The laser marking market is expected to grow at a CAGR of 6.0%
NEW YORK, Jan. 22, 2020 /PRNewswire/ --
The laser marking market is expected to grow at a CAGR of 6.0% from 2019 to 2024
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The overall laser marking market is expected to grow from USD 2.1 billion in 2018 to USD 3.0 billion by 2024, at a CAGR of 6.0% during the forecast period. Increasing adoption of laser marking across end-user verticals and enhanced performance of laser markers over traditional material marking techniques are the key factors driving the growth of this market.
Diode laser type is likely to grow at the highest CAGR during the forecast period
By type, the market for diode laser is expected to grow at the highest CAGR within the overall laser marking market during the forecast period.The diode laser is also known as a laser diode or injection laser.
After passing current through the laser, diode laser produces coherent radiation in the visible or infrared spectrum. The market growth for this laser type can be attributed to its application in ablation marking, day/night marking, and heat affected zone marking.
Hardware offering held the largest share of the laser marking market in 2018
By offering, the hardware segment accounted for the largest share of the laser marking market in 2018.This largest market share can be attributed to the high requirement of hardware in several types of laser marking systems.
Hardware components, such as laser, controller, filter, rotary device, galvanometer, and power supply, are the building blocks of laser markers and engraving machines and are elemental for their proper functioning.
APAC is expected to hold a significant share of the laser marking market by 2024
APAC is expected to account for the largest share of the laser marking market by 2024.China, India, South Korea, and Japan are the major contributors to the growth of the laser marking market in APAC.
APAC has been ahead in terms of adoption of laser marking products and solutions compared to other regions. The region's huge population, increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the laser marking market.
Breakdown of profiles of primary participants:
• By Company Type: Tier 1 = 25%, Tier 2 = 40%, and Tier 3 = 35%
• By Designation: C Level = 35%, Director Level = 25%, and Others = 40%
• By Region: North America = 45%, Europe = 20%, APAC = 25%, and RoW = 10%
Major players profiled in this report:
• Coherent (US)
• Han's Laser (China)
• Trumpf (Germany)
• Gravotech (France)
• Jenoptik (US)
• Epilog Laser (US)
• 600 Group (UK)
• Mecco (US)
• Laserstar (US)
• Novanta (US)
Research Coverage
This report offers detailed insights into the laser marking market, segmented based on laser type, offering, end user, and region.By laser type, the laser marking market has been segmented into fiber laser, diode laser, solid state laser, and CO2 laser.
By offering, the market has been segmented into hardware, software, and services.By end user, the market has been segmented into machine tools, semiconductor & electronics, automotive, medical & healthcare, aerospace & defense, packaging, and others.
The study forecasts the size of the market in 4 regions—North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help market leaders/new entrants in this market in the following ways:
1. This report segments the laser marking market comprehensively and provides the closest approximations of the overall market's size and its subsegments (across different laser types, offerings, end users, and regions).
2. The report would help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem and product launches, contracts, and mergers and acquisitions carried out by major market players.
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