July 24, 2024
Industrial Laser Systems Market
Ict

Rise of Industry 4.0 to Boost the Growth of Industrial Laser Systems Market

The global Industrial Laser Systems Market is estimated to be valued at US$ 22979.2 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Industrial laser systems are used in various manufacturing processes including cutting, welding, drilling, and surface treatment. These systems provide precision and accuracy which helps in mass production of components. Lasers help improve manufacturing quality while reducing overall production time and costs. The key advantages of industrial lasers are reduced wastage, increased throughput, repeatable process control, contactless processing and customization. They are commonly used across various industries like automotive, aerospace, electronics and others.

Market key trends:

The adoption of Industry 4.0 across manufacturing industries is a major trend shaping the market. Industry 4.0 refers to the digital transformation of industries through interconnectivity, machine learning and real-time data. Laser technologies are a crucial part of this development as they enable flexible, autonomous and intelligent production systems. Industrial lasers facilitate smart manufacturing through technologies like IIoT (Industrial Internet of Things), additive manufacturing, robotic process automation and more. Their precision cutting and processing abilities support customized mass production demanded by Industry 4.0.

Porter’s Analysis:

Threat of new entrants: The industrial laser systems market requires high initial investments for R&D and manufacturing facilities which acts as a barrier for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like mechanical tools. However, industrial lasers provide advantages of precision and flexibility.

Bargaining power of suppliers: A few big players dominate the supply market for specialized components like laser sources giving them significant influence on pricing.

Threat of new substitutes: Though mechanical tools are alternatives, industrial lasers offer improved precision, flexibility and versatility which reduces threat from substitutes.

Competitive rivalry: The market is consolidated with big international players dominating. Competition is based on product quality, reliability, customization and pricing.

Key Takeaways:

The Global Industrial Laser Systems Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand from automotive, manufacturing and electronics industries where precision cutting and welding is required.

North America dominates the industrial laser systems market holding around 35% share owing to early technology adoption and presence of major players in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growth in automotive, electronics and industrial manufacturing industries in China and India.

Key players operating in the industrial laser systems market are Jenoptik AG, Han’s Laser Technology Co. Ltd., Newport Corporation, nLIGHT Inc., TRUMPH GmbH, ACSYS Lasertechnik Inc., Coherent Inc., IPG Photonics Corporation, II-VI Incorporated . Major players are focusing on developing customized solutions and improving productivity and efficiency to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it