The Laser Cutting Machines Market was estimated with a global market growth rate of 9.3% of CAGR in its forecast period. With the ongoing economic level of the economic market, a forecast period of 2020 to 2026 was predicted from the market.
Laser Cutting Machines Market Overview
There is a constant need for automation in the metal processing industry. With the improvement in metal quality, laser cutting machines provide improved efficiency for various production requirements. With potential factors driving the market dynamics, it is predicted to demonstrate a global market value of $5.8 billion in 2025. The market had a global value of $4 billion in 2020. The forecast period also predicts healthy and substantial growth for the market. By the day, there has been a growing preference of potential consumers for laser-based materials over traditional approaches.
Top Key Players
- Coherent Inc. (US)
- Jenoptik Laser GmbH (Germany)
- Bystronic Incorporated (US)
- Epilog Laser Inc. (US)
- IPG Photonics Corporation (US)
- Trumpf GMBH (Germany)
- Amada Miyachi Inc (US)
- MKS Instruments (US)
- LancerFab Tech Pvt. Ltd (India).
- Jiangsu Dajin Laser Science and Technology Co.Ltd. (China)
- Alpha Laser (US)
- Xenetech (US)
- Universal Laser Systems (US)
- Trotec Lasers (US)
- Han’s Laser Smart Equipment Group Co.Ltd (China) and Others.
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This is due to the high-quality output which is produced due to the lasers. Also, micro-electronic devices are in high demand due to the miniaturization of technological advancements in all construction sectors. There also has been increased sales and production in the Laser Cutting Machines Market. This includes defense boost, consumer electronics and automotive markets. Factors like such are the major driving factors for the market. There has been significant growth in the market due to the increasing need for automation, and these are some of the top factors that have influenced the market positively. And they have also created ample potential market opportunities in the global market.
However, certain factors have also contributed to restraining the market growth. Trends in the market dynamics, like the steady growth of the automotive sector, have largely restrained the market growth and development. Along with this, the workforce of a specific department is not often trained to deal with advanced technologies like the one used in laser machines. Along with this, the lockdown imposed by the government due to the pandemic had a negative impact on the supply chain of the Laser Cutting Machines Market. The import and export of the business were hampered, leading to great losses suffered by the retailers and the manufacturers.
Despite all these factors, the acceleration rate of the market is expected to boost by a considerable rate in its forecast period. The economy has also been geared by a significant and steady growth rate.
Laser Cutting Machines Market Segmentation
The Laser Cutting Machines Market is further segmented into technology, process and end-user composition.
By technology, the market is divided into gas lasers, solids and semiconductor lasers. By process, it is fusion, sublimation and flame cutting. The market is again segmented into industrial and defense, and aerospace, depending on the end-users.
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Laser Cutting Machines Market Regional Analysis
Geographically, the Laser Cutting Machines Market is broadly spread over parts of North America, Asia and Europe. Asia-Pacific was accounted to hold the maximum shares of the market as the industrial sectors had a strong effect in parts of China, India, South Korea and Japan. The increasing consumer preference for advanced technology in the machine-cutting industry also led to a positive influence on the rest of the countries.
Recent Developments
August 2019: One of the leading development firms, Han’s Laser Smart Equipment Group, launched its own series of laser cutting machines which was a milestone in the Laser Cutting Machines Market. The launch targeted to increase the growth and productivity of small-scale enterprises.
Some other major key players in the market included LaserStar (US), Lumentum (US), and Trumpf (Germany).
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