The demand within the global market for laser cutting machines has been on a rise over the past decade, majorly due to substantial developments in the field of industrial manufacturing. Laser cutting involves the use of high-power laser beams to cut through several solid materials, and this technique has become an indispensable part of multiple industries. Furthermore, the use of lasers to cut through materials adds a mark of precision and meticulousness to the whole process. Owing to the aforementioned factors the demand within the global market for laser cutting machines has been escalating at a robust rate over the past decade. The use of laser cutting machines is not just restricted to the industrial sector, and several other sectors viz. medicine, healthcare, and government deploy these machine for multiple purposes.
Amongst the key drivers of demand, the growth of the automotive, aerospace, and metallic industry has played a pivotal role in enhancing the growth of the global market for laser cutting machines. Furthermore, the demand for metal-cutting technologies that use less energy and are user-friendly has also created growth opportunities within the global market for laser cutting machines.
A report by Transparency Market Research (TMR) predicts that the global market for laser cutting machines would expand at a healthy CAGR of 10.30% over the period between 2014 and 2020. The global market for laser cutting machines was valued at USD 2.43 billion in 2014, as evaluated by the analysts at TMR.
Solid State Lasers Gaining Popularity across the Globe
Based on the type of laser, the global market for laser cutting machines is dominated by solid state lasers due to their increased efficiency and better precision. Furthermore, key industries such as automotive, aerospace, defense, and consumer electronics also use solid state lasers for a variety of applications. The other types of lasers including gas lasers and semiconductor lasers have also been attracting commendable demand over the past decade. Based on the process deployed for laser cutting, the global market is segmented into flame cutting, sublimation cutting, and fusion cutting. Laser flame cutting techniques are used across a wide array of industries due to the sharpness and swiftness offered by such techniques. Based on end-use industries, the demand for laser cutting machines has been the highest across the automotive sector. Other key end-use industries include defense and aerospace, consumer electronics, and healthcare amongst others. It is safe to project that the boisterous rate of industrialization that has offset across the globe would push the growth rate of the global market for laser cutting machines.
North America to Lead Other Geographical Segments
The demand within the market for laser cutting machines in North America has been escalating at a robust rate, majorly due to the sophisticated nature of the industrial sector in the US and Canada. Furthermore, the market for laser cutting machines in North America has also gained momentum due to the incentives provided by governments towards accelerating the speed of production across multiple industries. India and China have witnessed a series of developments in the industrial sector, which has in turn fuelled the growth of the market for laser cutting machines in Asia Pacific.
Some of the key players in the global laser cutting machines market are ALPHA Laser GmbH, Amada Miyachi CO, and Bystronic Incorporation.