- The Global Laser Cutting Machine Market is expected to grow at a CAGR of 9.5% during the forecasting period (2020-2027).
- The rise in automation in manufacturing industries owing to the demand for high-quality products all around the world is anticipated to drive the market for Laser cutting machine in the forecast period.
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- The global Laser Cutting Machine Market is primarily driven by the high rise in automation owing to the demand for standard quality products all around the world. The increasing production activities all around owing to the rising demand is enabling the production facilities for installation of laser cutting machine which work with high precision with very low wastage. The firm is installing a new laser cutter machine to increase production too.
- For instance, WEC Group Invests in state-of-the-art Laser Cutting Machine for MTL Advanced. The brand new 6m x 2.5m Trumpf CO2 TruLaser 8000 has been commissioned in December as part of an ongoing investment plan to modernize MTL’s machinery line-up and boost productivity. With high-speed cutting and reduced energy consumption of up to 40 percent compared to the machine it replaced, the “new generation” large bed laser provides superior contour precision and higher part quality than most other laser cutting machines on the market. The new investment will enable MTL to retain a competitive advantage on large volume production contracts as well as wear-resistant, high strength, and stainless-steel components.
- However, the high installation cost and the availability of substitutes will be hampering the growth of the Laser Cutting Machine.
Market Segmentation Analysis
- By Product, the global Laser Cutting Machine Market is segmented into Fiber, Solid-state, Diode, and Others. Fiber has the dominant position in the Laser Cutting Machine market due to technological advances, growing industrial applications, and eco-friendly nature. Fiber laser cutting machines can work upon both metals and non-metals. Solid-state laser cutting machine demand is increasing owing to its quick cutting efficiency and is expected to grow with a higher CAGR in the forecast period. It is expected that Fiber laser cutting will grow at a CAGR of ~XX% during the forecast period.
- By Process, the global Laser Cutting Machine Market is segmented Fusion Cutting, Flame Cutting, and Sublimation Cutting. Flame cutting has a higher dominance in the Process segment of Laser Cutting Machine as they have a huge demand in metal cutting industries. However, the Fusion cutting Process segment will be growing with a higher CAGR for the forecast period.
Market Geographical Analysis
- By geography, the global Laser Cutting Machine Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
- APAC holds the largest market share for Laser Cutting Machine Market due to economy rise and growing manufacturing industries like consumer electronics and automotive in the region. China and India have high demands for Laser Cutting machines owing to the rise in the production of mobile phones and automotive. For instance, according to the Indian Cellular Association (ICA), the annual production of mobile phones within the country has increased from 3 million devices in 2014 to 11 million devices in 2017. India now accounts for 11 percent of global mobile production, which was only 3 percent in 2014.
- However, North America is after APAC in terms of the market share of Laser Cutting Machine Market due to an increase in due to high technological advancement and the higher adoption of technologies such as laser cutting. The other major reason is the presence of leading automotive manufacturers. The rise in the production and the investments for new production facilities of automotive in the region is expected to grow the laser cutting market in the forecast period. Honda completed more than $174 million in expansion and innovation activities at its U.S. plants in 2018, totaling $5.9 billion new capital investments in Honda's U.S. production operations undertaken over the past five years.
- Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Laser Cutting Machine Market is a fragmented market with the presence of various global and regional players in the market. The major players include Coherent Incorporation, Jenoptik Laser GmbH, ALPHA Laser GmbH, Bystronic Incorporated, and Epilog Laser Inc. Other key players in the market include IPG Photonics Corporation, Trumpf GMBH Co. KG, Amada Miyachi Company Ltd., Conzzeta Management AG, and Han’s Laser Technology Industry Group Co. Ltd.
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