Since the past few decades, industrialization and urbanization coupled with the tremendous usage of motorized vehicles has resulted in an immense demand for petroleum products across the world. According to the statistics compiled by the U.S. Energy Information Administration, the petroleum consumption in U.S. alone reached 19.96 million barrels per day in the year 2017. These findings are an attenuated representation of the ubiquity of the petroleum demand across the world. As a consequence, to cater the perpetually rising demand for petroleum products, the oil and gas industry is constantly advancing towards deploying innovative technologies in oil and gas exploration and production process. Moreover, a discernible requirement for high accurate oil and gas exploration is incepted. In the need of an hour, laser drilling technology aided the oil and gas industries with its capability to drill rocks, during oil well drilling operations, with high accuracy, ultra precision and enhanced efficiency with minimal environmental degradation. Moreover, the innovation of different laser drilling types such as CO2 laser drilling and YAG laser drilling, further made the expensive process of oil and gas production more efficient, accurate, and productive. This is the major factor creating the prime impetus for the increasing adoption of laser drilling technology. Moreover, the global oil and gas industry is flourishing rapidly and major market players are making investments to cater to the propelling demand for petroleum products. For instance, oil and gas industry in India, is anticipated to gain $25 billion investments, by 2022, in exploration and production, according to the India Brand Equity Foundation (IBEF). It can be easily fathomed that increasing investments in the oil and gas exploration and production is further facilitating the adoption of advanced technologies including laser drilling. Therefore, the burgeoning oil and gas industry is providing the growth prospects for the laser drilling market.
The global laser drilling market attained a market value of $3.5 billion in 2018 and the demand is expected to propel at a CAGR of 6.56% during the forecast period 2019-2025.
Laser Drilling Market Leveraging Manufacturing Industries in APAC Region—
Geographically, APAC region dominated demand in the laser drilling market, with a 33.85% share in 2018. The booming automotive, aerospace, electronics and ceramics industries in the emerging economies of this region such as India, Japan, and chain are increasingly adopting laser drilling technology. This is attributed to the benefits associated with laser drilling such as low operating cost, high consistency, and ease of operation. The laser drilling technologies such as semiconductor laser drilling and femtosecond laser drilling are predominantly adopted by the electronics industry for the usage in the manufacturing process of printed circuit boards and miniaturization of electronic products. Therefore the growth in the electronics industry in this region is benefiting the growth of the laser drilling market. The growth of the electronics market in this region can be deduced from the growth of electronics industry in India, as it is one of the largest electronics markets in the world. According to the statistics by Invest India, the Indian electronics industry is anticipated to reach $228 billion by 2020 from over $100 billion in 2016-17. Thus, the booming manufacturing industries in India and China are considered to be the prime factors that have rendered APAC with maximum market share.
Laser Drilling Market: Key Application Segment
On the basis of applications the laser drilling market is segmented into electronic, ceramics, automotive and aerospace. Out of these, the automotive and aerospace industries generated maximum demand for the market. High precision drilling operations with high speed is required in automotive and aerospace industries. These requisites are met by laser drilling services thus gaining traction for the same. Therefore the key application segment is anticipated to grow at a CAGR of 8.77% through 2025.
Laser Drilling Market Growth Drivers:
· Decrease in Operation Times:
The laser drilling process takes very less time when compared with traditional drilling processes. This is the main reason for the unprecedented endorsement for laser drilling from industries such as automotive, oil and gas, and aerospace. The reduction in production times is driving the growth of laser drilling market.
· High Precision and Accuracy:
Laser drilling is a process that has high precision and accuracy. Holes with high precision and consistency can be drilled with laser drilling. These benefits associated with laser drilling are fuelling the demand for the same.
Laser Drilling Market Key Players Perspective:
Laserage Technology Corporation is the one of the major company in the laser drilling market. Recently it acquired Directed Light’s Laser Processing Division. This acquisition is merely to meet the demand for laser drilling services.
Other companies that are crusading for the majority share in the global laser drilling market are EDAC Technologies Corporation, Rofin-Sinar Technologies, Inc., JK lasers, Resonetics, Lenox Laser, IPG Photonics Corporation, and Scantech Laser Pvt. Ltd.
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