COVID-19 Impact on Industrial Lasers Systems Market to Exceed $36.51 billion by 2026

The Global Industrial Lasers Systems Market is estimated to grow at a CAGR of 7.5% during the forecast period 2019-2026. As per the detailed market study, the global market recorded $20.12 billion in the year 2018 and is estimated to reach $36.51 billion by the end of the year 2026.

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The Global Industrial Lasers Systems Market is driven by various growth factors such as increasing demand of automobile and mobile electronics, high beam quality and a lower cost of ownership and innovation considering the eco-friendly technology. However, lower cutting speed and hazards related to laser are some major hindering factors of the global market. Whereas, technological advancements considering fiber lasers will create lucrative opportunities for the market in the near future.

Segmentation Overview of the Global Industrial Lasers Systems Market

The global industrial lasers systems market is segmented on the basis of type, power and application. These major market segments are further categorized into various sub-segments to study the market in detail.

The Type Segment of the Global Industrial Lasers Systems Market is Sub-Segmented into:

• Macro Processing
• Micro Processing

The Power Segment of the Global Industrial Lasers Systems Market is Sub-Segmented into:

• Less than 1 kW
• More than 1.1 kW

The Application Segment of the Global Industrial Lasers Systems Market is Sub-Segmented into:

• Additive Manufacturing
• Non-Metal Processing
• Welding
• Cutting
• Others

Geographical Overview of the Global Industrial Lasers Systems Market

On the basis of geographical segmentation, the global industrial lasers systems market was studied across North America (U.S., Canada and Mexico); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); Europe (Germany, UK, Russia, France and Rest of Europe); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the Asia-Pacific industrial lasers systems market holds the largest market share in the year 2018. The region holds ~3/5^th of the market share in the global marketplace. The regional growth is attributed to growth in demand for fibre lasers in the automotive and electronics industry. Whereas, the LAMEA industrial lasers systems market is estimated to grow at fastest growth rate of 8.8% during the forecast period 2019-2026. The regional growth is attributed to various advantages related with industrial lasers system such as production of good quality products, flexible operational activities, enhanced productivity and less operating cost.

Key Players Insights of the Global Industrial Lasers Systems Market

Apollo Instruments Inc., Amonics Ltd., CY Laser SRL, Jenoptik Laser GmbH, IPG Photonics Corporation, Coherent Inc., Toptica Photonics AG, TRUMPF, Quantel Group and NKT Photonics A/S are some major players included in the research study of the global industrial lasers systems market. The market players are adopting various competitive strategies to acquire majority of the market share for the long-term.

Impact of COVID-19 on the Global Industrial Lasers Systems Market

The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The overall market impact of COVID-19 can be witnessed in the Q1 2020 but is anticipated to be highly impacted in subsequent quarters in the whole year.

The Global Industrial Lasers Systems Market is analysed to have a negative impact owing to the spread of COVID-19 worldwide. The detailed research report on the global industrial lasers systems market is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status.

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