Industrial Lasers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The industrial lasers market is expected to witness a CAGR of 4.83% during the forecast period (2021 - 2026). The increasing adoption of laser processing in industries can be easily be attributed to factors, such as automation, which allow computer and robot control without any human intervention. The use of industrial lasers in fiber optics has also provided access to previously inaccessible locations.

• With the government imposing regulations in regards to the reduction of the CO2 emissions, automobile manufacturers are moving toward technological innovations in lasers to achieve the targets and maintain symmetry with stringent rules imposed by the government.
• The increasing demand for high output power and small power is projected to spur the demand for the fiber laser market. The high reliability on fiber laser is anticipated to drive the industrial laser market.

Key Market Trends

Laser Marking is Expected to Hold a Significant Market Share

• Laser lettering systems are used mostly in the production of consumer goods and industrial products as well as in the automobile industry, machinery, and plant assembly. It is even used for tool manufacturing. As laser technology has advanced characteristics, laser markers have become more precise and useful for an increasing number of professional applications.
• The industrial laser marking facilitates the customers to not only deal with counterfeits but also track and trace the entire product lifecycle. Laser marking machines provide the most efficient and finest marking that empower the customers to deal with product quality, safety, any regulatory or retailer compliance, and many other essential aspects of production and manufacturing. Industrial laser marking can be done on a variety of products ranging from plastic products to metallic parts.
• Lasers have become an important part of the aircraft manufacturing process, by helping in construction, welding, and enhancing the aircraft. The increased expenditure in the aerospace and defense sector points toward a greater focus on maintenance.

North America is Expected to Have a Significant Market Share

• The increased expenditure by the government in the US army has contributed to significant enhancements in laser technology. Traditional lasers deliver bursts of intense energy from a distance for welding, cutting, or military applications. The new petawatt-class devices, used in military processes, deliver 1 million billion watts of energy in an almost unimaginably rapid pulse lasting just one-trillionth of a second.
• With intense competition in the automobile sector in the United States, profit margins have been diminishing. Through the use of lasers, the manufacturers can reduce the input cost involved. The simplicity of automotive laser instruments and using them into the processing chain reduces the production costs and renders detailed output.
• With the growing healthcare sector in North America, laser finds numerous applications in medical applications. With the growing demand for devices providing precision and accuracy, lasers have seen huge adoption in the healthcare sector, due to the precision that they offer to the activities performed. Medical lasers are used to precisely focused light sources to treat or remove tissues. This precision is made possible with the introduction of industrial lasers.

Competitive Landscape

The industrial lasers market is moderately competitive and consists of several major players. In terms of market share, none of the major players currently dominate the market. The manufacturers are focusing on the improvement of their product's efficiency by investing in research and development.

• March 2019: Coherent Inc. expanded its Gilching, Germany, micromachining and subsystem facility and completed the relocation of its laser marking group from nearby Gunding. Designated Coherent Munich, this location upgrades the organization’s applications and research and development capabilities.

• February 2019: Coherent Inc. launched ExactCutTM First in a new series of precision laser machines. ExactCut systems combine the latest generation of pulsed fiber laser sources (300 W / 3 kW pulse peak), a high stability granite motion module, and a sophisticated human interface.

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