The Laser Marking Market is anticipated to expand significantly over the next few years, rising from an estimated USD 2.9 billion in 2022 to over USD 4.1 billion by 2027. A compound annual growth rate (CAGR) of 7.2% is predicted to fuel this increase between 2022 and 2027. These observations are included in a recent research from MarketsandMarketsTM, which also highlights the laser marking technology's bright future.

Several important elements are responsible for the laser marking market's booming expansion. The primary factor influencing the broad adoption of laser markers throughout sectors is their greatly improved performance as compared to conventional material marking techniques. Additionally, the widespread usage of laser markers for part identification and traceability across a variety of industries has increased demand for them. The market's growth trajectory has also been aided by the expanding adoption of smart manufacturing techniques, which has facilitated the development of laser marking technology.

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Hardware segment to hold largest share of laser marking market during the forecast period.

Throughout the anticipated period, the hardware sector is expected to continue to dominate the laser marking market. In 2021, this market segment had the biggest market share, and it is anticipated that it will continue to grow in the years to come. The sector has become the market leader in terms of size due in large part to the significant demand for hardware across various types of laser marking systems. Notably, continual improvements in laser marking hardware solutions, demonstrated by recent product introductions by key competitors, have increased the importance of this market. A good example is Gravotech's launch of the LW2 laser marking workstation in May 2022, which is intended to serve applications requiring permanent marks on identifying plates, tools, electrical components, automobile parts, medical instruments, and other items.

Laser marking market for packaging industry is expected to grow at the highest CAGR during the forecast period

Over the course of the forecast period, the laser marking market serving the packaging industry is anticipated to have the highest Compound Annual Growth Rate (CAGR). The widespread use of laser markers for the dynamic presentation of variable data, including essential details like expiration dates, batch numbers, and serial numbers, which are essential elements of product labelling inside multiple packaging firms, is what motivates this vision. It is noteworthy that CO2 lasers are frequently used in the packaging industry, particularly for marking purposes. Laser marking technology has a wide range of applications in packaging solutions, from food goods to printed circuit boards (PCBs), which will support the laser marking market's predicted strong growth in this area.

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Laser marking market in Europe is expected to hold the second largest size during the forecast period.

The European laser marking market shows great promise and is predicted to hold the second-largest share of the market over the projected period. Germany, France, and the UK are significant contributors to this prominence, and their combined efforts are what are driving the expansion of the European laser marking business. The area is a global hub for high calibre personnel and R&D operations because to a strong industrial foundation and renowned engineering skills. These elements have a significant impact on the market growth for laser marking in Europe. The region's strict regulatory environment is also a major motivator, particularly the need that all medical equipment sold in the European Union bear the CE Mark. As a result of this regulation's streamlined market access across EU members including Germany, France, and Croatia, the laser marking market in Europe is projected to experience strong growth over the course of the forecast period.

Key players involved in the manufacturing of laser marking systems are Coherent, Inc. (US), TRUMPF (Germany), Han’s Laser Technology Co., Ltd. (China), Gravotech Marking (France), IPG Photonics Corp. (US), 600 Group (UK), Danaher Corp. (US), Novanta Inc. (US), KEYENCE Corp. (Japan), Huagong Tech Co., Ltd. (China), Trotec Laser (Austria), Epilog Laser (US), and MECCO (US), among others.

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