Increasing implementation of high-cost laser drilling in oil and gas exploration fields is expected to replace conventional techniques, according to a new study by Grand View Research, Inc. As a result, reducing the drilling costs can make the uneconomic oil deposits commercially viable, which may favorably impact the laser processing market. Benefits of using laser technology over conventional material processing technologies are expected to drive the laser processing market over the forecast period. Growing demand for laser processing in industrial solar module and rising applications in medical devices and surgeries are also estimated to be key market drivers. Increasing environmental concerns due to mining issues could pose a challenge to market growth.
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