Albany, NY -- (SBWIRE) -- 05/28/2015 -- The global laser processing market had reached a value of US$8.76 billion in 2013.According to the report, the laser processing market is analyzed on the basis of product type, process, and end-use industry. Based on the types of products, the gas lasers product segment held 60.2% of the overall laser processing market in 2013. The material processing market segment dominated the global laser processing market based on processes, generating the highest revenue in 2013. The automotive and aerospace industries led the global laser processing market based on end use owing to the rapid increase in demand from original equipment manufacturers (OEMs) for laser technology in material processing, states the research study.

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The report also discusses the regional distribution of the global laser processing market into North America, Europe, Asia Pacific, and the Rest of the World. The global market was dominated by Asia Pacific in 2013, which held a 42.6% share in the global market.During the forecast period, the laser processing market in Asia Pacific is expected to register the fastest growth, supported by the rise in the number of manufacturing plants of several companies in the market. The high demand for laser technology from rapidly developing economies such as China, Japan, and South Korea is one of the primary factors boosting growth prospects of this market. China, among other Asian nations, is the global market leader owing to the presence of a number of laser machine producers such as Han's Laser Technology Co. Ltd.

The benefits that laser technology provides in comparison with other conventional material processing technologies are the major driving force behind the development of the global laser processing market. Additionally, the regulations enforced by various governments mandating usage of laser technology in marking and engraving of products, coupled with the increase in the utilization of laser drilling in oil and gas exploration, are also fueling market growth. However, the rising environmental concerns relating to the mining of rare earth minerals are restricting the global laser processing market, concludes the report.

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The report assesses the global market for laser processing as a highly concentrated industry. In 2013, the market was overwhelmingly dominated by the three top players in the market, namely Amada Co. Ltd., Trumpf GmbH + Co. KG, and Han's Laser Technology Co. Ltd., which jointly held more than 40% of the overall market. Apart from these, the company profiles of other prominent participants such as Universal Laser Systems Inc., Coherent Inc., Newport Corp., IPG Photonics Corp., Rofin-Sinar Technologies Inc., Eurolaser GmbH, Bystronic Laser AG, Epilog Laser Inc., LaserStar Technologies Corp., Prima Industrie S.p.A., and Jenoptik Laser GmbH are also included in this report.

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