October 11, 2021
According to the business intelligence report titled ‘Global Laser Cladding Market Size study, by Type(Diode laser, Fiber Laser, Yag Laser,CO2 Laser, Others), by Revenue (Laser revenue, system revenue), by Material (Cobalt-based alloys, Nickel-based alloys, Iron-based alloys, Carbides & carbide blends), by end-use (Oil & gas , Mining, Aerospace & defense, Automotive, Power generation, Others)and Regional Forecasts 2021-2027’,available with MarketStudyReport, global laser cladding market was evaluated at USD 441.50 million in 2020 and is anticipated to be worth USD 929.32 million by 2027, expanding at 9.8% CAGR between 2021-2027.
Increasing penetration of fiber lasers, growing demand for rapid & additive manufacturing, and gradual shift from conventional technologies are the key factors driving global laser cladding market expansion.
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Development of advanced solutions and widespread adoption across aviation & automotive industries will aid revenue inflow as well. As per Statista, sales generated from automobile sector were assessed at USD 2755 billion in 2020 and are projected to reach USD 3027 billion by 2025.
While increased demand from automotive sector will aid market growth, factors such as lack of skilled labor, high deployment costs, and rising concerns over utilization of rare earth elements will act as challenges for businesses operating in this domain.
Based on type, worldwide laser cladding market is split into fiber laser, diode laser, CO2 laser, yag laser, and others. Speaking of revenue, the industry is divided into system revenue, and laser revenue. As per material, the business sphere is bifurcated into nickel-based alloys, cobalt-based alloys, carbides & carbide blends, and iron-based alloys.
Moving on to end-user spectrum, the market is arrayed into mining, oil & gas, aerospace & defense, power generation, automotive, and others.
From regional frame of reference, Asia Pacific held majority of global laser cladding market share in the recent past owing to growing adoption of laser processing solutions. Meanwhile, North America market is projected to witness significant expansion between 2021-2027, due to growing initiatives by private funded startups and governments for deployment of laser cladding solutions.
Leading players profiled in global laser cladding market report are OC Orelikon Corporation AG, Trumpf GmbH + Co. KG, Coherent Inc., Han's Laser Technology Co. Ltd, IPG Photonics Corporation, Höganäs AB, Lumentum Operations LLC, Lumibird Group, Jenoptik AG, and Curtiss-Wright Corporation.