Industrial laser markets ‘to grow by 6.6% to 2020

Analyst BCC Research says growth follows innovation, especially in fiber lasers.

The industrial laser industry is vibrant, robust and growing. It has even grown during years when the global economy has not. These are some of the conclusions of a new market report from BCC Research, which reveals that evolving technology should continue to drive this global market, “especially within fiber laser submarkets”.

The global market for industrial lasers is projected to grow from $4.6 billion in 2015 to $6.3 billion in 2020, reflecting a five-year compound annual growth rate of 6.6%. Consumer electronics industry as a segment should grow from nearly $1.5 billion in 2015 to $2 billion in 2020, demonstrating a five-year CAGR of 6.1% as the largest end-use industry. Construction industry, the second-largest segment, should total almost $1.2 billion in 2020 with a five-year CAGR of 6.4%.

The upward trend outlined in the BCC report concurs generally with another recent industrial laser market assessment by Swiss analyst Optech Consulting, reported by optics.org in March 2016, although the BCC assessment does not comment on currency exchange factors (as did Optech) which can change a positive growth picture to the opposite effect, depending on relative currency values in this export-focused market place.

According to the $5985, 141-page report from BCC, major factors spurring market demand include a greater focus on product quality and production efficiency: “Many companies are expected to invest heavily in R&D to provide better end-user solutions. A rising demand for three-dimensional imaging additive manufacturing should bolster global demand, as well,” the report states.

Considering territories, the Asia-Pacific region should remain the largest global market for industrial lasers, says the report. “With numerous upcoming business entities and a growing focus on automation, the market should see substantial growth in major markets such as China, Japan and South Korea.”

Source: http://optics.org/news/7/5/20