““Diversified application areas expected to drive the laser processing market”
The laser processing market is estimated to grow from USD 6.40 billion in 2015 to USD 9.75 billion by 2022, at a CAGR of 6.13% from 2016 to 2022. This growth can be attributed to use of lasers in cutting, drilling, welding, and engraving for automobiles, mobile and other electronic devices, disk lasers, laser doping of solar cells and many other application areas.
“Solid lasers to gain maximum traction during the forecast period”
Solid lasers are expected to account for the largest share of the overall laser processing market duing the forecast period. In addition, due to the increase in the demand for lasers from machine tools, microelectronics, and medical verticals, the laser processing market is expected to gain traction in the next six years. The laser processign technology market for defense, architecture, and automotive sectors is also expected to witness growth during the forecast period.
“APAC expected to be the fastest-growing market”
The laser processing market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The rapid adoption of laser systems in machine tools, microelectronics, and automotive sectors in this region and increase in the usage of solid, liquid, and gas lasers mainly CO2, fiber, excimer, YAG, and semiconductor are contributing to the growth of the laser processing market in APAC.
As part of the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people in the market. The break-up of profiles of primary participants is given below.
• By Company Type: Tier 1%–45%, Tier 2%–35% and Tier 3%–20%
• By Designation: C-level – 50%, Director level – 35%, Others – 15%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, RoW – 5%
The laser processing market presents huge opportunities to flourish in the next...