Market Size of Industrial Lasers Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 6.06 Billion |
| Market Size (2029) | USD 7.76 Billion |
| CAGR (2024 - 2029) | 5.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Lasers Market Analysis
The Industrial Lasers Market size is estimated at USD 6.06 billion in 2024, and is expected to reach USD 7.76 billion by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
- The industrial lasers market is anticipated to witness robust growth during the forecast period owing to several factors, like rising demand for these lasers in medical and dental applications, space exploration, and industrial applications. Material processing is a prominent application for lasers in industries. Optical fiber lasers, followed by direct diode lasers, are majorly used for material processing.
- Industrial lasers are used in various biomedical instruments for medical imaging, laser surgery, and photodynamic therapy applications. They are commonly used in multiple soft tissue oral surgery, such as frenectomy, epulis fissuratum, fibroma removal, facial pigmentation treatment, and vascular lesion treatment. The diode laser’s ability to transmit energy to cells can be used for tasks like warming, welding, coagulation, protein denaturation, drying, vaporization, and carbonization.
- The market is witnessing various innovations and partnerships as vendors are looking to launch new solutions regularly for the aerospace and defense industry. For instance, in March 2022, Ultisense launched the LRF 6042, a 25 km rangefinder module with advanced fiber laser technology. The LRF 6042 is the newest addition to the Ultisense portfolio of high-performance fiber laser rangefinders and builds on Vectronix’s experience in developing military rangefinders. The compact LRF 6042 measures up to 8 km on 2.3 m × 2.3 m targets and boasts a maximum range performance of up to 25 km. Compared to other systems that have to charge and cool between pulses, the LRF 6042 measures continuously without interruption. It can achieve repetition rates of up to 10 Hz. This is ideal for tracking (e.g., people, vehicles) over an extended period.
- Enterprises adopting laser solutions as part of their manufacturing process are subject to various government safety regulations. In addition, the equipment is comparatively costlier than their conventional counterparts, thus challenging their adoption in the industrial space.
- Moreover, inflation significantly impacts manufacturing, leading to higher manufacturing costs. This can be due to various factors, such as higher prices for raw materials, increased shipping costs, and labor costs and shortages. As a result, manufacturers may be forced to raise their prices to maintain profitability, ultimately decreasing product demand. In addition, inflation can also lead to contract constraints, shifts in labor, and input issues for manufacturers. The rising inflation could restrain the growth of the market studied.
