Between 2022 and 2032, the global laser welding market is expected to be worth US$ 2,758.3 million, rising at a 6.9% CAGR to US$ 5,387.0 million. The growth is attributed to the increasing momentum towards renewable energy generation.
According to Future Market Insights, Europe will be a lucrative growth opportunity for Laser Welding, with a significant 30% share expected in 2022.
Europe is expected to experience significant market growth as a result of the region’s well-established automotive sector, which is expected to act as a driving force in the region’s market growth. The market is supported by the region’s technological advancement.
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Laser Beam Welding is a joining technique that uses heat generated by highly concentrated laser beams to join two or more similar materials. Metals are the most commonly used materials in these welding techniques, but plastic materials have also found use in the laser beam welding process.
Laser beam welding is extremely useful for welding small parts because it produces minimal residue and thermal distortion. Laser beam welding is being used in a variety of industrial applications because it can be fully automated and achieve high welding speeds.
The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, medical, electronics, etc., across the world.
Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, advancement in the manufacturing processes, and adoption of latest technologies. Additionally, the demand for automated equipment is also increasing due to the shortage of skilled personnel in some of the regions studied.
Factors such as increasing utilization in the manufacture of wind turbines is expected to boost the growth of the Laser Welding market in the near future.
On the other hand, high power requirement and automation is one of the major factors that is expected to hamper the growth of Laser Welding Market over the analysis period.
The growing momentum towards the generation of energy through renewable sources is expected to propel the growth of the Laser Welding Market over the analysis period. The electronics industry also utilizes this process as the manufacturers within this industry constantly deal with the fabrication of minute electronic components, such as circuit boards, transistors and integrated circuits.
The laser beam welding process is being steadily adopted in the automotive industry wherein around 20% of the welding operations are performed through laser beam welding equipment, this percentage is expected to rise even further in the upcoming years due to improvements observed in the overall productivity, quality and weld strength.
Automotive parts, such as engine components, solenoids, alternators, fuel filters and injectors, among others, have been increasingly manufactured through the laser beam welding process. Another factor influencing the growth of laser beam welding equipment market is its increasing utilization in the manufacture of wind turbines. All these factors are expected to boost the growth of the Laser Welding Market during the forecast period.
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Key Segments Profiled In The Laser Welding Industry Survey
Laser Welding Market By Product Type:
- Carbon Dioxide Laser (CO2) Welding Machine
- Fibre Laser Welding
- Solid-State Laser Welding
- Others
Laser Welding Market By End-Use Industry:
- Laser Welding for Energy Industry
- Laser Welding for Transportation Industry
- Laser Welding for Aerospace Industry
- Laser Welding for Communications Industry
- Laser Welding for Metal Fabrication Industry
- Laser Welding for Automotive Industry
- Laser Welding for Electronics Industry
- Others
Laser Welding Market By Application:
- Laser Welding for Spot and Seam Welding
- Laser Welding for Laser Deposit Welding
- Laser Welding for Scanner Welding
- Laser Welding for Tube Welding
- Laser Welding for Profile Welding
Laser Welding Market By Region:
- North America Laser Welding Market
- Latin America Laser Welding Market
- Europe Laser Welding Market
- Asia Pacific Laser Welding Market
- Middle East & Africa Laser Welding Market
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