Laser Processing Global Market Report 2024

Laser processing involves the use of a laser beam projection onto the surface of a material, utilizing a thermal effect to achieve various processes such as laser welding, laser cutting, surface modification, laser marking, laser drilling, and micro processing. Laser beams are employed for tasks like punching, cutting, scribing, welding, and heat treatment due to their adaptability to different material processing.

The main types of laser processing include gas laser, liquid laser, solid laser, and other types. Gas lasers generate light by passing an electric current through a gas, inducing a process called population inversion. Helium-neon lasers are commonly used in physics labs and educational settings, known for their cost-effectiveness. Laser processing finds applications in cutting, welding, drilling, micro processing, marking and engraving, and various other applications. The end-users of laser processing span across industries such as aerospace and defense, automotive, healthcare, machine tools, architecture, electronics and microelectronics, among others.

The laser processing market research report is one of a series of new reports that provides Laser processing market statistics, including laser processing industry global market size, regional shares, competitors with an laser processing market share, detailed laser processing market segments, market trends and opportunities, and any further data you may need to thrive in the laser processing industry. This laser processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The laser processing market size has grown rapidly in recent years. It will grow from $18.34 billion in 2023 to $20.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth observed in the historical period can be attributed to factors such as the increased adoption of laser technology in manufacturing processes, a growing demand for high-precision and non-contact material processing, expansion in industries like automotive, electronics, and medical devices, the need for efficient and cost-effective manufacturing solutions, and the imposition of stringent quality and precision requirements in manufacturing. The versatile applications of laser processing have contributed to its widespread adoption across various sectors.

The laser processing market size is expected to see rapid growth in the next few years. It will grow to $30.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The projected growth in the forecast period can be attributed to the adoption of ultrafast and high-power lasers for advanced materials processing, the integration of laser technology in semiconductor and electronics production, a rising demand for laser cutting and welding in aerospace and defense, a focus on miniaturization and microfabrication in the electronics industry, and the expanding use of laser processing in medical and healthcare applications. Key trends expected in the forecast period involve the dominance of fiber laser technology, the emergence of hybrid laser processing combining laser and CNC machining, the utilization of ultrafast lasers for precision micromachining, the application of laser-based surface treatment and coating, and the adoption of laser cleaning and de-coating processes.

The laser processing market is experiencing significant growth, driven by the increasing applications of lasers in medical devices and surgeries. Medical lasers find utility across various medical specialties, including ophthalmology, dermatology, plastic surgery, dental surgeries, and procedures in intraabdominal, cardiothoracic, neurologic, gynecologic, and urologic domains. These lasers provide a focused, coherent light source capable of delivering intense energy precisely. For instance, in the U.K., approximately 330,000 cataract operations are performed annually, showcasing the rising adoption of lasers in medical procedures. This trend is expected to fuel the demand for laser processing in the market during the forecast period.

The growth of the industrial sector is anticipated to propel the expansion of the laser processing market. The industrial sector, encompassing activities related to production, manufacturing, processing, and distribution of goods and services, relies on laser processing due to its precision, speed, versatility, and efficiency. Addressing the dynamic needs of industries, laser processing supports innovation, automation, and sustainability. In the United States, industrial production witnessed a year-on-year increase of 3.3% in October 2022, indicating the instrumental role of laser processing in driving industrial growth.

A key trend in the laser processing market is technological advancements, with companies developing new products or technologies to meet industry demands and strengthen their global market presence. For example, TRUMPF, a German industrial machine manufacturing company, launched the TruLaser 1000, a 2D laser cutting machine, in September 2021. This machine offers up to a 70% increased feed rate, ensuring high processing quality through effective cooling. Its user-friendly features make it suitable for beginners and companies aiming to enhance their production capacity.

Major players in the laser processing market are adopting a strategic partnership approach to address manufacturing challenges by fully controlling beam shape, frequency, sequence, and focus steering. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. In April 2021, Civan Advanced Technologies Ltd., an Israel-based laser equipment company, entered into a partnership with Bosch Technologies, a Germany-based engineering and technology company. This collaboration aims to enhance laser capabilities in automotive manufacturing, particularly in the context of e-mobility.

In 2022, TRUMPF acquired an 80% stake in Active Fiber Systems GmbH (AFS), a German manufacturer of ultrashort-pulse laser systems. This strategic acquisition allows TRUMPF to utilize AFS's laser systems for generating extremely short-wavelength light with high coherence, benefiting applications in biomedical imaging and materials processing within the laser processing market.

Major companies operating in the laser processing market include Coherent Inc., TRUMPF Inc., Han's Laser Technology Industry Group Co. Ltd., IPG Photonics Corporation, Jenoptik AG, Rofin-Sinar Technologies Inc., Bystronic Laser AG, Prima Power Group, Amada Miyachi America Inc., Mitsubishi Electric Corporation, nLIGHT Inc., Lumentum Holdings Inc., SPI Lasers UK Ltd., Ekspla, FANUC Corporation, II-VI Incorporated, Trotec Laser GmbH, LaserStar Technologies Corporation, NKT Photonics A/S, Cutera Inc., MKS Instruments Inc., Laserline GmbH, Convergent Photonics Corporation, ALPHA LASER GmbH, Photonics Industries International Inc., Cy-laser s.r.l., Lumibird Medical

Asia-Pacific was the largest region in the laser processing market in 2023, and it is also expected to be the fastest-growing region in the laser processing market share during the forecast period. The regions covered in the laser processing market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the laser processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The laser processing market includes revenues earned by entities by providing services such as surface modification, precision welding, micro-drilling . The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.