Laser Marking Market: Improving Product Safety and Compliance
The Laser Marking Market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 7.2% from USD 2.9 billion in 2022 to USD 4.1 billion by 2027. The increased use of laser marking across a variety of end-user sectors and the enhanced performance of laser markers in comparison to conventional material marking techniques are credited with the market expansion. The adoption of laser marking technology is being fueled by the growing requirement for product identification and tracking, as well as the desire for high-quality marking and the expanding trend of production automation. Due to the region's growing industrialisation and increasing demand for the consumer electronics, automotive, and aerospace sectors, the Asia Pacific region is anticipated to dominate the market.
Key Players in the Laser Marking Market comprise companies operating at different stages of the market’s value chain. The key market players include Coherent (US), Han’s Laser (China), Trumpf (Germany), Gravotech (France), Jenoptik (US), Epilog Laser (US), 600 Group (UK), Mecco (US), Laserstar (US), and Novanta (US). Organic growth strategies, such as product launches, are the focus of many of the above players.
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Driver: Higher performance of laser markers over traditional material marking techniques
The popularity of laser marking systems is growing as a result of their superior performance over conventional material marking methods. Compared to conventional approaches, they provide greater accuracy, readability, and lower labour expenses. In industrial operations where a huge number of objects need to be marked or engraved, laser marking is quicker than dot peen marking systems, creating 2D designs in less than a second as opposed to 5 seconds. Annealing, carbon migration, foaming, and colouring are a few of the uses for laser marking. Laser marking systems are being used in a variety of industries, including consumer electronics, automotive, and aerospace, due to their superior performance.
The market for laser marking services is expected to grow at the highest CAGR from 2022 to 2027.
The market for laser marking services is anticipated to grow at the fastest compound annual growth rate (CAGR) between 2022 and 2027. Pre- and post-sales services are provided by businesses and their channel partners to ease the deployment and use of laser marking equipment. The market for laser marking services spans a number of areas, including services for equipment setup and installation, lifecycle management, maintenance, spare part supply and upgrade, and support. Operator training for laser safety, software training for IT pros, and troubleshooting services are additional servicing components. Due to the expanding use of laser marking technology across numerous sectors and the requirement for ongoing support and maintenance services for the laser marking systems' productive operation, the market for laser marking services is anticipated to expand.
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Top 2 Players in the Laser Marking Market:
Coherent (US) held the top spot in the market for laser marking, primarily due to its product line, R&D expenditures, market penetration, and geographic reach. By the acquisition of new technologies, the expansion of its technological portfolio, and the introduction of goods in new areas, the company is committed to promoting its growth. With subsidiaries like Coherent GmbH (Germany), Coherent Ltd. (UK), Coherent Japan KK (Japan), Lambda Physik USA, Inc. (US), and Coherent Commercial Company Ltd. (China), Coherent is present in the Americas, Europe, the Middle East & Africa, and Asia Pacific (APAC). The company has been spending a lot of money on R&D in order to create and acquire new technologies, gain more market share, and streamline its manufacturing process. Additionally, Coherent is dedicated to acquiring additional businesses, growing its clientele, and diversifying its product line. For instance, the business purchased German laser technology provider O.R. Lasertechnologie in March 2018, expanding its offering of laser technology and laser marking products.
The second-placed company in the global laser marking market was Han's Laser (China). By enhancing its product line and reducing production costs, the company is committed to promoting growth. Fiber laser, CO2 laser, UV laser, PCB marking, and 3D laser marking systems are just a few of the several laser marking options that Han's Laser provides. The company wants to increase its market presence by offering specialised services and high-quality goods that make the best use of available resources and incur the fewest manufacturing expenses. Han's Laser has a significant presence in APAC and other places, which is supported by its well-known brand identity. This allowed the company double its sales from USD 1.0 billion in FY16 to USD 2.0 billion in FY17. For the purpose of maintaining its market position and achieving growth in the laser marking business, Han's Laser is concentrated on creating cutting-edge goods and increasing its product line.
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