Driven by Diversity of Applications, Laser Processing Technology Market to Exhibit Exponential Growth
With increasing use of laser technology over conventional methods for material processing, the demand for the former has significantly risen. The technology enables processing of diverse materials, including metals, polymers, non-metals, rubber, glass, and others with precision and at a low cost. Such intrinsic attributes of laser technology have encouraged manufacturers to adopt it to perfect their manufacturing operations. The market has also gained much traction from the growing aerospace and automobile industry, particularly across Asia Pacific and Europe. Furthermore, it is anticipated that laser processing systems will witness increased demand over the forthcoming years due to rapid expansion of the consumer electronics industry in China, South Korea, and other APAC countries.
Browse Research Report:http://www.transparencymarketresearch.com/global-laser-processing-market.html
In a recently released report, Transparency Market Research forecasts that the global laser processing market, which stood at US$8.7 bn in 2013, will reach US$17.2 bn by 2020, exhibiting a robust 10.20% CAGR between 2014 and 2020.
Diverse Applications of Laser Processing Technology Aid Market Growth
Over the last few years, lasers have become an integral part of modern science, providing the most remarkable opportunities for innovations in an ever-expanding range of manufacturing applications. Lasers can be used to process a plethora of materials. Additionally, laser processing technology offers a myriad benefits over conventional methods, which have made it a preferred choice for a majority of material processing procedures. Hence, lasers have been accepted well across industries for an array of applications ranging from cutting intricate cardiovascular stents to welding thick steel for the ship-building industry and drilling guide vanes for the aerospace industry.
Browse Press Release:http://www.transparencymarketresearch.com/pressrelease/global-laser-processing-market.htm
As discussed, laser technology finds application in several industrial processes, including drilling, welding, cutting, engraving, and marking. Due to their diverse uses, the demand for laser processing technology is exponentially increasing. Laser processing offers accurate and high-speed industrial processing. Additionally, the technology provides safe and damage-free operations, since it is a non-contact process. This acts a crucial factor impelling growing adoption of laser processing technology across manufacturing facilities globally. Furthermore, growing demand for efficient material processing techniques rising from the manufacturing sector is another factor boosting demand for laser processing technology in the global scenario. Additionally, with an increasing number of manufacturing facilities jumping onto the miniaturization bandwagon, the demand for laser technology is only expected to increase in forthcoming years. The technology comes very handy for the production of integrated circuits (ICs), circuit boards, and other electronic components.
Laser Processing Technology Offers Accurate Solutions at Low Cost
The conventional methods used for material processing include flame cutting, waterjet cutting, and other methods. Since laser processing offers more accurate solutions at lower cost, its demand has surpassed that of conventional methods significantly. Additionally, laser process technology also enables permanent marking on electronic equipment, consumer goods, and other products. Due to implementation of government regulations mandating clear markings on consumer products, pharmaceuticals, and others, laser technology has emerged as a widely adopted solution used by industries for engraving purpose. With the introduction of advanced laser technology, the demand for the same is only expected to rise in the forthcoming years.