Laser Welding System Market to Reach $6.3 Billion, Globally, by 2032 at 6.9% CAGR: Allied Market Research

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Oct 09, 2023, 04:36 ET

NEW CASTLE, Del., Oct. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Laser Welding System Market by Laser Type (Gas Laser (CO2), Solid-state, Fiber, and others), by Power (Less than 1kW, and More than 1.1kW), by Application (Automotive, Electronics, Aerospace, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global laser welding system industry generated $2.9 billion in 2020 and is anticipated to generate $6.3 billion by 2032, witnessing a CAGR of 6.9% from 2023 to 2032.

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The laser welding machine is a process in which multiple pieces of different materials are joined together by a laser beam acting as a focused heat source. Through the advancement of laser welding technology, a wide range of applications have emerged. This process is most used to join materials or parts that necessitate rapid welding and minimal thermal distortion. In recent years, laser welding machines have become increasingly popular in a range of rapidly expanding industries, such as entertainment electronics and photovoltaic systems, as well as medical device technology.

Prime Determinants of Growth:

The global laser welding system market is experiencing growth due to several factors, including the recovery of the automotive industry around the globe, the increase in material processing, and the adoption of laser systems in various sectors. However initial costs are restraining the growth of the market. On the contrary, rises in the adoption of technological advancements in fiber systems are expected to offer lucrative opportunities for the growth of the market.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Historic Year	2020
Base Year	2022
Market Size in 2020	$2.9 Billion
Market Size in 2032	$6.3 Billion
CAGR	6.9 %
No. of Pages in Report	270
Segments Covered	Laser Type, Power, Application, and Region
Drivers	Recovery of the automotive industry around the globe
	Increase in material processing
	Adoption of laser systems in various sectors
Opportunities	Technological advancements in fiber laser system
Restraints	High initial cost

Analysis of the impact of inflation on the market:

The laser welding system market experienced slow-paced growth due to various global events such as the economic downturn, and the COVID-19 pandemic. Formerly, the COVID-19 pandemic forced countries across the world to halt all industrial and trade activities, which severely impacted market growth.
The market is impacted by the global economic downturn, which is a big restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as the quantitative easing that was performed in various countries across the world to tackle the economic downturn during the coronavirus outbreak.
However, the situation has recovered back to normalcy, and the market is increasing steadily.

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The fiber segment to maintain its leadership status throughout the forecast period-

Based on laser type, the fiber segment held the highest market share in 2020, accounting for more than half of the global laser welding system market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also display the highest CAGR of 7.2% during the forecast period. Fiber lasers are known for their high efficiency, reliability, and compact size. They are easily integrated into various systems, making them popular in industrial applications such as material processing, laser cutting, welding, marking, and telecommunications. Fiber lasers have found applications in the healthcare sector for surgical procedures, medical diagnostics, and cosmetic treatments. In addition, the surge in demand for high-speed and high-capacity communication networks has led to the increased adoption of fiber lasers in the telecommunications industry for optical fiber amplification and signal transmission. All such factors are anticipated to boost the demand for laser welding systems.

The more than 1.1kW sector segment to maintain its leadership status throughout the forecast period-

Based on power, the more than 1.1kW segment held the highest market share in 2020, accounting for more than two-thirds of the global laser welding system market revenue, and is expected to maintain its leadership status throughout the forecast period. Lasers with a power capacity of more than 1.1kW are effective for applications such as cutting, welding, and others, in various end-user industries that include automotive and electronics. Lasers with more power are suitable for industries such as aerospace and defense. Some of the typical types of more than 1.1kW capacity lasers include CO₂, fiber laser, and YAG laser. However, the less than 1kW segment is projected to manifest the highest CAGR of 7.2% from 2022 to 2032. The less than 1kW laser system aims at basic, low-demand laser applications. This laser is an optimal solution for applications involving sensitive materials and miniaturized components. It has applications in various industries such as electronics, medical devices, and jewelry manufacturing, where the fine, focused beam of a low-power laser ensures minimal heat-affected zones and reduced risk of thermal distortion. In the medical industry, lasers in this range are used in endoscopy to remove rectal polyps and other applications.

The electronics segment to maintain its lead position during the forecast period-

Based on application, the electronics segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global laser welding system market revenue, and is projected to maintain its lead position during the forecast period. The same segment would also showcase the fastest CAGR of 7.4% during the forecast period. The electronics industry produces products for a variety of applications and purposes. However, the most advanced electronic devices are becoming more and more complex. The gap between pins is as small as 0.3mm, too close to prevent bridging using traditional welding methods. The electronics industry uses standard laser welding processes and uses Nd: YAG, continuous wave, fiber, and pulse laser welding systems. The advantage of using laser welding techniques is the ability to create precise welds for small, advanced electrical components.

Asia-Pacific to maintain its dominance by 2032-

Based on region, Asia-Pacific held the highest market share in 2020, accounting for nearly half of the global laser welding system market revenue, and is likely to dominate the market during the forecast period. The same region would also portray the fastest CAGR of 7.4% from 2023 to 2032. This is due to an increase in demand for laser welding in the electronics and automotive industries. For instance, According to IBEF, the Indian automotive industry (including component manufacturing) is expected to reach $282.8 billion by 2026 is expected to boost the demand laser welding system market.

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Leading Market Players: -

Amada Co. Ltd (Amada weld tech)
Alpha Laser
Baison Laser
Coherent
Hans Laser
IPG Photonics
Jenoptik
Laser Star Technologies
Panasonic Corporation
TRUMPF

The report provides a detailed analysis of these key players in the global laser welding system market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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