Increasing Demand From Automotive Industry

Posted 2023-12-14 11:29:04

The 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.

SWOT Analysis:

Strength:

– Industrial laser systems offer precision and efficiency in manufacturing processes. Their accuracy enables precision cutting and welding.

– Adoption of industrial lasers is increasing due to their flexibility. They can handle variable operations and be reconfigured easily for different tasks.

– Product innovation is bringing compact and affordable laser systems, increasing their adoption among small and medium enterprises.

Weakness:

– High initial investment required for laser systems makes them unsuitable for small scale manufacturing.

– Safety issues need to be addressed around high power industrial lasers as they emit harmful radiations if not handled properly.

Opportunity:

– Growing demand for customized, small-batch manufacturing from sectors like automotive and electronics offers opportunities to utilize laser systems’ flexibility.

– Adoption in new applications like additive manufacturing is expected to drive future growth for industrial laser market.

Threats:

– Threat from other competing precision manufacturing technologies that can perform similar tasks at lower costs.

– Macroeconomic factors like fluctuating raw material prices and regulations can impact demand.

Key Takeaways:

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

Regional analysis:

Asia Pacific region is currently the fastest growing and dominating region in the industrial laser systems market. Countries like China, Japan and India are major manufacturing hubs adopting laser systems.

Key players related content:

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. They are focusing on product innovations and expanding into growing applications.

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