Laser Cladding Market worth $823 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 24, 2021 /PRNewswire/ -- According to the report "Laser Cladding Market with COVID-19 Impact by Type (Fiber Laser, Diode Laser, YAG Laser, CO2 Laser), Revenue, End-use Industry (Oil & Gas, Aerospace & Defense, Automotive, Power Generation, Mining), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Laser Cladding Market is estimated to be valued at USD 483 million in 2021; it is expected to grow at a CAGR of 9.6% during 2021–2026 to reach USD 823 million by 2026. Adoption of laser cladding applications across aviation and automotive industries and development of advanced laser cladding solutions serve as growth opportunities for the market players.
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The laser cladding market includes major Tier I and II players like TRUMPF (Germany), OC Oerlikon Management AG (Switzerland), Coherent, Inc (US), IPG Photonics Corporation (US), Han's Laser Technology Industry Group Co., Ltd. (China) and others. These players have a strong market presence for laser cladding across various countries in North America, Europe, APAC, and RoW.
Increasing requirement across additive manufacturing and rapid manufacturing
Additive manufacturing and rapid manufacturing are the two major segments that are proving to be lucrative markets for laser cladding. For rapid processing using lasers, computer-aided design (CAD) software is used to obtain the required parameters for the processing of materials. With the help of these parameters, a computer system guides the material and laser scanner head for the final output. Additive manufacturing has been one of the key areas with unparalleled growth prospects, and numerous companies are providing methods for it.
Diode laser is expected to hold the highest market share during the forecast period
The laser cladding market for diode lasers is estimated to hold the highest market share during the forecast period. In recent years, high-power direct diode lasers (DDL) have become increasingly popular and are mostly used for heat processing applications. The energy-saving offered by high-power DDLs is high compared with conventional types such as carbon dioxide (CO2) lasers and yttrium aluminum garnet (YAG) lasers. Hence, the diode lasers segment is expected to capture the highest market share.
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154 – Tables
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Oil & gas end-use industry to hold the largest market size of laser cladding market during the forecast period
The oil & gas end-use industry is expected to hold the highest market share between 2021 and 2026. According to the World Corrosion Organization, corrosion costs USD 2.5 trillion to the global economy. Almost 45% of the cost of corrosion, about USD 1 trillion annually, is attributable to the oil, gas, and petrochemicals industries. As operating environments in these industries become increasingly challenging due to higher temperatures, higher pressures, higher corrosion, and higher wear, the demand for materials that can better withstand these environments is increasing. Therefore, it has become imperative for oil and gas producers to use corrosion-resistant clad pipes in such environments to enable more efficient and, most importantly, safer operations.
Laser cladding market in North America to hold the highest market share during the forecast period
North America is expected to lead the global laser cladding market. The US, Canada, and Mexico are the major contributors to the growth of the laser cladding market in North America. North America is one of the most technologically advanced markets for laser cladding owing to the presence of prominent laser system suppliers, large machine tools and microelectronics manufacturers, automotive and oil & gas companies, and power generation firms in the region.
TRUMPF (Germany), OC Oerlikon Management AG (Switzerland), Coherent, Inc (US), IPG Photonics Corporation (US), Han's Laser Technology Industry Group Co., Ltd. (China), Hoganas AB (Sweden), Lumibird (France), Lumentum Operations LLC (US), Curtiss-Wright Corporation (US), Jenoptik (Germany), Alabama Specialty Products, Inc. (US), Efesto (US), Fraunhofer USA's Center Midwest (US), Gravotech (France), Hayden Corporation (US), Kondex Corporation (US), LaserBond (Australia), LaserStar (US), Laserline (Germany), Laser Cladding Technologies (Singapore), Lincoln Laser Solutions (Canada), Optomec (Mexico), Preco (US), Technogenia (France), and TLM Laser (UK) are among the many players in the laser cladding market.
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Laser Technology Market by Type (Solid, Liquid, Gas and Others), Revenue (Laser Revenue and System Revenue), Application (Laser Processing and Optical Communications), End User, Geography – Global Forecast to 2025
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