers systems market forecast analysis from 2019 to 2026 is included in the report.
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