With a projected increase from USD 2.9 billion in 2022 to USD 4.1 billion by 2027, representing a strong CAGR of 7.2% over the forecast period, the Laser Marking Market is expected to grow significantly.

This growth trajectory is explained by the growing need in a variety of industries for accurate and long-lasting marking solutions. The market includes a variety of laser types that each serve a particular industry's demand, such as fibre, diode, solid-state, CO2, and UV lasers. The automotive, semiconductor and electronics, and machine tool industries are the main drivers of this boom. An extensive array of products, uses, techniques, and materials used into laser marking systems are driving the market's growth.

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Due to laser markers' improved performance over conventional material marking techniques, the laser marking market is expanding significantly. Because of their accuracy and efficiency, laser markers are being used more and more by a wide range of industries for part identification and traceability. The market is expected to grow even more due to the increasing use of smart manufacturing techniques, since laser marking is essential for satisfying the needs of contemporary production processes. Because of its capacity to provide high-performance marking solutions, this technology is positioned to be a major enabler for sectors looking to improve their operational productivity, quality control, and traceability.

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Hardware segment to hold largest share of laser marking market during the forecast period.

In the laser marking market, the hardware segment became the dominating player in 2021, and it is expected that this trend would continue during the forecast period. The hardware sector holds a large market share due to the increased demand for hardware components in different types of laser marking systems. Through constant innovation, major companies in the market have contributed significantly to the maintenance of this supremacy. Notably, Gravotech unveiled the LW2 laser marking workstation in May 2022. This device is intended to serve a wide range of applications, such as automobile parts, tools, identifying plates, electronic components, and medical equipment. This announcement highlights the continued progress in laser marking hardware solutions, highlighting the crucial role this market segment plays in determining the overall direction of the industry.

Laser marking market for packaging industry is expected to grow at the highest CAGR during the forecast period

Over the course of the forecast period, the packaging industry's laser marking market is expected to grow at the highest Compound Annual Growth Rate (CAGR). The packaging industry has come to rely heavily on laser marking, especially when it comes to product labels that must include variable information like batch numbers, expiration dates, and serial numbers. One common option in this field is to use CO2 lasers, which are widely used for marking a wide range of packaging products, from food items to printed circuit boards (PCBs). The packaging industry's growing need for accurate, superior, and flexible marking solutions is anticipated to propel the development of laser marking technologies, especially CO2 laser-based ones, in the next years.

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Laser marking market in Europe is expected to hold the second largest size during the forecast period.

Germany, France, and the UK are expected to make significant contributions to the laser marking market, which is expected to be the second-largest in Europe throughout the projected period. With a strong industrial basis, the region is well-known worldwide for its outstanding engineering capabilities, highly skilled labour force, and considerable R&D endeavours. These elements are crucial in driving the expansion of the European laser marking industry. The market is also growing because of the strict regulations in the area; all medical devices sold in the European Union need to have the CE Mark to be in compliance. Throughout the course of the projection year, the laser marking market in Europe is expected to increase thanks to the CE mark, which enables businesses to easily promote and sell their goods across all EU member states.

Key players involved in the manufacturing of laser marking systems are Coherent, Inc. (US), TRUMPF (Germany), Han’s Laser Technology Co., Ltd. (China), Gravotech Marking (France), IPG Photonics Corp. (US), 600 Group (UK), Danaher Corp. (US), Novanta Inc. (US), KEYENCE Corp. (Japan), Huagong Tech Co., Ltd. (China), Trotec Laser (Austria), Epilog Laser (US), and MECCO (US), among others.

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