Laser cutting machine is a technology that uses lasers such as solid state lasers, CO2 and fiber to cut materials. It is capable to cut materials ranging from steel to plastic with absolute precision. It is an essential machinery tool required by industries to manufacture the components with composite geometry for instance automotive industry, machine tool industry and other manufacturing industries.
According to study, “Global Laser Cutting Machine Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the key companies operating in the global laser cutting machine market are Trumpf GmbH Co., Bystronic, Han’S Laser, Mitsubishi Electric, Mazak, Prima Power, Amada, DMG MORI, Coherent Inc., Unity Laser, HG Laser, Universal Laser Systems, Koike, Cincinnati, Conzzeta Management AG, Tianqi Laser, IPG Photonics Corp., LVD, Epilog Laser, Tanaka, CTR Lasers, Penta-Chutian, Spartanics, Lead Laser, Microlution, Trotec, Kaitian Laser, GF, HE Laser, Boye Laser, Golden Laser. Key vendors are progressively adopting digitalization in their manufacturing processes to remain competitive. Digitalization will allow end-users to enhance flexibility, increase return on investment (ROI), minimize waste, and reduce inventories and time-to-market. It will also help in confirming the effective maintenance & replacement of worn-out parts. Hence, market vendors are concentrating on connecting laser cutting machines to a communication network and using Internet of Things (IoT) to provide complete integration across the production line. Moreover, the adoption of blockchain will also help in forming a robust digital supply chain and minimize the overall cost across the supply chain.
Based on technology, laser cutting machine market is segmented into gas lasers, solid-state lasers, and semi-conductor lasers. Solid state lasers are used for medical applications. Diode-pumped solid-state lasers gives a superior beam quality and an ever-increasing degree of processing flexibility. Based on process, market is segmented into flame cutting, fusion cutting, and sublimation cutting. In addition, based on end-user, market is segmented into automotive, defense & aerospace, consumer electronics, industrial and others. Automotive sectors dominates the market owing to change in consumer lifestyle, rise in demand for automobiles and increase in consumer income. Additionally, defense & aerospace segment is anticipated to exhibit higher growth rate due to increase in space research project during the forecast period.
The laser cutting machine market is driven by growth in developments & innovations in the field of technology, followed by rise in digitalization in manufacturing processes, increase in consumer preference for better advanced vehicles & several metal cutting machines, rise in sales of consumer electronics and high demand from end-user industries. However, availability of substitute machinery and large expenditure on research & development (R&D) may impact the market. Moreover, growth in aerospace manufacturing is a key opportunity for market.
Based on geography, the North-American region holds major share in laser cutting machine market owing to rise in demand for automobile and strong development in the industrial sectors in the region. The Asian-Pacific region is expected to witness higher growth rate due to change in lifestyle and rapid pace of industrialization in emerging economies over the forecast period. In near future, it is expected that the market will be reached at quick speed as a result of rise in focus on automating metal cutting process, emergence of local players that provide low-cost laser cutting machines, and presence of skilled labor during the forecast period.
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Global Laser Cutting Machine Market
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