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% during the forecast period. 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.
Increase in demand for customized marking solutions for several products, including trophies, glasses, medals, signs, and other sports products, provides an opportunity for manufacturers of laser markers. The fashion industry is another application area where laser markers are being used to provide custom designs to tailor a person’s style, size, and preference. Some of the products for which laser markers are being used to provide custom designs include leather engraved handbags, sneakers, boots, velvet and denim pieces, and texturized fur.
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Market in APAC expected to grow at significant rate from 2019 to 2024 APAC is expected to account for the largest share of the laser marking market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the market in APAC. APAC has been ahead in terms of adoption of laser marking products and solutions compared to other regions. The region’s huge population, increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the market. Key Market Players Key players in the laser marking market comprise companies operating at different stages of the market’s value chain. The key market players include Coherent (US), Han’s Laser (China), Trumpf (Germany), Gravotech (France), Jenoptik (US), Epilog Laser (US), 600 Group (UK), Mecco (US), Laserstar (US), and Novanta (US). Organic growth strategies, such as product launches, are the focus of many of the above companies. Prominent players have adopted product launches, followed by mergers & acquisitions, as part of their key business strategy to strengthen their position in the laser marking market. For instance, in February 2016, Coherent (US), under its AVIA laser series, launched green nanosecond lasers, which can deliver an average power of up to 65 W at 532 nm. These lasers can be used for marking, cutting, scribing, and drilling. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441
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