Recently, ResearchAndMarkets released the global industrial laser market analysis report. The global industrial laser market was valued at USD 6.89 billion in 2021 and is expected to grow to USD 15.07 billion by 2027.
Some of the major reasons for the growth of the industrial laser market are the increasing shift towards electric vehicles in the automotive industry, increasing legislation and traceability requirements, growing demand for material processing, growing demand for lasers in the aerospace sector, and the medical industry Increased adoption of laser technology, etc. The global industrial laser market is expected to grow at a compound annual growth rate (CAGR) of 13.93% during the forecast period 2022-2027.
The metal cutting segment will hold the highest market share in 2021 and is expected to be the fastest growing segment during the forecast period, as this laser processing is non-contact, eliminating part distortion and focusing optics are always in place so no tools are required Setup and storage costs. Additionally, laser cut edges are superior in every way to edges produced by most other cutting processes. Workpieces cut by laser require no subsequent machining operations.
By region, the global industrial laser market can be divided into four regions: Asia Pacific, North America, Europe, and Rest of the World. In 2021, the Asia-Pacific region will dominate the global market, mainly due to the increase in the number of OEM and automotive industries, and the decline in manufacturing costs in emerging countries in the region. In the Asia-Pacific region, China accounted for the major share owing to the increasing use of industrial lasers in metal manufacturing processes such as steel cutting. North America is expected to lead the global industrial lasers market during the forecast period owing to the increase in large-scale mergers and acquisitions and the continuous R&D of hyperlaser technology. The U.S. held a major share in the North American industrial laser market in 2021 and is expected to be the fastest growing region in North America during the forecast period 2022-2027.