The industrial laser industry is vibrant, robust and growing. It has even grown during years when the global economy has not. These are some of the conclusions of a new market report from BCC Research, which reveals that evolving technology should continue to drive this global market, “especially within fiber laser submarkets”.
The global market for industrial lasers is projected to grow from $4.6 billion in 2015 to $6.3 billion in 2020, reflecting a five-year compound annual growth rate of 6.6%. Consumer electronics industry as a segment should grow from nearly $1.5 billion in 2015 to $2 billion in 2020, demonstrating a five-year CAGR of 6.1% as the largest end-use industry. Construction industry, the second-largest segment, should total almost $1.2 billion in 2020 with a five-year CAGR of 6.4%.
According to the report from BCC, major factors spurring market demand include a greater focus on product quality and production efficiency: “Many companies are expected to invest heavily in R&D to provide better end-user solutions. A rising demand for three-dimensional imaging additive manufacturing should bolster global demand, as well,” the report states.
Considering territories, the Asia-Pacific region should remain the largest global market for industrial lasers, says the report. “With numerous upcoming business entities and a growing focus on automation, the market should see substantial growth in major markets such as China, Japan and South Korea.”
Fiber lasers
Unlike older industrial tool industries, the industrial laser industry is still evolving. Although carbon dioxide lasers and neodymium-YAG lasers are most often used, the markets for fiber lasers and disk lasers should experience significant growth during the forecast period, BCC has determined: “The fiber lasers market, particularly, should see impressive growth, spurred by demand for its high-output power and compact size. Their reliability should also drive growth.”
"Fiber lasers provide high peak power and nanosecond pulses, which enable effective marking and engraving. They also provide cleaner cut edges at faster cutting speeds," says BCC Research analyst Sinha Gaurav. "The lower cost fiber laser ownership is also boosting global demand. The market, valued at $1.1 billion in 2014, should reach nearly $1.9 billion by 2020, growing at a five-year CAGR of 8.5%."
The report entitled Lasers for Industrial Applications: Global Markets analyzes the industry by technology, type, and by end-user application. Italso examines emerging applications, trends, pricing considerations, R&D, government regulations, and competitive technologies. Analyses of global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.
