India Laser Market Size (2024 - 2029)

The India Laser Market is projected to experience significant growth over the forecast period, driven by various sectors such as automotive, heavy industrial, electronics, and infrastructure. Despite the established presence of conventional welding techniques, advancements in laser welding technology are proving to be more economical and efficient for industrial applications. Laser cutting remains the most popular application, with expectations of continued expansion due to decreasing machine prices and government support in key sectors. However, regulatory challenges and environmental concerns related to rare earth elements used in laser technology pose potential constraints. The market's growth trajectory is also influenced by the impact of COVID-19, which temporarily disrupted production and revenue streams, although innovations in healthcare applications are anticipated to drive recovery and expansion.

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Market Size of India Laser Industry

India Laser Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 1.55 Billion
Market Size (2029) USD 3.57 Billion
CAGR (2024 - 2029) 18.20 %
Market Concentration Low

Major Players

India Laser Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Laser Market Analysis

The India Laser Market size is estimated at USD 1.55 billion in 2024, and is expected to reach USD 3.57 billion by 2029, growing at a CAGR of 18.20% during the forecast period (2024-2029).

The automotive, heavy industrial, electronics, infrastructure, rail, consumer durables, and other sectors are the main drivers of the market.

  • The conventional techniques of welding have established a niche in the manufacturing sector. However, high-tech laser welding advancements operate economically and efficiently in several industrial applications. Some laser welding systems can be further configured to do additional functions such as cutting, drilling, and serializing. Laser welding offers travel speeds that can be five to ten times faster than TIG welding and three to five times faster than MIG welding in various applications.
  • According to Laser Technology Pvt. Ltd (LTPL) India, laser marking is the most popular in terms of equipment sales, although laser cutting was the leading revenue contributor in 2021. In India, laser cutting is still the most popular laser application, and it is anticipated to develop for at least another couple of years. The primary cause is a decline in laser machine prices and government intervention in specific sectors, particularly infrastructure and automotive. Most of the machinery, however, is imported from China. The company anticipates the laser cutting industry to have 1.5X growth in the coming years.
  • However, regulatory compliances act as restraints for the market. Laser technology provides the application of solid and fiber lasers. These lasers use rare elements such as neodymium, chromium, erbium, and ytterbium, where the processing and refining these rare earth elements may cause potentially hazardous environmental consequences. One of the significant consequences is radioactive pollution caused by slurry tailings.
  • The COVID-19 impact on the market is likely to impede the anticipated growth in the studied market. With several manufacturing units observing shutdowns and temporary halts in production, several market players observed a dip in revenues. However, with innovations in product development, the market is expected to grow in the healthcare sector over the forecast period.
  • For instance, in July 2022, MaxiVision Eye Hospital released the Technolas Teneo 317 Model 2. A skilled German technical team created a cutting-edge, high-performance excimer laser, the Teneo M2. It offers individualized care for various patients, including astigmatism, hyperopia, myopia, and presbyopia.

India Laser Industry Segmentation

Laser engraving and cutting machines offered by the players in the market come with several features like high accuracy, smooth incision, exact curve fitting, fast speed, narrow kerf, and others. Laser technology helps enhance product quality and in-process quality control at every manufacturing stage. The technology helps check and measure geometric specifications, dimensional inspection, and electrical testing. The India Laser market is further segmented based on different types of lasers (Co2 laser, Fiber laser, Nd YaG laser, and other types), and end user (Automotive, Railways, Construction, Agriculture, Communications, Solar Industry, and Other End Users).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Type
Co2 Laser
Fiber Laser
Nd YaG Laser
Other Types
By End User
Automotive
Railways
Construction
Agriculture
Communications
Solar Industry
Other End Users
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India Laser Market Size Summary

The Indian laser market is poised for significant growth, driven by advancements in various sectors such as automotive, heavy industrial, electronics, and infrastructure. The market is experiencing a shift from conventional welding techniques to high-tech laser welding, which offers enhanced efficiency and speed. Laser cutting remains the most popular application, with declining machine prices and government support in sectors like infrastructure and automotive fueling its growth. Despite challenges such as regulatory compliance and environmental concerns related to rare earth element processing, the market is expected to expand, particularly in the healthcare sector, with innovations like the Technolas Teneo 317 Model 2 excimer laser. The automotive sector, a major contributor to India's GDP, is recovering post-pandemic, further driving the demand for laser technologies.

The fiber laser cutting machine segment is the fastest-growing within the Indian laser market, with increasing sales driven by the need for precise metal cutting in industries such as steel manufacturing and medical applications. The market is characterized by a fragmented landscape with low entry barriers, leading to heightened competition among manufacturers. Key players are focusing on innovations, product launches, and collaborations to enhance their market presence. Local manufacturing initiatives, supported by government schemes like 'Make In India,' are gaining traction, with companies like Intech Additive Solutions leading the way in metal additive manufacturing. The market's growth is further supported by the rising demand for laser welding equipment, driven by the steel industry's expansion and the need for advanced manufacturing solutions.

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India Laser Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

    3. 1.3 Industry Stakeholder Analysis (OEM| Distributors| Integrators| End-user Organizations)

    4. 1.4 Market Drivers

      1. 1.4.1 Growing Market Concentration Coupled with Increased Availability of Products has Played a Role in Cost Decline

      2. 1.4.2 High Demand for Laser Cutting Related Applications

      3. 1.4.3 Replacement of Existing Installations and the Emergence of India as One of the Major Manufacturing Destinations (Driven by Favorable Policy Changes)

    5. 1.5 Market Challenges

      1. 1.5.1 High Dependence on International Vendors to Address Demand

      2. 1.5.2 Supply Related Concerns

      3. 1.5.3 Lack of Technical Expertise and Local Ecosystem

    6. 1.6 Market Opportunities

      1. 1.6.1 Potential for Laser Marking

      2. 1.6.2 Anticipated Developments in Buyer's Leverage

      3. 1.6.3 Positive Growth Outlook

    7. 1.7 Key Industry Standards and Regulations

    8. 1.8 Assessment of the Impact of COVID-19 on the India Laser Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Co2 Laser

      2. 2.1.2 Fiber Laser

      3. 2.1.3 Nd YaG Laser

      4. 2.1.4 Other Types

    2. 2.2 By End User

      1. 2.2.1 Automotive

      2. 2.2.2 Railways

      3. 2.2.3 Construction

      4. 2.2.4 Agriculture

      5. 2.2.5 Communications

      6. 2.2.6 Solar Industry

      7. 2.2.7 Other End Users

India Laser Market Size FAQs

The India Laser Market size is expected to reach USD 1.55 billion in 2024 and grow at a CAGR of 18.20% to reach USD 3.57 billion by 2029.

In 2024, the India Laser Market size is expected to reach USD 1.55 billion.

India Laser Market Report Snapshots

India Laser Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)