The Global Laser Processing Market is expected to reach USD 23 billion by 2025, according to a new report by Hexa Reports. The rising utilization of expensive laser-drilling technique for oil & gas exploration purposes is projected to substitute the traditional techniques.
Decreasing drilling costs are anticipated to increase the feasibility of uneconomic oil deposits; thus, positively impacting market growth. The growing need for this type of processing, in industrial solar modules, is further expected to fuel the laser processing market growth.
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The requirement for laser technology in the medical sector is projected to witness a significant growth, owing to the increasing technological advancements. These technical developments offer faster recovery time, smaller incisions, and lesser pain. The increasing adoption of these methodologies is expected to spur the demand for surgical lasers.
Further key findings from the report suggest:
• Fiber lasers are projected to exhibit a significant growth with a CAGR exceeding 10.0% from 2016 to 2025, as they are widely used across several end-use industries and are highly cost-effective, compared to the other products
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• The material processing segment is expected to gain prominence over the forecast period with an estimated CAGR exceeding 9%, which can be accredited to the ability of lasers to perform high-speed & accurate industrial processes
• The Asia Pacific region emerged as the fastest-growing region and is expected to witness a CAGR of over 10%, owing to the rising number of OEMs in this region
• The key purveyors of this industry are Trumpf, Han’s Laser Technology Industry Group Co., Ltd., Amada Co., Ltd., and Rofin-Sinar Technologies, Inc., among others. Industry participants focus on technology advancements and innovation to capture market share.
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Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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