The global Laser Automation Market is estimated to be valued at US$ 6.48 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The laser automation market involves the use of industrial lasers for material processing applications in various industries. Laser processing helps in providing high precision and flexibility in processing applications. Major applications of laser processing include cutting, welding, engraving, surface treatment, and additive manufacturing. The growing demand for precise, high-speed, and low-volume material processing is propelling the adoption of laser automation across industries. Lasers help in performing complex operations with high accuracy and consistency, which is increasing their demand. Manufacturers are utilizing laser automation systems to achieve increased productivity and reduced costs. The automotive, electronics, aerospace, and healthcare industries witness significant usage of laser automation.
Market key trends:
One of the major trends in the laser automation market is the growing adoption of CO2 lasers. CO2 lasers offer benefits like high power, welding capability, and ability to work with darker materials. The increasing use of galvanometers to perform precision cutting and welding is also a key trend. Galvanometers enable two-dimensional scanning which increases processing speed. Moreover, the growing demand for fiber lasers from industries is augmenting the market growth. Fiber lasers deliver excellent beam quality, efficiency and reliability for material processing. Technological advancements in laser sources, optics, and software are further supporting the automation of laser material processing. Adoption of Industry 4.0 standards by manufacturers is also propelling the need for smart and connected laser automation systems.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the laser automation market is low due to high initial capital investment required to set-up a manufacturing unit.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established players offering customized solutions at competitive pricing in the laser automation market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of multiple component suppliers in the laser automation ecosystem.
Threat of new substitutes: There is low threat from substitutes as laser automation offers precision, consistency and ability to cut through complex shapes.
Competitive rivalry: The competitive rivalry is high amongst key players to gain higher market share through product innovation and customization.
Key Takeaways:
The Global Laser Automation Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period of 2023 to 2030, due to increasing demand for precision cutting and automated production in industries like automotive, electronics and medical devices.
Regional analysis: Asia Pacific region is expected to dominate the laser automation market during the forecast period. China, Japan and India are fastest growing markets in the region due key factors such as low labor costs, focus on manufacturing sector and growth of end-use industries.
Key players operating in the laser automation market are Trumpf GmbH + Co. KG, Coherent, Inc., IPG Photonics Corporation, Han’s Laser Technology Industry Group Co., Ltd., Rofin-Sinar Technologies Inc., Jenoptik AG, Amada Miyachi America, Inc., Newport Corporation, Prima Power, Fanuc Corporation. Key players are focused on product innovation and customization to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
