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).

A laser engraving machine consists of three main parts laser, a controller, and a surface. The laser is like a pen. A controller uses the laser beam to trace patterns on the surface of an object. The controller uses a computer to control the direction, intensity, speed of movement, and spread of the laser beam aimed at the surface. In order to create deep, lasting markings, materials are vaporized during the laser engraving process. By scraping away layers of the material's surface, the laser beam behaves like a chisel to create markings on the surface. This process is known as laser engraving. The increase in the product launches by prominent market players to meet the demand that is arising will result in the growth of the global laser engraving machine market during the forecast period. For example, the ULTRA R5000, the newest member of the ULTRA series of laser material processing devices, was revealed by Universal Laser Systems, Inc. The ULTRA R5000 is a professional, high-quality, mid-range, and flexible platform created to meet current and future requirements for general manufacturing, product development, materials research, and educational customer environments. It is ideal for laser processing a wide range of natural and advanced polymer and composite materials. Developments like these are expected to boost the growth of the global laser engraving machine market.Materials that can be engraved are natural materials, such as wood, plastic, metals, stone, glass jewelry, and others

The demand for laser marking equipment and services has increased significantly in the medical industry as a result of the COVID-19 pandemic. The demand for masks and several other covid treatment-related medical devices has suddenly increased, and makers of these products have started employing laser marking machines to stamp their brand names and certificates. Total laser income should increase only somewhat, by around 8%, to go back to levels similar to those seen before COVID-19, around US$ 5.8 billion. With around 55% of market sales, fiber lasers will once more be the industry leader at all power levels. The main drivers to restore revenue flow are anticipated to be metal cutting at 6% and fine metal processing at 14%.

US Laser Engraving Machine Market is poised to grow at a sustainable CAGR for the next forecast year.