Industrial laser market trends sideways in 2022
The global market for industrial laser systems trended sideways in 2022, according to a preliminary estimate by market research firm Optech Consulting.
The market reached a volume of $22 billion, level with the $22 billion reached in 2021 after the market surged by 25%. The estimate is based on data available by December 2022, which includes the financial reports for the first three quarters of the year.
According to Optech Consulting, the sideways trend results from diverging developments with robust growth in the Americas and decreased demand in China, where the market has corrected following a steep increase in 2021.
In Europe, demand grew in local currencies, but the dollar value of the market did not increase due to the weakening Euro – the average 2022 value of the Euro in USD was more than 10% lower compared to 2021.
By application segment, continued strong growth was recorded for electrical vehicle and semiconductor manufacturing related laser applications.
The 2022 global market for industrial lasers reached $5.3 billion, level with the final 2021 value, and corresponding to 24% of the industrial laser systems market.
For 2023 Optech Consulting expects growth in the range of 5% to 10% for both the industrial laser and laser systems markets.
Continued growth is expected in North America as well as in Europe, while for China, the largest market, visibility is low due to the uncertainties weighing on the economic development.