Product manufacturing involves numerous types of material processing. It is a process, which is in practice since historic times. Manufacturing of various devices, tools and equipments depends on material processing. Various manufacturing fields have different applications of these processes. As far as mechanical processing is concerned, there is a huge competition due to the increased use of laser processing techniques. The conventional mechanical processing techniques like drilling, cutting and engraving are being replaced by advanced laser techniques. These techniques bring accuracy, speed and low expenses. These are the major reasons behind the rise in the laser processing market as well.
Laser Processing Market Trends and Forecasting until 2018
Industrial usage of laser beams has been there since the 50s. However, application of this technology in the industrial and commercial aspect is a new development. As the years went by, uses of laser as a versatile, robust and accurate technique started evolving. These features made laser a commonplace in various industrial and commercial manufacturing processes. Some highly popular laser applications include micro-machining, macro-machining, modeling, shaping and sizing objects, precise sculpting, contactless imprinting and sizing of different materials.
The laser processing market is segmented based on the technologies, applications, base materials and geographical demands. Technological segments of this market include Co2, fiber laser, YAG, etc. As far as the applications of laser processing are concerned, the market is segmented based on electronics, medical, machine part making and signage. Basic processes covered in laser processing include drilling, cutting, marking and engraving. The base materials that are used for these techniques mainly include polymers and metals.
As far as forecasting the future trends in Laser Processing Market is concerned, the estimates are positive. The market is showing steady growth since past few years. This steady growth will be evident in the years to come. Increased applications of these techniques will also record increased demands from various geographical locations of the world, including North America, Europe, Asia Pacific and the rest of the world. The market is expected to expand at an estimated CAGR of 9.71% from year 2013 to 2018. At this rate, the market will reach to an estimated USD 3.77 billion by 2018. These are extremely positive prospects for the laser processing industry, which is looking for steady growth in various parts of the world.
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