DUBLIN--(BUSINESS WIRE)--The "Laser Marking Market by Laser Type (Fiber Laser, Diode Laser, Solid State Laser, and CO2 Laser), Offering (Hardware, Software, and Services), End User (Machine Tools, Semiconductor & Electronics, Automotive) & Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Laser marking solutions have been witnessing high growth in terms of their adoption. The market was valued at USD 2,100.7 million in 2018 and is expected to reach USD 3,000.8 million by 2024, at a CAGR of 6% from 2019 to 2024.
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.
Key players in the laser marking market include Coherent, Inc. (US), Han's Laser Technology Industry Group Co., Ltd. (China), Trumpf Group (Germany), Gravotech Group (France), and Jenoptik AG (Germany). Other market players include Epilog Laser (US), 600 Group PLC (UK), Mecco Ltd. (US), LaserStar Technologies Corporation (US), and Novanta, Inc. (US).
The laser marking market is expected to grow at a CAGR of 6% from 2019 to 2024
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.
- Increasing Adoption of Laser Marking Across End-User Verticals
- Enhanced Performance of Laser Markers Over Traditional Material Marking Techniques
- High Deployment Cost
- Increase in Demand for Custom Marking and Engraving
- Increase in Automation Across the Manufacturing Sector
- Regulatory Compliance
- 600 Group
- Acsys Lasertechnik
- Arihant Maxsell Technologies
- Epilog Laser
- Han's Laser
- IPG Photonics
- LNA Laser
- Sintec Optronics
- Videojet Technologies
- Zhejiang Jiatai Laser Science & Technology
For more information about this report visit https://www.researchandmarkets.com/r/kmgeo4