Laser Marking Market by Laser Type (Fiber Laser, Diode Laser, Solid State Laser, and CO2 Laser), Offering (Hardware, Software, and Services), End User (Machine Tools, Semiconductor & Electronics, Automotive), and Geography – Global Forecast to 2024
The overall laser marking market is expected to grow from USD 2.1 billion in 2018 to USD 3.0 billion by 2024, at a CAGR of 6.0%. Increasing adoption of laser marking across end-user verticals and enhanced performance of laser markers over traditional material marking techniques are the key factors driving the growth of this market. Moreover, the increase in demand for custom marking and engraving and growth in automation across the manufacturing sectors are expected to provide opportunities in terms of market growth.
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Moreover, the increase in demand for custom marking and engraving and growth in automation across the manufacturing sectors are expected to provide opportunities in terms of market growth.
Laser marking, also known as label engraving, is a method of labeling or marking products or materials using a laser beam. The different processes involved in the labeling of products include staining, removing, engraving, foaming, and annealing.
Laser marking offers several benefits, including precision marking at high speed, environment-friendliness, ease of integration into production lines, and ease of adaptation between objects and processes, among others. The common end-user verticals of laser marking include machine tools, semiconductor & electronics, automotive, medical & healthcare, aerospace & defense, packaging, and others (apparel & clothing and architecture & designing).
By laser type, the market for diode laser is expected to grow at the highest CAGR within the overall laser marking market during the forecast period. The diode laser is also known as a laser diode or injection laser. After passing current through the laser, the diode laser produces coherent radiation in the visible or infrared spectrum. The market growth for this laser type can be attributed to its application in ablation marking, day/night marking, and heat affected zone marking.
By offering, the laser marking market for services is expected to grow at the highest CAGR during the forecast period. The frequent requirement for managed services, which may include machine set-up and installation services, lifecycle services, maintenance services, spare parts supply and upgrade, and support, is one of the major factors driving the growth of the market for services.
The laser marking market in RoW is expected to grow at the highest CAGR during the forecast period. RoW comprises the Middle East & Africa and South America, which have significant potential for the growth of the laser marking market. The industrial manufacturing and aerospace & defense sectors in the Middle East & Africa are witnessing significant developments, which are expected to support the increasing demand for laser marking. Moreover, the increasing use of electric vehicles in the Middle East will boost the automotive vertical, which, in turn, is expected to fillip the demand for laser marking in this region.
