Market Size of India Laser Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.55 Billion |
| Market Size (2029) | USD 3.57 Billion |
| CAGR (2024 - 2029) | 18.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Laser Market Analysis
The India Laser Market size is estimated at USD 1.55 billion in 2024, and is expected to reach USD 3.57 billion by 2029, growing at a CAGR of 18.20% during the forecast period (2024-2029).
The automotive, heavy industrial, electronics, infrastructure, rail, consumer durables, and other sectors are the main drivers of the market.
- The conventional techniques of welding have established a niche in the manufacturing sector. However, high-tech laser welding advancements operate economically and efficiently in several industrial applications. Some laser welding systems can be further configured to do additional functions such as cutting, drilling, and serializing. Laser welding offers travel speeds that can be five to ten times faster than TIG welding and three to five times faster than MIG welding in various applications.
- According to Laser Technology Pvt. Ltd (LTPL) India, laser marking is the most popular in terms of equipment sales, although laser cutting was the leading revenue contributor in 2021. In India, laser cutting is still the most popular laser application, and it is anticipated to develop for at least another couple of years. The primary cause is a decline in laser machine prices and government intervention in specific sectors, particularly infrastructure and automotive. Most of the machinery, however, is imported from China. The company anticipates the laser cutting industry to have 1.5X growth in the coming years.
- However, regulatory compliances act as restraints for the market. Laser technology provides the application of solid and fiber lasers. These lasers use rare elements such as neodymium, chromium, erbium, and ytterbium, where the processing and refining these rare earth elements may cause potentially hazardous environmental consequences. One of the significant consequences is radioactive pollution caused by slurry tailings.
- The COVID-19 impact on the market is likely to impede the anticipated growth in the studied market. With several manufacturing units observing shutdowns and temporary halts in production, several market players observed a dip in revenues. However, with innovations in product development, the market is expected to grow in the healthcare sector over the forecast period.
- For instance, in July 2022, MaxiVision Eye Hospital released the Technolas Teneo 317 Model 2. A skilled German technical team created a cutting-edge, high-performance excimer laser, the Teneo M2. It offers individualized care for various patients, including astigmatism, hyperopia, myopia, and presbyopia.
