According to IMARC Group’s latest report, titled “Laser Processing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global laser processing market reached a value of US$ XX Billion in 2020. Laser processing refers to a non-contact processing technique that offers the manufacturer high-quality, smooth, and dimensionally accurate cuts. It also enhances the damage resistance of materials and provides composites with no microcracks, making it more popular than conventional processing techniques. Laser processing aids in laser welding, laser cutting, surface modification, laser drilling, micro-processing, etc. It utilizes projected beams that can be fixed, moving, or hybrid, for etching, engraving, material processing, etc. Presently, this technology is extensively used across numerous industries, including automotive, aerospace, defense, packaging, architecture, etc., for punching, scribing, cutting, welding, heat treatments, etc.
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The growing consumer preferences towards numerous benefits of laser processing technique over traditional material processing technologies are primarily driving the global market. These advantages mainly include providing a permanent, accurate, and faster way of marking and engraving in addition to offering superior beam quality, high efficiency, reliability, etc. Furthermore, the rising trend of device miniaturization is also fueling the demand for laser processing. Besides this, the growing adoption of laser processing technology in the manufacturing of medical devices, such as surgical tools, pacemakers, implantable devices, etc., is acting as another growth-inducing factor. Moreover, the escalating utilization of expensive laser-drilling techniques in oil and gas exploration activities to reduce drilling costs and increase the feasibility of uneconomic oil deposits is expected to catalyze the laser processing market over the forecasted period. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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