Laser Welding Market to Reach USD 2.79 Billion by 2029 with a CAGR of 4.7% During 2022

Laser Welding Market to Reach USD 2.79 billion by 2029; Rising Utilization of Additive Manufacturing to Aid Market Expansion: Fortune Business Insights

Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The global laser welding market size stood at USD 1.96 billion in 2021. The market is projected to grow from USD 2.03 billion in 2022 to USD 2.79 billion by 2029, exhibiting a CAGR of 4.7% between 2022-2029. Laser welding is a method used to join work pieces using a laser beam as a heat source. The laser beam provides heat in a focused and consistent manner with high energy density resulting in deep welds and narrow affected heat zones. It offers high-precision, high-quality, high-speed weld that enables process automation to improve efficiency. This information is provided by Fortune Business Insights, in its report titled, "Laser Welding Market, 2022-2029."

COVID-19 Impact:

Increasing Product Application Propelled Market Growth Amid the Pandemic

The spread of COVID-19 worldwide urged governments to implement stringent lockdowns and social distancing norms in several economies to curb the number of cases. Manufacturing facilities were closed which affected manufacturing capacity and disrupted supply chains. However, the demand for laser welding machines continued to grow during the pandemic due to increasing application in the medical sector for the diagnosis of COVID-19.

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Segments Analysis:

Conduction Mode to Lead Backed by its Ability to Deliver Low Laser Welds

Based on mode, the market is bifurcated into conduction mode and deep penetration mode. Among these, the conduction mode segment held the largest share owing to its ability to deliver low laser energy to the metal, which forms flat welds and is suitable in case of joints that don't need high strength.

Fiber Laser Segment to Grow Significantly Owing to its Widespread Application

As per technology, the market is split into gas laser (CO2), solid-state laser, fiber laser, and diode/semiconductor laser. Among these, the fiber laser segment is projected to have exponential growth over the forecast period as fiber laser welders are very advanced compared to other welders. They are easy to operate and enable high-speed welding.

Automotive Segment to Dominate Stoked by Technological Advancements According to application, the market is divided into automotive, aluminum alloy fuselage, jewelry industry, medical, electronics, shipbuilding, and others. The automotive segment dominated the market due to the high demand for laser welders, owing to their ease of automation, technological advancements in the automotive sector, and surging demand for high-quality finished automotive parts.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Report Coverage:

The report provides a deep-dive insights into growth stimulants and challenges impacting market trends in the coming years. It studies the market exhaustively by splitting it into segments and regions. Statistical information such as market share, valuation, growth rate, and revenue recorded by each segment and region is documented in the report. Furthermore, industry leaders are listed and tactical moves undertaken by them are covered to help investors in making informed decisions.

Market Drivers and Restraints:

Rising Utilization of Additive Manufacturing in Laser Welding to Aid Market GrowthAdditive manufacturing enables the creation of products with a complex shape which can't be manufactured using traditional methods. It can be used to decrease waste and optimize material usage. The rising adoption of additive manufacturing owing to its cost-effective nature and ability to eliminate manufacturing processes, such as cutting, bending, and casting, will aid the laser welding market growth in the coming years. Manufacturers are increasingly using this method as an alternative to investing in different manufacturing processes to create products stage wise. This process not only cuts costs but also helps in rapid and convenient design iterations and will aid market growth in the forthcoming years.

On the other hand, a dearth of skilled labor and high costs of equipment will pose as challenges for businesses operating in this domain.

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Regional Insights:

Asia Pacific to Lead Stoked by Increasing Industrialization and Presence of Manufacturing Facilities

Asia Pacific captured majority of the laser welding market share in the recent past due to the presence of several manufacturing facilities and rising industrialization in the region. Increasing awareness and adoption of the product in various industries will propel the market further.

North America will showcase stellar growth in the forthcoming years due to surging demand for fabricated metal parts in the heavy machinery sector. Increasing automation and rising need for high productivity while welding will aid market proliferation as well.

Competitive Landscape:

Product Launches by Industry Leaders to Facilitate Industry Expansion

Leading companies often make strategic decisions, such as partnerships, collaborations, and mergers & acquisitions, to enhance profits and garner higher revenues. One such move is to launch new products and services to improve their product portfolio and meet ever-increasing consumer demands. For example, in October 2022, Coherent Corporation unveiled a machine vision system, HIGHvision, for laser welding heads. The system enhances the efficiency of manufacturing electric vehicle motors and batteries.

Key Industry Development:

July 2020: Emerson launched a new laser welder platform, Branson GL-300, which aims to deliver a variety of plastic components with better production ability, without compromising on product quality and performance.

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List of Key Players Mentioned in the Report:

AMADA Co. Ltd. (Japan)

Coherent Inc. (U.S.)

Emerson Electric Co. (U.S.)

FANUC Corp. (Japan)

IPG Photonics Corp. (U.S.)

Jenoptik AG (Japan)

Huagong Laser Engineering Co., Ltd (China)

Laserstar Technologies Corp. (U.S.)

Perfect Laser Co. Ltd. (U.S.)

TRUMPF GmbH + Co. KG (Germany)

Table of Content:

1. Introduction1.1. Definition, By Segment1.2. Research Methodology/Approach1.3. Data Sources 2. Executive Summary3. Market Dynamics3.1. Macro and Micro Economic Indicators3.2. Drivers, Restraints, Opportunities and Trends3.3. Impact of COVID-193.3.1. Short-term Impact3.3.2. Long-term Impact4. Competition Landscape4.1. Business Strategies Adopted by Key Players4.2. Consolidated SWOT Analysis of Key Players4.3. Global Laser Welding Key Players Market Share Insights and Analysis, 20215. Global Laser Welding Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-20295.1.1. Key Findings5.1.2. By Mode (USD Bn)5.1.2.1. Conduction Welding Mode5.1.2.2. Deep Penetration Welding Mode 5.1.3. By Technology (USD Bn)5.1.3.1. Gas Laser (CO2) Welding5.1.3.2. Solid-state Laser Welding5.1.3.3. Fiber Laser Welding5.1.3.4. Diode/Semiconductor Laser Welding, etc)5.1.4. By Application (USD Bn)5.1.4.1. Automotive5.1.4.2. Aluminium alloy fuselage5.1.4.3. Jewelry Industry5.1.4.4. Medical5.1.4.5. Electronics5.1.4.6. Shipbuilding5.1.4.7. Others (Oil & Gas,etc.)5.1.5. By Region (USD Bn)5.1.5.1. North America5.1.5.2. Europe5.1.5.3. Asia-Pacific5.1.5.4. Middle East & Africa5.1.5.5. Latin America 6. North America Laser Welding Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-20296.1.1. Key Findings6.1.2. By Mode (USD Bn)6.1.2.1. Conduction Welding Mode6.1.2.2. Deep Penetration Welding Mode 6.1.3. By Technology (USD Bn)6.1.3.1. Gas Laser (CO2) Welding6.1.3.2. Solid-state Laser Welding6.1.3.3. Fiber Laser Welding6.1.3.4. Diode/Semiconductor Laser Welding, etc)6.1.4. By Application (USD Bn)6.1.4.1. Automotive6.1.4.2. Aluminium alloy fuselage6.1.4.3. Jewelry Industry6.1.4.4. Medical6.1.4.5. Electronics6.1.4.6. Shipbuilding6.1.4.7. Others (Oil & Gas,etc.)6.1.5. By Country (USD Bn)6.1.5.1. U.S.6.1.5.1.1. By Technology 6.1.5.1.1.1. Gas Laser (CO2) Welding6.1.5.1.1.2. Solid-state Laser Welding6.1.5.1.1.3. Fiber Laser Welding6.1.5.1.1.4. Diode/Semiconductor Laser Welding, etc)6.1.5.2. Canada6.1.5.2.1. By Technology 6.1.5.2.1.1. Gas Laser (CO2) Welding6.1.5.2.1.2. Solid-state Laser Welding6.1.5.2.1.3. Fiber Laser Welding6.1.5.2.1.4. Diode/Semiconductor Laser Welding, etc)

Toc Continued...

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