According to the research report titled ‘Global Industrial Laser System market is segmented by Type of Laser (Fiber, Solid-state, CO2), Application (Cutting, Welding, Marking, Drilling), End-User Industry (Semiconductor and Electronics, Automotive, Aerospace and Defense, Medical), Regional Forecasts 2021-2027’, available with MarketStudyReport, global industrial laser system market was worth USD 17.29 billion in 2020 and is expected to grow with a CAGR of 7.26% over the forecast period to reach USD 28.3 billion by 2027.
 

Global industrial laser system market growth is attributed to factors like focus on miniaturization of components as well as its ability to provide enhanced precision and accuracy as compared to conventional alternatives.
 

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For the unversed, lasers are frequently employed for laser marking, laser welding, laser cutting, laser micro-perforation, and laser kiss cutting. In the construction sector, lasers are widely used in forging, cutting for dismantling work, cutting or joining for ventilation, heating, and air conditioning.
 

As per the report findings, the COVID-19 pandemic moderately impacted the industry outlook, as many component manufacturers struggled with material sourcing and working capital issues, which affected the demand for new laser systems or retrofits.
 

Moreover, regulation & compliance issues associated with laser usage are likely to impede the market growth over the forecast period.
 

Based on the type of laser, worldwide industrial laser system industry is categorized into solid state, fiber, CO2 and others. While on the basis of application, the marketplace is divided into cutting, marking, drilling, welding and others. The end-user scope includes  automotive, aerospace & defense, semiconductor & electronics, and medical segments.
 

From the regional perspective, North America market is expected to garner massive returns over 2021-2027, owing to technological advancements in several verticals such as aerospace, manufacturing, automotive, and others, and presence of established players in the region.
 

The key players in worldwide industrial laser system marketplace are Han's Laser Technology Industry Group Co. Ltd., TRUMPF GmbH + Co. KG, II-VI Inc., IPG Photonics Corp., nLight Inc., Newport Corporation (MKS Instruments Inc.), Quantel Group (Lumibird S.A.), Coherent Inc., ACSYS Lasertechnik US Inc., and Jenoptik AG.