September 21, 2022 12:30 ET | Source: Straits Research Straits Research
New York, United States, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Industrial lasers are used to precisely weld metals, cut metals and fabrics, mark tracking codes for manufacturing process traceability, clean metal surfaces, change surface roughness, and measure part dimensions. The EV and primary metals sectors are just two of the many areas where they are widely utilized. Due to the multiple technological advancements in an industrial setting, including industrial automation, industrial robotics, 3D printing, etc., brought about by the development of Industry 4.0 and Industrial IoT, it is projected that the adoption of laser systems in industries will rise. The demand for precision in manufacturing and other industries helps to accelerate the use of laser technologies in end-use industries.
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Improved Precision and Accuracy Fosters the Demand for Industrial Laser System
For production, lasers are used to efficiently and correctly cut several materials, including metal, plastic, and others. Due to its high focus ability to a range of 25 microns, or roughly 14 times the width of a human hair strand, the technology is used for precision cutting and welding. This enables cutting with the most incredible precision and accuracy possible while using the least amount of material possible. Due to technological advancements in consumer electronics, automotive, healthcare, networking and telecom, and computing, a small and dependable electronic device is now necessary. Such portable electronic devices demand great dimensional accuracy for components like displays. As a result, it is projected that there will be a rise in demand for the fabrication materials needed to make high-performance semiconductor components.
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Asia-Pacific acquires the leading market position and is expected to grow at a CAGR of 8.63% during the forecast period. Asia-Pacific houses some crucial players in the market, such as Han's Laser Technology Industry Group, among others. The region is known for its capabilities in the Automotive and Medical industries, which is expected to drive the growth of the market in the region. Businesses have engaged in a variety of research and development operations. The region's auto industry is moving toward electrification while requiring high rigidity, design flexibility, and productivity.
Europe occupies the second-largest market share and is expected to generate USD 8.29 billion by 2030, growing at a CAGR of 7.73%. The market is predicted to expand, particularly in the automotive and healthcare sectors. The region's medical industry has seen the commercialization of laser systems due to the desire for minimally invasive procedures. Ophthalmology, dermatology, and dentistry are a few examples. Medical laser systems have increased due to the region's growing aging population and rising cancer incidence. Additionally, general procedures employ the usage of medical laser devices.
North America is growing significantly due to technological advancements in several industries, including manufacturing, aerospace, automotive, etc. In a similar line, several significant vendors, including IPG Photonics and Coherent Inc., are based in the region. Numerous companies, tiny and medium-sized enterprises (SMEs), and startups have raised large sums of money to develop cutting-edge laser technology solutions. Significant advancements made by laser system manufacturers have also hinted at a consolidation and growth spree.
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Global Industrial Laser Systems Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/industrial-laser-systems-market/toc
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