Tech Companies Bullish on Global Laser Cleaning Market as Revenue Opportunities Continue to Climb
Palm Beach, Fla., Oct. 17, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary Laser cleaning system is an innovative system for surface preparation and an environmentally friendly processing system. Laser cleaning is an effective cleaning technique for removing contaminants from solid surfaces. Laser cleaning processes, is one of the promising solutions to remove surface contaminants such as oil, grease and other organic and inorganic. Laser cleaning technology is safe, environmentally friendly and very cost effective way to improve cleaning, surface preparation and paint removal processes. Actually the laser cleaning has been used in many fields from microelectronic to radioactively contaminated metals. Abrasive blasting systems create substantial waste and damage delicate surfaces, and the use of chemical solvents causes potentially hazardous vapors and liquid waste products. Such issues led to the adoption of laser technology-based solutions for surface cleaning. A report from Market Growth Reports projected that the Global Laser Cleaning market is estimated to be worth USD 699.1 million in 2022 and is forecast to a readjusted size of USD 889.7 million by 2028 with a CAGR of 4.1% during the review period. Active Companies in the markets today include: Laser Photonics Corporation (NASDAQ: LASE), IPG Photonics Corporation (NASDAQ: IPGP), Lumentum Holdings Inc. (NASDAQ: LITE), Novanta Inc. (NASDAQ: NOVT), nLIGHT, Inc. (NASDAQ: LASR).
It added that: "The Global Laser Cleaning market is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2028. In 2021, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon. In terms of region, North America is the largest producing region, with a share of more than 30%. The major manufacturers are TRUMPF, ROFIN (Coherent), Han's Laser, IPG Photonics, Adapt Laser Systems, CleanLaser, P-Laser, Laser Photonics, Suresh Indu Lasers (SIL), SPI LASERS LIMITED, Anilox Roll Cleaning Systems, Laserax, LASCAM, Allied Scientific Pro (ASP), Andritz Powerlase, etc. Top 5 global manufacturers, with a market share of more than 45%."
Laser Photonics Corporation (NASDAQ: LASE) BREAKING NEWS: Laser Photonics Announces Implementation of CleanTech Laser Cleaning Robot System for Daimler Subsidiary Detroit Diesel - Laser Photonics Corporation ("LPC"), a leading global industrial developer of Cleantech laser systems for laser cleaning and other materials applications, today announced that Detroit Diesel recently completed the implementation of its first CleanTech Laser Cleaning Robot system in its manufacturing facilities.
Wayne Tupuola, chief executive officer of Laser Photonics, commented: "Detroit Diesel's use of our CleanTech Laser Blasting system is one of the first of its kind to be installed in a manufacturing facility and is yet another proven use case for our technology. Our robot system allows them to reduce the preparation time and increase throughput speeds. Additionally, by cleaning and removing corrosion from particulate filters, we are helping increase manufacturing yields and expanding the life of these filters."
The CleanTech™ Laser Cleaning Robot is the first commercially available collaborative, easily programmable, AI-capable Laser Cleaning system in the US. Due to precise positioning and tight focusing of the laser beam, Laser Cleaning processes are optimized for much smaller laser powers than used by handheld laser cleaners. It allows the dramatic cost reduction and makes it affordable for the majority of industrial businesses. While maintaining high speed and throughput it produces high-quality cleaning results, both in surface integrity parameters and visual appearance, impossible to achieve by manual operation of handheld machines.
It eliminated concerns over the human hazard and eye safety while acting as additional loyal employee capable of fulfilling multiple tasks at the same time: Cleaning Operator, QC Inspector, Engineering Programmer and Process Engineer (Have to be equipped with AI module, 3D scanner and Visualizer, Vision system, Class 1 Safety shroud or enclosure). For more information on the CleanTech Laser Cleaning Robot, click here https://www.laserphotonics.com/laser-cleaning/laser-cleaning-robot.
Detroit Diesel is the industry-leading original equipment manufacturer of state-of-the-art engines, axles and transmissions specifically designed for integrated, optimized performance and efficiency inside Freightliner and Western Star Trucks. The Detroit product portfolio has expanded to include advanced safety systems and telematics, delivering a total trucking solution. CONTINUED… Read this full release for Laser Photonics at: https://www.laserphotonics.com/news-information.
Other recent developments in the markets include:
nLIGHT, Inc. (NASDAQ: LASR), a leading provider of high-power semiconductor and fiber lasers used in the industrial, microfabrication, and aerospace and defense markets, recently reported financial results for the second quarter of 2022.
"We delivered a solid quarter despite the significant operational challenges caused by a prolonged COVID-related lockdown in Shanghai," commented Scott Keeney, nLIGHT's President and Chief Executive Officer. "43% year-over-year growth in sales to Industrial customers outside of China and continued strong demand in Microfabrication enabled us to generate product revenue at the midpoint of our guidance range. In Directed Energy, we delivered new products to multiple customers and continued to make good progress in our core development programs."
Lumentum Holdings Inc. (NASDAQ: LITE) recently reported results for its fiscal fourth quarter and full year ended July 2, 2022. "In fiscal 2022, we achieved record revenue in datacom EMLs, coherent components, pump lasers, tunable products, and sub-sea components, with company profitability above our target model of 50 percent gross margin and 30 percent operating margin. Fourth quarter revenue was above our midpoint, with both operating margin and earnings per share exceeding the top end of guidance. In addition, we are making meaningful progress in alleviating component shortages in our Telecom business," said Alan Lowe, President and CEO.
"On August 3rd, we completed our acquisition of NeoPhotonics, and yesterday we announced our purchase of IPG's telecom transmission product lines, both of which position us to create even more value for our cloud and networking customers. Our guidance for the first quarter and outlook for fiscal 2023 reflects the previously discussed share normalization in 3D sensing for smartphones. As we close a solid year and position the company for growth with these investments, we expect that the business fundamentals will drive a mix shift toward our Telecom, Datacom, and Commercial Lasers businesses, supporting double-digit revenue growth in fiscal 2023 and beyond," added Mr. Lowe.
IPG Photonics Corporation (NASDAQ: IPGP) recently reported financial results for the second quarter ended June 30, 2022. "Strong sales in North America and Japan drove our revenue growth as we focus on opportunities that diversify our revenue across key geographies and applications, including e-mobility and medical," said Dr. Eugene Scherbakov, IPG Photonics' Chief Executive Officer. "IPG's innovative solutions are generating increased laser adoption in welding applications, primarily in electric vehicle manufacturing, but also in general automotive and industrial applications with continued adoption of the LightWELD in handheld applications. We reached a significant milestone as revenue from welding applications surpassed high power cutting revenue in a number of key geographies. We are also seeing higher demand across many emerging growth products that help diversify our exposure across different applications, such as medical, battery welding and foil cutting applications.
"Second quarter book-to-bill was slightly below one and bookings declined from the record level last quarter on more moderate demand in Europe as well as currency headwinds. While the operating environment is uncertain, we believe that fiber laser adoption will continue to drive demand across many applications and geographies and will benefit from global trends including increasing automation, e-mobility, renewable energy and energy efficiency as energy costs rise globally," concluded Dr. Scherbakov.
Novanta Inc. (NASDAQ: NOVT) recently reported financial results for the second quarter 2022. "Novanta achieved exceptionally strong financial results in the second quarter, with double-digit growth for sales, Adjusted EBITDA, and EPS," said Matthijs Glastra, Chair and Chief Executive Officer of Novanta. "Customer demand continues to be healthy across our medical and advanced industrial application areas, with bookings up 25% year over year, giving us a new record level of backlog at $653 million. The diversification of our portfolio is helping us to navigate through the ongoing macroeconomic environment difficulties, and we continue to expand in attractive application areas with outstanding progress in our design wins."
Our strong first half performance gives us confidence to raise our outlook for the full year. For the third quarter, we expect to maintain momentum with strong double-digit revenue growth due to our consistently strong customer demand and record levels of backlog." said Matthijs Glastra. "Our teams are working diligently to counteract the continued supply chain constraints, inflationary pressures, and foreign exchange challenges, yet we continue to see a strong full year, despite the macroeconomic environment."
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