Exploiting growth potential in the Indian laser market

According to current forecasts by the Indian market research and consulting company Mordor Intelligence, the Indian laser market is heading for a phase of vigorous growth. From 2023 to 2028, the Hyderabad-based company expects average annual growth rates of a good 18%. The drivers of market development include a 10-billion-dollar government program to develop and expand the semiconductor and display industry, as well as the National Quantum Mission, which has received around 730 million dollars in government funding. The aim of this ambitious mission is to make medium-sized quantum computers with up to 1,000 physical qubits usable by the early 2030s, and to position India as a leading nation in quantum technologies.

Investment-friendly regulations and a vibrant startup ecosystem

The transformation in the mobility sector toward electromobility is also seen as a growth driver for the laser market. By 2030, this market is expected to grow to ten million electric vehicles a year and to unleash sales potential of over 260 billion dollars. Here, too, the Indian government is providing a boost with funding programs and investment-friendly regulations. That includes the country giving the green light for foreign direct investment, channeling funding into developing domestic battery production, and also creating the right conditions for a founder-friendly ecosystem that has spawned more than 400 startups in the field of electromobility alone. A high level of startup momentum can also be observed in India in additive manufacturing.

The positive development is now also spreading internationally: TRUMPF recently announced its intention to open a new production facility in Pune, Maharashtra, in 2024. “The local presence gives us the opportunity to develop customized solutions for the Indian market and exploit global synergies,” as Till Küppers, Managing Director of TRUMPF Machine Tools in Germany, explained on announcing the high-tech company’s expansion plans. He said that India was developing rapidly and had great growth potential. In the long term, the aim was to supply other markets from the new location in India and expand the supply chains.