Laser Marking Market worth $4.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 14, 2022 /PRNewswire/ -- Laser Marking Market is estimated to grow from USD 2.9 billion in 2022 to reach USD 4.1 billion by 2027; it is expected to grow at a CAGR of 7.2% from 2022 to 2027, according to a new report by MarketsandMarkets™. The growth of the laser marking market can be attributed to higher performance of laser markers over traditional material marking techniques, increasing adoption of laser markers in various industries for traceability and identification of parts, and growing adoption of smart manufacturing techniques.
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Hardware segment to hold largest share of laser marking market during the forecast period.
The hardware segment accounted for the largest share of the laser marking market in 2021, and this trend is expected to continue during the forecast period. The high requirement for hardware in several types of laser marking systems has contributed to the leading position of this segment, in terms of market size. Recent advancements in laser marking hardware solutions include new product launches by key players in the laser marking market. In May 2022, Gravotech launched LW2 laser marking workstation suitable for identification plates, tools, electronic and electrical components, automotive parts, medical instruments, and permanent markings.
Laser marking market for packaging industry is expected to grow at the highest CAGR during the forecast period
The laser marking market for the packaging industry is expected to grow at the highest CAGR during the forecast period. Laser markers are used for displaying variable data, such as expiration dates and batch and serial numbers, as product labels in most packaging companies. In the packaging industry, CO2 lasers are highly used for marking applications. Laser marking is used for different packaging solutions, such as on food items and PCBs.
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Laser marking market in Europe is expected to hold the second largest size during the forecast period.
Laser marking market in Europe is expected to hold the second largest size during the forecast period. Germany, France, and the UK are the major contributors to the European laser marking market growth. The region has a strong industrial base and is globally recognized for its outstanding engineering capabilities, quality workforce, and R&D activities, which are also the key driving factors for the growth of the laser marking market in Europe. Furthermore, all medical devices in Europe registered within the European Union must obtain CE Mark. With a CE mark, companies can market and sell their products simultaneously in all EU member states whether that is Germany, France or Croatia. This is expected to drive the laser marking market in Europe during the forecast period.
Key players involved in the manufacturing of laser marking systems are Coherent, Inc. (US), TRUMPF (Germany), Han's Laser Technology Co., Ltd. (China), Gravotech Marking (France), IPG Photonics Corp. (US), 600 Group (UK), Danaher Corp. (US), Novanta Inc. (US), KEYENCE Corp. (Japan), Huagong Tech Co., Ltd. (China), Trotec Laser (Austria), Epilog Laser (US), and MECCO (US), among others.
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