February 21, 2024

Laser Automation Market Driven by Growing Demand From Automotive Industry

 

Laser Automation is widely being used in various industrial applications such as marking, cutting and welding. Laser systems offer several advantages like high precision processing, reduced manufacturing costs and improved part quality. Lasers are becoming increasingly useful in automotive manufacturing for cutting car bodies, welding vehicle frames and other precision applications. The global automotive industry has been growing rapidly driven by rising vehicle production worldwide. As automation becomes more important in automotive plants, the demand for laser systems is also increasing significantly. The global Laser Automation Market is estimated to be valued at US$ 6.48 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the laser automation market is the increasing adoption of fiber laser technology. Fiber lasers offer advantages like high beam quality, excellent wall plug efficiency, low maintenance and flexible beam delivery over traditional lamp pumped solid state lasers. Moreover, fiber laser systems require less electricity to operate making them more sustainable and energy efficient. Leading automation equipment manufacturers are focusing on developing fiber laser systems with advanced features to target different industrial cutting, welding and marking applications. This increasing shift towards fiber lasers from conventional laser sources is expected to drive the demand in coming years.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the laser automation market requires high initial capital investments and technological expertise. However, the market is growing at a significant pace attracting new players.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are many established players in the market providing competitive products. However, the availability of substitute technologies acts as a constraint.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as components required for laser machines are available from numerous global suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as alternative joining and material processing technologies like ultrasonic welding, induction welding etc. are available but laser processing has its unique advantages.
Competitive rivalry: The competitive rivalry is high among key players like Trumpf GmbH + Co. KG, Coherent, Inc. etc. as they continuously invest in R&D and expand their product portfolios to gain market share.

Key Takeaways
The global laser automation market is expected to witness high growth at a CAGR of 7.0% during the forecast period.

Regional analysis: Asia Pacific dominates the laser automation market and is expected to grow at the fastest pace during the forecast period owing to increasing industrialization and adoption of modern manufacturing technologies across industries like automotive, electronics and medical devices in China, India, Japan and Southeast Asian countries.

Key players: Key players operating in the laser automation market are Trumpf GmbH + Co. KG, Coherent, Inc., IPG Photonics Corporation, Han’s Laser Technology Industry Group Co., Ltd., Rofin-Sinar Technologies Inc., Jenoptik AG, Amada Miyachi America, Inc., Newport Corporation, and Fanuc Corporation. Trumpf GmbH + Co. KG leads the laser automation market and offers a wide range of laser machines for cutting, welding and marking applications. Coherent, Inc. is a major provider of laser systems for materials processing, electro-optics products and precision photonic solutions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it