Laser Processing Market Size, Share, Growth Analysis, By Laser Type Solid Laser(Liquid Laser, Gas Laser, and Semiconductor Laser), By Application(Optical Storage, Medical & Cosmetics, R&D Military, Printing and Others), By Region - Industry Forecast 2024-2031

Global Laser Processing Market size was valued at USD 19.07 billion in 2022 and is poised to grow from USD 20.81 billion in 2023 to USD 41.76 billion by 2031, growing at a CAGR of 9.10% during the forecast period (2024-2031).

The rising use of lasers in healthcare equipment and surgical application is expected to augment market growth. Additionally, the rapid advancement of nano-fabrication technology is likely to contribute to the expansion of the global market. Furthermore, because of the multiple benefits of traditional material processing, the manufacturing sector has increased its adoption of laser equipment for material processing, which is expected to be one of the key factors driving the market.

The traditional hand metal arc welding method, for example, has a high potential for environmental effect. This was a hot topic that was resolved by implementing lasers in the automobile industry. Furukawa Electric, for example, will deploy an Industrial fiber laser in July 2021. This machine contains a 12kw fiber laser system that is used to weld automobile bodies and parts such as aluminum, battery, the welding process, and motor.

Government laws governing the use of this type of equipment in product marking and engraving are expected to have a positive impact on market growth throughout the forecast period. The market is expected to increase rapidly in the next few years as this technology is used in a variety of applications such as welding, labeling, drilling, drilling, cutting, and engraving.

Strict government regulations governing the use of laser technology for marking and engraving, together with the increasing use of lasers in medical equipment and procedures, are expected to drive market expansion in the near future. LASIK & Refractive technology, for example, is utilized in laser vision correction to correct refractive problems such as myopia, hyperopia, cataracts, and astigmatism.

Furthermore, technological advancements have enhanced the edge quality and slicing speed of laser treatment. For example, Hamamatsu Photonics has created a spatial light modulation (SLM), a liquid-crystal with the greatest pulsed laser power density of up to 400 GW/cm2, allowing clients to accomplish high-through and high-precision laser operations.

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