Increasing implementation of high-cost laser drilling in oil and gas exploration fields is expected to replace conventional techniques, according to a new study by Grand View Research, Inc. As a result, reducing the drilling costs can make the uneconomic oil deposits commercially viable, which may favorably impact the laser processing market. Benefits of using laser technology over conventional material processing technologies are expected to drive the laser processing market over the forecast period. Growing demand for laser processing in industrial solar module and rising applications in medical devices and surgeries are also estimated to be key market drivers. Increasing environmental concerns due to mining issues could pose a challenge to market growth.
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Further key findings from the study suggest:
- Gas lasers accounted for over 50% of the market in 2013 and are expected to remain the dominant segment over the forecast period. This can mainly be attributed to the abundance of active materials and low cost.
- Fiber lasers are expected to be a high growth segment over the forecast period. This is a result of the growing use of fiber lasers in electronics, automotive and manufacturing industries. Increasing production capacity, emergence of eco-friendly technologies and increasing collaboration are expected to drive the fiber lasers global demand.
- Material processing is expected to be the dominant segment accounting for majority of the overall market share in 2013. Growing use of material processing in defense as well as cutting and welding purposes in the manufacturing industry is expected to be favorable for segment growth.
- OEMs accounted for a considerable percentage of the market share in 2013; they are expected to continue being the leading segment over the next six years. Strategic investment in development of next-generation photonics, energy efficient optics and ultrafast lasers are expected to help OEMs to retain their position in the market.
- Asia Pacific was the largest regional market in 2013; establishment of automotive industries along with low manufacturing cost in the developing countries such as China, India, South Korea and Japan is expected to fuel regional market growth.
- Key companies operating in the market include LaserStar Technologies Corporation, Universal Laser Inc., Coherent Inc., IPG Photonics Corporation and Newport Corporation.
For the purpose of this study, Grand View Research has segmented the global laser processing market on the basis of product, process, application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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