The global laser welding equipment market is expected to increase from USD 2,899.1 million in 2024 to USD 5,070.6 million by 2034, demonstrating a strong CAGR of 5.7% throughout the forecast period.
Key factors driving the growth of the laser welding equipment market include the automotive and construction industries. The automotive sector has seen a significant increase in the use of laser welding for manufacturing components like engine parts, transmission parts, alternators, solenoids, fuel injectors, and fuel filters. Meanwhile, the construction industry’s rising demand for fabricated steel structures, combined with the adoption of advanced construction methods and a commitment to sustainability and energy efficiency, is further enhancing the need for laser welding equipment.
The market is experiencing substantial growth due to the rapid expansion of the automotive and construction sectors. As these industries evolve, the demand for advanced manufacturing technologies increases, making laser welding equipment an essential solution for meeting new industry requirements. Additionally, there is a notable trend toward the adoption of fiber laser technology, recognized for its efficiency and reliability, which has become a preferred choice in modern manufacturing processes.
Emerging industries also present significant opportunities for the laser welding equipment market. The growth of sectors such as electric vehicle production, renewable energy, and electronics provides ample opportunities for the versatile application of laser welding technology. These industries, which require innovative welding solutions, create an ideal environment for harnessing the advanced capabilities of laser welding equipment.
Key Takeaways from the Report
- The global market for laser welding equipment is projected to thrive at 5.7% CAGR through 2034.
- By fiber laser, the technology segment is expected to have a total valuation of US$ 2,091.2 million by 2034.
- By end use, the automotive segment is set to hold a market share of 31.7% in 2024.
- East Asia is expected to account for a significant share of about 31.8% by 2034.
- The market size in the United States is anticipated to reach US$ 516.6 million by 2034.
- China is projected to attain a valuation of US$ 514.9 million by 2034.
- Demand for laser welding equipment in India is predicted to rise at 6.4% CAGR through 2034.
Competitive Landscape
Key players are investing in the expansion of domestic production and technology areas of laser welding equipment to provide cost-efficient solutions to consumers. They are also investing in developing new products and further innovation on the existing ones to meet end-user demand.
- In October 2022, Coherent Corp., a key provider of laser processing services, launched its next-generation flat sheet cutting laser head with significant power ratings that reach up to 30 kW.
- In November 2021, TRUMPF launched an inventive product called TruLaser Weld 1000. It helps small-sized companies shift to automated laser welding, which is appropriate for electrical cabinets, covers, and welding sheet metal boxes.
Top 10 Key Players in the Laser Welding Equipment Market
- IPG Photonics Corp.
- TRUMPF Group
- AMADA Co. Ltd.
- EMAG Group
- Han’s Laser Technology Industry Group Co. Ltd.
- Coherent Corp.
- Panasonic Holdings Corp.
- Huagong Tech Co. Ltd.
- United Winners Laser Co., Ltd.
- HSG Laser
Laser Welding Equipment Market Segmentation
By Technology:
- Solid State Laser
- Gas Laser
- Fiber Laser
- Diode Laser
By Operation:
- Manual
- Semi-Automatic
- Automatic
By Function:
- Spot and Seam Welding
- Deposition Welding
- Profile Welding
- Scanner Welding
- Hybrid Welding
- Other Functions
By End Use:
- Automotive
- Electronics
- Healthcare
- Construction
- Oil and Gas
- Industrial Fabrication and Engineering
- Jewelry Industry
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/laser-welding-equipment-market
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