According to our latest report, titled the Laser Cladding Market is expected to reach USD 921.62 Million by 2028, growing at a CAGR of 5.1% over 2022 to 2028. The industrial division is now the biggest market for fiber lasers, especially in the automotive profession. The automotive industry is utilizing high-strength steel to make cars that fulfill durability conditions and are more useful for fuel economy. This is where the fiber lasers are used as it is difficult, for traditional appliance tools to punch holes in this kind of steel.
- The diode lasers segment is projected to expand at a significant CAGR over the forecast period owing to the increasing adoption in recent years, high-power direct diode lasers (DDL) have evolved increasingly famous and are primarily used for heat processing applications.
- The aerospace & defense segment held a significant market share in 2021. This share is due to the rising investments in an aircraft engine, many vital elements are laser-added. Leading engine manufactories are introducing 3D printing, cold spray, and laser cladding in the aerospace enterprise.
- The Asia Pacific is projected to hold the largest share in 2021. This surge is attributed to the rising demand Laser Cladding Market in developing economies such as China and India.
Some of the key players in the Laser Cladding Market include - OC Oerlikon Management AG (Switzerland), TRUMPF (Germany), IPG Photonics Corporation (US), Coherent, Inc (US), and Han’s Laser Technology Industry Group Co., Ltd. (China).
The usage of laser cladding in substituting conventional technologies like high-velocity oxy-fuel (HVOF), oven sintering, metal inert gas welding (MIG), hexavalent hard chrome plating, and thermal spray as these traditional technologies have brought down metal cladding performance and are fairly time-consuming. This will consequently drive the demand for modern technology equipment such as laser cladding gear, stimulating market growth. The consequence of automatic laser cladding tools will be one of the key factors that will grow the laser cladding service market.
North America is expected to hold a substantial share owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. Several governments- and private-investment start-ups have emerged for the expansion of refined laser cladding applications. Growing R&D investments related to laser technologies and developing the production and electronics industry, coupled with the increased population density, are anticipated to boost the growth of the Laser Cladding Market.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Laser Cladding Market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
Recent Developments: -
March 2021 - LUMIBIRD, the European leader for laser technologies, has signed an agreement with the Swedish company Saab to acquire its defense laser rangefinder business. This acquisition will contribute to consolidating the Lumibird Group’s position on the European defense market.
March 2021 - Oerlikon Metco Coating Services (MCS) focused its US thermal spray and laser cladding activities and joined Oerlikon AM in Huntersville, NC. By combining Oerlikon AM’s additive manufacturing capabilities with Oerlikon Metco’s coating capabilities under one roof, the company can now offer “Print & Coat” parts.