I. Overview of the global laser industry market
1. Development of laser industry
The laser is the core component of all laser applications. The first laser in the world was born in 1960. In the summer of 1961, China's first ruby laser was successfully developed. In the next few years, laser technology developed rapidly and produced a number of advanced results. A semiconductor laser appeared in 1962, and in 1964, the first CO2 fiber laser was born. In 1965, the first YAG laser was born, and in 1971, the first commercial 1KW CO2 fiber laser was born. Since 1990, lasers have developed rapidly, and various types of solid, gas, semiconductor and chemical lasers have been successfully developed.
2.Application of laser
There are many types of lasers, including carbon dioxide lasers, fiber lasers, solid-state lasers, and liquid lasers. Among them, carbon dioxide and fiber lasers are the most widely used. The laser consists of an excitation system, a laser substance and an optical cavity.
3.The laser application market is huge
In 2011, the laser application market size was US $ 26 billion, of which lasers were US $ 7.46 billion, and related supporting equipment and applications were US $ 18.54 billion, an increase of 14% year-on-year. In 2011, the global industrial laser scale was US $ 2 billion, an increase of 18% year-on-year, and the industrial laser system scale was US $ 7.1 billion, an increase of 16% year-on-year. The output value ratio of the laser to the system is approximately 1: 3.5. It is estimated that global laser revenue will increase by 5% in 2012 to reach USD 2.06 billion, and laser system revenue will increase by 4% to USD 7.34 billion.
In 2011, the proportion of global industrial laser systems installed in East Asia reached 33%, surpassing Europe to become the largest installation region, and nearly 85% of them were in China. Therefore, China is an important market for laser system installation in the future.
4. The largest total amount of CO2 lasers and the fastest fiber growth rate
Carbon dioxide lasers have obvious advantages and are widely used. Their annual output value accounts for about 50% of all industrial lasers and maintains a considerable growth rate. Fiber laser as a new type of laser, the growth rate in 2011 was as high as 48%. The current market penetration of fiber lasers is about 15% -17%, and it is expected to reach 25% next year.
The output value of carbon dioxide laser systems accounts for about 60% of the output value of industrial laser systems, with a growth rate of 14%; the output value of fiber laser systems has increased by nearly 300 million US dollars, with a growth rate of up to 38%.
5. Application fields
Industrial lasers include three major applications: metal processing, marking and engraving, semiconductors and micromachining. Among them, metal processing (mainly high-power cutting) accounts for 70%, the output value scale is 1.4 billion US dollars, marking and engraving account for about 17%, and semiconductor and micro-processing account for about 7.5%. Materials processing is the second largest application in the field of laser applications, accounting for 26% in 2011, with an output value of 1.94 billion US dollars.
Market analysis of China's laser industry
1. The size of China's laser system market is 15 billion yuan, with a compound growth rate of more than 20%
From 2005 to 2011, the compound growth rate of China's laser market was about 24%, and the growth rate in 2009 was 15%. However, the global laser market experienced a negative growth of more than 20%. In 2011, the size of the Chinese laser system market was more than 15 billion. It is expected that during the "Twelfth Five-Year Plan" period, it will still maintain a growth rate of more than 20%.
In China's laser market application structure, laser processing accounted for 43% of the market share in 2009, mainly including: cutting, welding, marking and engraving applications. At present, the market size of domestic industrial laser processing equipment is about 10 billion yuan, and it is expected that the average annual growth rate in the next few years will exceed 20%. In 2011, domestic manufacturers' domestic laser market share in China has reached 80%. The share of small and medium power is higher than high power, and the high power market has begun to accelerate development. At present, the market share of domestic lasers is only 20%, and the market share of imported lasers reaches 80%, especially in high-power lasers. Therefore, the development space for domestic lasers is still very large.
2. The penetration rate of high-power cutting will be greatly improved, and domestic enterprises will increase rapidly.
As of 2009, the global total number of high-power laser cutting equipment is around 35,000 units. China's current inventory is estimated to be 2500-3000 units. Relative to China's manufacturing equivalent, the penetration rate is expected to increase significantly. At present, the annual shipments of high-power cutting equipment from Chinese manufacturers are close to 1,000, accounting for 20-25% of the world. They are optimistic about the long-term development of the industry in China and meet the needs of China's equipment upgrade.
3. The small and medium power markets are scattered and growing rapidly
Small and medium power markets have low entry barriers, many manufacturers, and the market is fragmented, but growing rapidly. The market size of small and medium power laser cutting and engraving was about 1 billion in 2012. In the next few years, the market will still maintain high growth.
Market analysis of global laser manufacturers
The fiber laser company IPG's 2011 compound growth rate was 34%, and Rofin and Coherent reached 12% and 16%, respectively.
The median PE of overseas laser manufacturers is 16-28, and the PE in the stable period from 2005 to 2008 is around 20, and the latest statistics on August 31 is 14-20. With reference to the valuation of S & P 500 mechanical stocks and electronic information stocks, the valuation of the laser industry is closer to the growing electronic information stocks. This shows that the valuation given by the overseas market to the laser industry is also a valuation of growth stocks, which cannot be compared with the traditional machinery industry. This shows that the laser industry is a growth industry and is cyclical.