Laser Cutting Machine Market to grow by USD 851.39 Mn | APAC to Occupy 58% Market Share | Technavio

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Laser Cutting Machine Market: Increasing focus on automating metal cutting process to drive growth

End-users in the market are integrating individual standalone laser cutting machines into the production line using automation software. This is enabling industrial plants to partially embrace automation, which enhances productivity and reduces the need for human labor. Automating laser cutting machines also enables the operation to be performed without operator guidance, takes considerably lesser time, eliminates errors, and minimizes raw material wastage. Many such benefits are encouraging the adoption of automation among manufacturers, which is driving the growth of the market.

As per Technavio, the growing investment in the aerospace and defense industry will have a positive impact on the market during the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth.

Laser Cutting Machine Market: Growing Investment In Aerospace And Defense Industry

The number of air travelers has been increasing significantly, especially in developing countries with growing disposable incomes and reducing cost of fuel. In addition, the growth of international tourism and increasing investments in the aerospace and defense industry has increased the demand for specialized high-strength, lightweight alloys to manufacture aircraft parts and airframes. This has been driving the need for sheet metal processing machines such as laser cutting machines among OEMs and fabricators to ensure high precision and efficiency. Also, the growing complexity of aircraft parts has necessitated the use of laser cutting machines. All these factors will have a positive impact on the growth of the global laser cutting machine market during the forecast period.

"The rising demand for fiber laser cutting machines will further accelerate the market growth. However, the availability of alternate machine tools for metal cutting applications will negatively impact the growth of the market", says an analyst at Technavio.

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Laser Cutting Machine Market: Segmentation Analysis

This market research report segments the laser cutting machine market by Product (Fiber, Solid-state, Diode, and Others), End-user (Automotive, Aerospace and Defense, Electrical and electronics, Industrial machinery, and Others), and Geography (APAC, Europe, North America, South America, and MEA).

By Product, the market will witness maximum growth in the fiber segment. Factors such as lower running costs and higher electrical efficiency are driving the growth of the fiber segment. Similarly, in terms of end-users, the market will observe maximum demand for laser cutting machines from the automotive segment. Technological advancements, implementation of stringent emission norms, and increasing demand for fuel-efficient vehicles will fuel the growth of the automotive segment during the forecast period.

By geography, APAC is expected to lead the laser cutting machine market during the forecast period. The region currently holds 58% of the global market share. Countries such as China, Australia, Japan, India, and South Korea are observing a surge in the demand for laser-cutting machines. This can be attributed to the reduction in the prices of laser and electrical components and the increased availability of advanced automation software. In addition, factors such as rising standard of living, strong industrial base, and increasing demand for automobiles will foster the growth of the laser cutting machines market in APAC during the forecast period.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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SOURCE Technavio