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Global market for laser materials processing systems hit $11.6 billion in 2014

The global market for laser materials processing systems reached a volume of $11.6 billion in 2014, according to a preliminary analysis of 2014 data by Optech Consulting, Taegerwilen, Switzerland. That figure is up 8 percent from the $10.7 billion reached in 2013.

The demand for industrial laser systems grew by double digits in China and in Asia. More than average demand growth also was reported for North America, while European market growth was less than average because of weak economic conditions.

Globally, the market growth was driven by laser systems for high-power cutting and welding, as well as for precision processing, which includes low-power cutting, drilling and welding, and additive manufacturing. In contrast, the demand for laser products for microprocessing in the electronics industry showed only moderate growth.

Of the laser types used in materials processing, fiber lasers again outpaced other laser types in terms of demand growth.

The increase of the global industrial laser systems market of 8 percent for 2014 is in line with the long-term average growth rate, which is, when averaged over economic cycles, about 7 to 9 percent. Assuming a steady economic environment, Optech Consulting expects an increase of the global laser systems market in the high single-digit range again for 2015.