Laser Engraving Machine Market Size, Share, Growth Analysis, By Type(Fiber Laser Engraving Machines, Co₂ Laser Engraving Machines, Diode Laser Engraving Machines, ND: YAG Laser Engraving Machines), By Industry(Automotive, Aerospace, Packaging, Medical), By Region - Industry Forecast 2024-2031

In 2021, the North American region had the biggest market share, accounting for 40.2%. The United States and Canada are the two most important nations in North America. The demand for laser engraving machines is increasing in these countries due to strict government regulations for medical engraving equipment, surgical equipment, and other things. The participation of major vendors in the laser engraving machine market, such as IPG Photonics Corporation, is anticipated to drive the market expansion in the North American region by the end of 2028.

The constant launch of new products by prominent market players is also expected to boost the growth of the global laser engraving market during the forecast period. For example, The ULTRA X6000 laser system from Universal Laser System has nearly limitless possibilities to process a wide variety of materials with great precision. The revolutionary MultiWave Hybrid technology, which is at the heart of the ULTRA X6000, enables users to maximize laser energy absorption by fusing many wavelengths into a single focus point on the material. This makes it possible for the system to process the widest variety of materials, including complicated composites and multi-layer laminates.

Through the projection period, Europe is anticipated to have considerable development at a CAGR of 8.1%. The dominance of automakers and producers of automobile parts in countries like Germany, Europe, Italy, and France is credited with the region's expansion. The aircraft and maritime sectors are also anticipated to have rapid growth, which would support the market expansion in the region.