Laser Processing Market to Reach $38.22 Billion by 2030
The global laser processing market is projected to expand to $38.22 billion by 2030, driven by a 9.1% CAGR, primarily due to increased use in medical devices and surgical applications.
The global laser processing market was valued at USD 17.48 billion in 2021 and is expected to reach USD 38.22 billion by 2030, growing at a compound annual growth rate of 9.1%. A key driver for this expansion is the increasing adoption of laser technology in medical devices and surgical procedures.
Increased use in manufacturing sectors also contributes significantly to market growth. Laser processing offers advantages over traditional methods, such as enhanced precision and speed. For instance, the automotive industry has benefited from more environmentally friendly and efficient welding processes, exemplified by Furukawa Electric's 12kW industrial fiber laser launched in 2021 for vehicle body and component welding.
Applications of laser processing span welding, marking, cutting, drilling, and engraving. In healthcare, it is utilized for vision correction surgeries like LASIK. Government regulations concerning product marking and engraving are also expected to positively influence market expansion.
Technological advancements continue to improve laser processing capabilities. Hamamatsu Photonics, for example, has developed a spatial light modulator (SLM) enabling high throughput and precision laser processing.
The market is segmented by product type, process, application, and region. Material processing represented the largest application segment, accounting for over 70% of the market in 2021. The Asia Pacific region led the market with over 40% share in 2021, with China being a key consumer.