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The increasing demand for high precision and efficiency is resulting in the growth of the laser cutting machines market. The competitive technology with various benefits including high processing speed, easy programming, smooth finish is resulting in the growth of the laser cutting machines market. Furthermore, the surge in demand for processing different materials including wood, plastic and metals, is likely to result in the growth of the laser cutting machines market.
The increasing adoption of industry 4.0 solutions owing to the real-time information exchange to leverage optimum production is driving the automated laser cutting machines market. The equipment manufacturers are seeking increased production, reduced downtime and high operational cost-efficiency. Moreover, the increasing human-machine interaction offered by industry 4.0 solutions is improving quality, productivity and energy efficiency is resulting in the growth of the laser cutting machines market. Also, the predictive analysis is luring the manufacturers to invest in industry 4.0 solutions as it significantly reduces the maintenance and replacement cost through early notification of the machine operation status.
Key Market Driver -
• Increasing adoption of industry 4.0 solutions is resulting in the growth of market • Material processing sector is driving the product adoption for micro processing applications
Key Market Restraint -
• Trends in various application industries such as steady growth in automotive sector is impacting the laser cutting machines markets
The increasing demand for fiber laser cutting machine is resulting in the growth of the market. This is attributed to the high precision, low maintenance, high speed, and increased life-span as compared to other lasers is expected to drive the laser cutting machines market in the near future.
By laser source, the market is segmented into Fiber Laser, CO2 Laser, Diode/Excimer Laser, and Others. Based on application, the market is segmented into Automotive, Aerospace, Consumer Electronics & Electrical, Industrial Machinery, and Others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key players operating in the global laser cutting machines market are among others TRUMPF, Coherent, Inc, IPG Photonics Corporation, FANUC Corporation, AMADA MACHINE TOOLS CO., LTD, Bystronic Laser AG, JENOPTIK AG, LaserStar Technologies Corporation, Mazak Optonics Corporation, and DMG MORI.
Asia Pacific is expected to be the fastest-growing region owing to the increasing demand for high precision cutting machines from various industries including automotive, aerospace and medical devices sector. The advent of electric vehicles in developing economies such as India, China and others is resulting in the growth of the automotive market in Asia Pacific. The government initiatives are further expected to drive the growth of the electric vehicles sector. For instance, in 2019, the government of India implemented its National Electric Mobility Mission Plan 2020 to promote the manufacturing and adoption of electric vehicles in India.
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North America is expected to contribute to the laser cutting machines market owing to the increasing demand from the material processing industry in the U.S. The strong presence of automotive and industrial machinery manufacturers is expected to drive the growth of the laser cutting machines market demand in Europe. The growing manufacturing sector in Mexico is further expected to drive the growth of laser cutting machines demand in Latin America. The heavy machinery manufacturing sector in the Middle East and Africa is likely to contribute to the market revenue.
By Laser Source
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