Laser Drilling, Cutting, Marking and Engraving Market Size, Share, Growth Analysis, By Technology(Gas Laser, Solid State Laser, Semiconductor Lasers and others), By Laser Processing Techniques(Laser Cutting, Laser Drilling, Laser Machining, Laser Engraving), By Machine Configuration(Fixed beam, Moving Beam, Hybrid, Raster mode and Vector), By Verticals(Mode Automotive, Aerospace, Architecture, Machine Tools), By Region - Industry Forecast 2024-2031

Laser Drilling, Cutting, Marking and Engraving Market size was valued at USD 4.64 billion in 2019 and is poised to grow from USD 4.93 billion in 2023 to USD 7.65 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

Laser Drilling, Cutting, Marking and Engraving Market is highly competitive due to the presence of players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Coherent Inc.', 'Trumpf Group', 'IPG Photonics Corporation', 'Jenoptik AG', 'Han's Laser Technology Industry Group Co. Ltd.', 'Lumentum Holdings Inc.', 'Rofin-Sinar Technologies Inc.', 'Gravotech Marking SAS', 'MKS Instruments Inc.', 'LaserStar Technologies Corporation', 'Epilog Laser', 'Eurolaser GmbH', 'Vytek Laser Systems', 'Trotec Laser GmbH', 'Universal Laser Systems Inc.', 'Control Micro Systems Inc.', 'Foba Laser Marking and Engraving', 'Prima Industrie S.p.A.', 'Laservision USA', 'Sisma S.p.A'

Laser Drilling, Cutting, Marking and Engraving Market size is expected to develop due to the rising demand for high-quality and authentic products, as well as the downsizing of microelectronic devices and changing preferences for laser-based material processing over conventional methods. In addition, factors including expanding demand for mobile electronics and vehicles as well as green laser devices for projection applications are anticipated to fuel market growth.

Femtosecond laser sources' capacity to deliver both power and control has revolutionised the processing of materials. Femtosecond lasers must be utilised in conjunction with high-speed motion systems like galvo and polygon scanners in order to effectively use the available power and transform it to high-throughput processing. Whether cutting, engraving, surfacing, marking, or scribing, the spatial overlap of subsequent laser pulses on the workpiece is a crucial factor in determining the best possible machining quality. In the automobile and aerospace sectors, carbon fibre composites are becoming standard. Despite having advantageous qualities such a high strength-to-weight ratio, these materials are difficult to machine and drill to make rivet holes for attaching pieces. The femtosecond laser can be useful in this situation. Cutting or drilling may be done while leaving the epoxy resin in the surrounding material intact since heat diffusion is considerably minimised. This makes it possible to drill holes and carve out features without sacrificing the carbon fibre sheet's strength, which is one of the main justifications for using this material in the first place. Thus there will be various uses and advantages of femtosecond laser sources in the upcoming future.

Asia Pacific holds the largest Laser Drilling, Cutting, Marking and Engraving Market share in 2021. The region is also anticipated to register a high CAGR during the forecast period on account of the rising number of OEMs in the region. It is projected that China would overtake other countries as the primary buyer of industrial lasers and systems for micro- and material-processing. Due to a variety of variables, including increase in the number of OEMs and the expansion of the car industry, countries like India, South Korea, Japan, and China are predicted to have substantial growth. The region's expanding use of laser systems in a variety of application fields is another factor that is anticipated to drive market expansion. The usage of laser processing technology is expected to increase across numerous areas as a result of government laws relating to permanent and visible markings on consumer items. Additionally, the regional market is anticipated to increase due to factors such a high population density, rising R&D expenditures on technology, and expansion of the manufacturing and electronics industries.