Laser Cutting Machines Market Overview:
Global Laser Cutting Machines Market is expected to reach $5.7 billion by 2022, growing at a CAGR of 9.3% from 2016 to 2022. Laser cutting machines involve casting a laser beam on the work piece, melting it and subsequently evaporating the targeted area by using enough heat by the laser.
The increase in production requirements in various industries and the need to reduce human involvement for improving the metal processing quality drive the need for automation in manufacturing industries. These requirements are fulfilled by the laser cutting machines.
Increase in sales and production in the respective markets of automotive, consumer electronics, and defense boost the requirement of these machines to be installed for manufacturing. The decrease in life span of products also supports the sales growth phenomena. The machines are required for keeping up with the demand for products.
There are substitutes available in the market that help in cutting; these offer similar features but use different cutting tool instead of laser. These substitutes affect the market in current scenario by offering alternate solutions for the shortcomings of laser cutting machines. The effect of these substitutes is expected to reduce in the future as the laser cutting machines undergo continuous improvements to counter the technological shortcomings.
Top Impacting Factor
The significant impacting factors include growth of markets that require laser cutting machines and increase in need of automation in the manufacturing industry. Along with these factors, the market is influenced by the introduction of new technologies for improving machines. The above-mentioned factor creates opportunities for the market growth while factors such as availability of substitute machinery and expensive R&D limit the market growth. However, each factor is expected to impact the market during the forecast period.
Growth of Automotive and Consumer Electronics Industry
The growth in consumer electronics and automotive drives the growth of laser cutting machines as shown in the figure below
- The report gives extensive details about the current and possible future scenarios of the laser cutting machines market.
- The report covers in depth study about the new emerging strategies and the present strategies adopted by the companies involved in the market.
- The report provides Porters Five Forces analysis to understand all the factors that affect the market.
- This report provides in depth quantitative analysis about the current market and predicts the future behavior, which assists in finding new market opportunities.
- This report provides comprehensive segmentation of the market along with the market leaders of different categories.
Global Laser Cutting Machines Market Report Highlights
By END USER INDUSTRY
Key Market Players
Amada Miyachi Company, Ltd., IPG Photonics Corporation, Bystronic Incorporated, Trumpf GMBH + Co. Kg, Coherent Incorporation, Epilog Laser Inc., ALPHA Laser GmbH, Jenoptik Laser GmbH
Increase in technological improvement in the machining technology forces the market to evolve. The difference in features of the laser cutting machines and its substitute affects the market growth. The number of players in the market is limited but the competition is high for the market share. Product launches with improving technologies and the geographical expansion are expected to increase the market competition.
To increase the efficiency and to make the process more user-friendly, the machine features undergo continuous improvements. These new features will be upgraded with time to compete in the market. The changes in requirements by the manufacturers further motivate the developers to bring out changes in the Laser Cutting Machines.
The increase in need for automation to keep up with the high requirements of the manufacturing industry affects the market. There is an estimated increase in the automation requirements with production of more sophisticated and precise components in the future. To remove the possibility of human error, human intervention in the manufacturing process needs to be reduced.
The global laser cutting machines market is expected to witness significant growth during the forecast period, with North America being the major market, followed by Asia-Pacific.