Laser processing market worth $17.36 billion by 2020

According to the new market research report "Laser Processing Market by Application (Cutting, Drilling, Marking), Laser Type (Gas, Solid, Fiber Laser), Machine Configuration (Moving, Fixed beam), Vertical (Machine Tooling, Automotive), Geography - Global Forecast to 2020,” published by MarketsandMarkets, Dallas, the market is expected to grow at a CAGR of 6.18 percent between 2014 and 2020, reaching $17.36 billion by 2020.

Europe and the Asia Pacific region are expected to experience the fastest growth in the laser processing market. Europe is expected to expand at a CAGR of 5.92 percent, whereas APAC is expected to grow at a rate of 6.1 percent between 2014 and 2020. Countries such as China, Japan, and South Korea are expected to witness a strong growth in the laser processing market during the forecast period as well, mainly because of the growing number of automobile and OEM industries in those countries.

The machine tooling segment constitutes the largest end-user segment for the laser processing market. This market is experiencing a positive growth trend because of increasing applications in medical, machine tooling, and automotive.

The factors contributing to the growing adoption of laser technology in manufacturing processes worldwide include its clean, damage-free operation; the rising demand for efficient material processing techniques in manufacturing industries; and the miniaturization of electronics goods.

For more information about the report, visit www.marketsandmarkets.com/market-reports/laser-cutting-boring-and-engraving-machines-market-611.html.