Driven by Diversity of Applications, Laser Processing Technology Market to Exhibit Exponential Growth

With increasing use of laser technology over conventional methods for material processing, the demand for the former has significantly risen. The technology enables processing of diverse materials, including metals, polymers, non-metals, rubber, glass, and others with precision and at a low cost. Such intrinsic attributes of laser technology have encouraged manufacturers to adopt it to perfect their manufacturing operations. The market has also gained much traction from the growing aerospace and automobile industry, particularly across Asia Pacific and Europe. Furthermore, it is anticipated that laser processing systems will witness increased demand over the forthcoming years due to rapid expansion of the consumer electronics industry in China, South Korea, and other APAC countries. 

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In a recently released report, Transparency Market Research forecasts that the global laser processing market, which stood at US$8.7 bn in 2013, will reach US$17.2 bn by 2020, exhibiting a robust 10.20% CAGR between 2014 and 2020.

Diverse Applications of Laser Processing Technology Aid Market Growth

Over the last few years, lasers have become an integral part of modern science, providing the most remarkable opportunities for innovations in an ever-expanding range of manufacturing applications. Lasers can be used to process a plethora of materials. Additionally, laser processing technology offers a myriad benefits over conventional methods, which have made it a preferred choice for a majority of material processing procedures. Hence, lasers have been accepted well across industries for an array of applications ranging from cutting intricate cardiovascular stents to welding thick steel for the ship-building industry and drilling guide vanes for the aerospace industry. 

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As discussed, laser technology finds application in several industrial processes, including drilling, welding, cutting, engraving, and marking. Due to their diverse uses, the demand for laser processing technology is exponentially increasing. Laser processing offers accurate and high-speed industrial processing. Additionally, the technology provides safe and damage-free operations, since it is a non-contact process. This acts a crucial factor impelling growing adoption of laser processing technology across manufacturing facilities globally. Furthermore, growing demand for efficient material processing techniques rising from the manufacturing sector is another factor boosting demand for laser processing technology in the global scenario. Additionally, with an increasing number of manufacturing facilities jumping onto the miniaturization bandwagon, the demand for laser technology is only expected to increase in forthcoming years. The technology comes very handy for the production of integrated circuits (ICs), circuit boards, and other electronic components.

Laser Processing Technology Offers Accurate Solutions at Low Cost

The conventional methods used for material processing include flame cutting, waterjet cutting, and other methods. Since laser processing offers more accurate solutions at lower cost, its demand has surpassed that of conventional methods significantly. Additionally, laser process technology also enables permanent marking on electronic equipment, consumer goods, and other products. Due to implementation of government regulations mandating clear markings on consumer products, pharmaceuticals, and others, laser technology has emerged as a widely adopted solution used by industries for engraving purpose. With the introduction of advanced laser technology, the demand for the same is only expected to rise in the forthcoming years.

Widespread Applications across Industries Fuels Demand from Laser Processing Market

Few scientific discoveries of the 20th century have demonstrated a range of industrial applications as wide as lasers, or more accurately, LASERs – an acronym for light amplification by stimulated emission of radiation. Lasers make for a powerful source of light, exhibiting extraordinary properties absent in conventional sources of light. The unique attribute of lasers lies in the way their light waves travel long distances with little divergence. Concentration of energy at an extremely high intensity, which remains almost constant through the long distance it travels due to low divergence, is the remarkable feature of lasers.

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Compared to conventional arc or a flame, it is easier to control a laser beam and locate it more precisely. The intense heat generated by laser absorption in various metal surfaces is used for industrial purposes such as welding, precision cutting, marking and engraving, and drilling without damaging the material. Owing to such qualities, the application of laser processing has exponentially increased across several industries

Transparency Market Research recently conducted a survey to study the growth trajectory of laser processing across industries. The research revealed that the global laser processing market, which stood at US$8.76 billion in 2013, is anticipated to reach US$17.26 billion by 2020. If the figures hold true, the global market for laser processing will rise at a positive 10.2% CAGR between 2014 and 2020.

Laser Technology Applications in Materials Processing and Environmental Processes

Laser technology has already emerged as an essential tool for materials processing in industries and environmental processes. Laser technology offers high efficiency and better brightness compared to conventional sources of light. The process also enables the processing and monitoring of remote non-contact materials and visibly shortens the time consumed for processing.

Many consumers use laser processed products on a daily basis without even realizing it. Be it the cars we drive, the cellphones we use, or even the food we eat, a wide variety of products are nowadays controlled and processed with the help of lasers.

Since its discovery, laser technology has offered revolutionary solutions in the field of environmental monitoring. Some of the most common examples of the atmospheric deployment of laser technology are profiling of temperature, humidity, and density of air, observing stratospheric aerosols, detecting hazardous greenhouse gases, and monitoring of pollutants.

The most common applications of laser technology in industries include:

• Owing to its diverse applications, laser technology is increasingly used to engrave permanent markings on electronic equipment, consumer goods, and other products.                                              
• Governments in various nations have imposed stringent regulations to ensure clear markings on consumer products such as pharmaceuticals, food, and others, which significantly boosts the demand for laser processing across industries.                                                                                               
• High power pump diode lasers are used in several industrial applications such as printing, marking, plastic wielding, or scanning. The demand for high power diode laser solutions has handed the segment a competitive position in the global laser processing market due to its cost efficiency and compactness.                                                                                                                      
• Lasers have also been widely deployed in test and measurement applications in several industries. 

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Spurred by such widespread applications across industries, the laser processing market is likely to register exponential growth in the next four to five years.