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

Laser Engraving Machine Market size was valued at USD 2.8 billion in 2019 and is poised to grow from USD 3.02 billion in 2023 to USD 5.4 billion by 2031, growing at a CAGR of 8.2% in the forecast period (2024-2031).

The laser engraving machine market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, etc., are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. For example, The Jasper Flex, a new femtosecond laser device from Sintech Optronics, has recently been unveiled. The cutting-edge Jasper Flex is designed for systems with volume restrictions that demand high laser power and exceptional pulse quality. It has a maximum power of 30W. The Jasper Flex is a scaled-down version of the original Jasper laser, the first all-fiber high-power laser created without the need for SESAM. This innovative model offers consumers an unmatched level of dependability and longevity. 'Gravotech Group', 'Epilog Laser', 'Trotec Laser', 'Universal Laser Systems', 'GCC LaserPro', 'Vytek Laser Systems', 'Eurolaser', 'Rofin-Sinar Laser GmbH', 'Mactron Technology Co. Ltd.', 'Jinan G. Weike Science & Technology Co., Ltd.', 'Hans Laser Technology Industry Group Co., Ltd.', 'Perfect Laser Co., Ltd.', 'LaserStar Technologies Corporation', 'Full Spectrum Laser', 'Mecco Partners LLC', 'Sisma S.p.A.', 'FOBA Laser Marking + Engraving (ALLTEC GmbH)', 'Amada Miyachi America Inc.', 'Technifor', 'TYKMA Electrox Inc'

The need for deep engraving and one-of-a-kind device identification is anticipated to increase in the manufacturing process due to the need for traceability, internal control, production flow management, and certification of item quality. Automation is a key trend for laser engraving machines, facilitating the mass production of laser products. The ease and scalability of automation is expected to drive the laser engraving machine market growth across the globe. These marks require less time to apply and do not fade even when heat and strong chemicals are exposed, especially when produced by fiber laser equipment. As a consequence, it is anticipated that increasing demand for these machines in the military and electronics sectors would propel market expansion during the course of the projected period.

Laser engraving machines have become an essential tool in inventory management and control, part identification, and loss prevention as they provide easily traceable marking on items. The expansion of the laser engraving market globally is also being aided by new applications in industries including garment shops, digital & retail signage, fabric shops, gadget & sports equipment, metallurgy, model building, and woodworking.

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.