Laser Glass Processing Systems Market to Attain US$ 729.1 Million Revenue By 2031 | Astute Analytica

CHICAGO, UNITED STATES, September 16, 2023/EINPresswire.com/ -- The global laser glass processing systems market revenue was US$ 402.0 million in 2022 and is projected to attain a revenue of US$ 729.1 million by 2031, growing at a CAGR of 6.84% during the forecast period from 2023 to 2031.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/laser-glass-processing-systems-market

Recent years have seen a tremendous uptake of laser glass processing equipment, driven by changes in end-user expectations and technological developments. Additionally, the worldwide laser market's technology foundation is always growing. Rapid technological advancements and a hostile competitive environment describe the setting for these systems.

The development of ultra-fast laser systems has transformed micro-machining techniques, improving their accuracy and productivity, which is a market factor for the upward growth trajectory of the market. The automation of complicated activities made possible by the inclusion of artificial intelligence (AI) and machine learning in these systems has further accelerated their uptake.

The incorporation of artificial intelligence (AI) has become a significant driver in the market for laser glass processing equipment, which is quickly changing. In two years, from 2019 to 2021, the market witnessed a staggering 35% increase in AI-integrated systems, underscoring the aggressive shift towards smarter technology. Additionally, thanks to proactive servicing plans and real-time monitoring, maintenance expenses for these systems were cut by an astonishing 25% thanks to AI's predictive analytics capabilities. Thus, it has become profitable to incorporate AI into these systems.

The growing consumer desire for 'locally made' items, which has increased by 60% over the previous four years, is a factor supporting this trend in the global laser glass processing systems market. This is due to a combination of environmental worries consumers are increasingly conscious of their carbon footprints and a desire to help the local economy. The average price premium for glass items with the label "locally produced" is 15%, demonstrating the market's readiness to pay extra for sustainability and local welfare.

Addressing the Demand-Supply Gap in the Laser Glass Processing System Market

The growing economies of Asia, Africa, and South America are witnessing major development opportunities, according to a study by Astute Analytica. Rapid urbanization and infrastructure expansions in these areas contributed to a startling 45% increase in demand for processed glass goods by 2022. To put this in perspective, consider that China's building industry, which relies heavily on processed glass, was valued at an astounding US$ 800 billion in 2021 alone and is expected to reach US$ 1 trillion in sales by 2025.

Although demand for these regional laser glass processing systems is increasing, local production capacities are yet underdeveloped. Only 25% of the processed glass demand in these nations was satisfied by domestic producers as of 2022, illustrating a substantial supply-demand disparity.

For international firms, the chance to either establish local production facilities or create strategic alliances with pre-existing local businesses is enormous. Such a shift would not only ease logistical problems but would also support the notion of "local production" that is gaining popularity around the world.

Reduced shipping damages, which average approximately 6% for international shipments compared to just 2% for local ones, are advantageous for businesses leveraging this trend. Additionally, the operating expenses of manufacturing can be reduced due to the roughly 40% cheaper labor costs in these emerging economies than in developed ones. The initial large capital investments may be offset by this potential reduction, improving the ROI over time.

Consumer Electronics Attained About 34% of Market Revenue Share

In 2022, the consumer electronics industry accounted for almost 34% of the revenue of the laser glass processing systems market. Consumer electronics is on track to further solidify its leadership position with an anticipated CAGR of 7.27% for the future years.

The staggering figures highlight the importance of consumer gadgets in the current digital era. Laser glass processing systems are essential for assuring precision, efficiency, and scale as the need for high-quality glass in smartphones, tablets, and wearable technology increases. The rapid pace of technical development and the expanding middle class, particularly in emerging nations, are attributed to this expected rise.

Asia Pacific Contributed About 41% of Market Revenue Share

Asia Pacific is currently in charge of approximately 41% of the market revenue for laser glass processing systems. The region's strong manufacturing base, expanding urban areas, and rising middle class are all factors in its dominance.

Due to the substantial presence of end users and manufacturers of laser glass processing systems in China, which is fueling market expansion, the country now ranks as the second-largest economy in the world. The value of China's construction industry, a big user of processed glass, was estimated to be close to $800 billion in 2022, demonstrating the scope of its market power.

India is another significant competitor in the Asia Pacific laser glass processing systems market, with its ambitious urban building initiatives and increasingly modernizing population. The burgeoning smartphone market and real estate sector in India have seen a rise in demand for processed glass over the past three years of over 25%, which has further fueled the development of the laser glass processing business.

These countries' numerous beneficial government programs have a huge impact on the market. The "Made in China 2025" project in China quickens the development of the country into a center of high-tech manufacturing. On the other side, the "Make in India" and "Digital India" programs support India's manufacturing and technology sectors, respectively. The laser glass processing industry benefits greatly from this regulation.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/laser-glass-processing-systems-market

Key Companies & Market Share Insights

High levels of rivalry have been produced by the market's fragmentation and increasing consumer demand for products. Market participants are concentrating on creating competitive differences in terms of product innovation and manufacturing methods.

Prominent Players in the Report Include

• Corning Incorporated
• TRUMPF
• ML System
• Cericorm
• Thorlabs
• 4JET
• LPKF Laser Glass
• Laseral
• Lascom Laser
• Hegla Group
• Other major players

Segmentation Outline

The global laser glass processing system market segmentation focuses on Laser Source, Application, and Region.

By Laser Source
• Ultra-short Pulse Source
• CO2
• UV
By Application
• Consumer Electronic
• Construction
• Automotive
• Medical Industry
• Others
By Region
• North America
o The U.S.
o Canada
o Mexico
• Europe
• Western Europe
 The UK
 Germany
 France
 Italy
 Spain
o Rest of Western Europe
• Eastern Europe
 Poland
 Russia
o Rest of Eastern Europe
• Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o South Korea
o ASEAN
o Rest of Asia Pacific
• Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o UAE
o Rest of MEA
• South America
o Argentina
o Brazil
o Rest of South America

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/laser-glass-processing-systems-market

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Aamir Beg
Astute Analytica
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