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.
Lasers are increasingly being used for industrial automation applications due to their accuracy and precision. Industrial lasers are used for cutting, welding, engraving, surface treatment in various industries such as automotive, electronics, etc.
Market key trends:
The increasing adoption of laser automation technology in the automotive industry is expected to be a major trend in the global laser automation market over the forecast period. Lasers are widely used for cutting, welding, engraving automotive components with high precision and accuracy. Industrial lasers help in improving productivity and reducing costs for automakers. Additionally, the growing electronics manufacturing sector is also expected to boost the demand for laser automation as lasers are used for micro manufacturing applications such as the trimming of circuits, scribing, drilling, and marking. Ongoing technological advancements in laser sources to deliver higher power, better beam quality and efficient performance is further expected to drive the growth of the laser automation market.
Strength: The laser automation offers high precision cutting and processing compared to traditional mechanical tools. It allows for contactless cutting of diverse materials without generating heat, dust, or noise.
Weakness: High initial investment costs for laser equipment, machinery, and software. The laser systems also require skilled technicians for operations and maintenance.
Opportunity: Growing adoption of laser processing technologies in electronics manufacturing, automotive parts fabrication, and medical device production present significant growth opportunities. Additionally, demand from the telecommunications industry for optical fiber splicing will drive the laser automation market.
Threats: Availability of substitutes technologies like waterjet cutting and CNC machining can hinders the laser automation market growth. Rising geopolitical tensions and economic uncertainties in major markets also pose threats.
The global Laser Automation Market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand from electronics, automotive, and medical device industries for high-precision laser-based manufacturing solutions.
Regional analysis: Asia Pacific dominates the laser automation market, and is expected to grow at the fastest rate during the forecast period due to expansion of manufacturing industries in China, Japan, and India. North America and Europe hold a significant share due to presence of key players and adoption of advanced production technologies by manufacturers.
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, and Prima Power, Fanuc Corporation. The major players are focusing on new product launches, collaborations, and expansion strategies to gain more market share and cater to the growing demand for laser automation systems.