Global Laser Welding’ demand is anticipated to be valued at US$ 2,758.3 Million in 2022, forecast to grow at a CAGR of 6.9% to be valued at US$ 5,387.0 Million from 2022 to 2032. Growth is attributed to the growing momentum towards the generation of energy through renewable sources.
Laser Beam Welding is a joining technique that uses heat generated by highly concentrated laser beams to join two or more similar materials. Metals are the most commonly used materials in these welding techniques, but plastic materials have also found use in the laser beam welding process.
Laser beam welding is extremely useful for welding small parts because it produces minimal residue and thermal distortion. Laser beam welding is being used in a variety of industrial applications because it can be fully automated and achieve high welding speeds.
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The market’s expansion is being driven primarily by rising demand from various end-user industries such as automotive, medical, and electronics around the world.
Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, advancement in the manufacturing processes, and adoption of latest technologies. Additionally, the demand for automated equipment is also increasing due to the shortage of skilled personnel in some of the regions studied.
Factors such as increasing utilization in the manufacture of wind turbines is expected to boost the growth of the Laser Welding market in the near future.
On the other hand, high power requirement and automation is one of the major factors that is expected to hamper the growth of Laser Welding Market over the analysis period.