The future is bright15 Oct 2022 13:21
Market Research Future (MRFR) projects the global laser processing market to reach USD 6.11 Billion, registering a 7.3% CAGR from 2020-2026 (forecast period).
Rising Need for Miniaturization of Products and Microelectronic Devices
Laser processing is a non-contact processing technique that uses a laser beam to cut/slice materials, resulting in high quality, smooth, and dimensionally correct cuts for the manufacturer. The approach is widely employed in applications ranging from surface treatment, structuring, modification, and controlled surface plastic deformation to micro/nanofabrication techniques. This process improves material damage resistance and provides composites with no microcracks. The global laser processing industry is expanding due to a variety of causes. The preference of manufacturers for laser processing techniques over traditional processing techniques is propelling market expansion. The growing need for product miniaturization and microelectronic device miniaturization is also projected to drive market expansion. Furthermore, increased automation in manufacturing facilities has generated the potential for growth in the worldwide laser processing industry.