The global laser shock peening services market is projected to grow at a high CAGR. Laser peening is a cold working metal surface improvement process employed in imparting compressive residual stresses in all-inclusive materials. Compressive residual stresses induced by laser peening help prevent failures from fatigue and other surface deterioration effects by impeding crack initiation. Laser peening has precise control and enables access to hard-to-reach areas of a component. The laser peening process has several benefits, such as extended maintenance intervals, an increase in service life, and a reduction in downtime without changing the part’s design. The process is employed in various sectors such as aerospace, power generation, automotive, maritime, heavy equipment, and manufacturing industries.

Top Driver: Added Advantages and Surging Demand for Light-weight Components

The laser shock peening services market is expected to grow at a significant rate during the forecast period owing to its benefits and wide application in various sectors. Laser shock peening delivers in-depth and precise protection compared to shot peening and other conventional metal improvement processes. In addition, the LSP process utilizes short and high-energy laser pulses to provide component stability in fatigue-prone areas. This has consecutively resulted in the rapid adoption of LSP services. Moreover, the rising need for light-weight components in sectors such as aerospace, automotive, maritime, and others has driven the market.

 Manufacturing Industries to Make Crucial Contribution to Growth of the Market

Among application segments of the global laser shock peening service market, manufacturing industries is predicted to show significant growth in future owing to the increase in the demand for innovative designs and efficient products. Other segments in the application include Aerospace, Medical, Recreational Sports, Others. on the basis of type the market is segmented into High Energy, Low Repetition Rate Lasers, Intermediate Energy, Intermediate Repetition Rate Lasers, Low Energy, High Repetition Rate Lasers.

Rising Investments In Product Innovation to Benefit North America Market

North American countries such as the US are predicted to maximize their spending on the product innovation and are anticipated to gain highest revenue shares in the forecast period. Furthermore, the surge in the disposable income is anticipated to help the industry to propel in the next few years. The increase in number of key players in the region is expected to help the industry to gain significant years in the next few years.

Players to Focus on Laser Shock Peening Service Market

The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. LSP Technologies, Inc., GE Hitachi Nuclear Energy, Curtiss-Wright, Kunshan Carthing Precision, Lambda Technologies Group, Tyrida Optical Electric Technology, ZAL GmbH,    HiLASE, Westinghouse Electric and ALPhANOV among others could be at the forefront of the competition in the global market.

LSP Technologies, Inc.: In November 2018, LSP Technologies, Inc., the rapidly growing leader and innovator in laser peening services and equipment utilized to combat metal fatigue, acquired a 65,000-square foot facility in Dublin, Ohio.

GE Hitachi Nuclear Energy: In December 2018, GE Hitachi Nuclear Energy announced its intent to acquire the business and certain assets of REI Nuclear, LLC (REI Nuclear), a Columbia, South Carolina-based decommissioning technology and tooling Design Company. The acquisition is expected to close by the end of 2018.

Scope of the Report

By Type

• High Energy, Low Repetition Rate Lasers
• Intermediate Energy, Intermediate Repetition Rate Lasers
• Low Energy, High Repetition Rate Lasers

By Application

• Manufacturing Industries
• Aerospace
• Medical
• Recreational Sports
• Others

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.