The new laser cutting machine market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Laser Cutting Machine Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Increasing Focus on Automating Metal Cutting Process," says a senior analyst for the Industrials industry at Technavio.
The increasing focus on automating the metal cutting process will drive the growth of the laser cutting machines market. End-user industries are increasingly focusing on enhancing the versatility and precision of the laser cutting process. The adoption of robotics will automate the laser cutting process and allow end-user industries to cut various materials with a high level of precision and develop products and components with complex geometry. As these automated systems use CNC controls, it will minimize the chances of error and improve the overall consistency and efficiency of the laser cutting process. The flexibility provided by automated solutions and the standardization of laser cutting machines will also boost the demand for automated laser cutting machines from end-user industries. The increasing focus on automating the metal cutting process will be a significant factor fueling the growth of the market during the forecast period.
As the markets recover Technavio expects the laser cutting machine market size to grow by USD 1.02 billion during the period 2020-2024.
Laser Cutting Machine Market Segment Highlights for 2020
The laser cutting machine market is expected to post a year-over-year growth rate of 2.50%.
The fiber segment will account for the highest laser cutting machine market share. Factors such as technological advances, growing industrial applications, and eco-friendly nature of fiber lasers are responsible for laser cutting machine market growth in this segment.
56% of the growth will originate from the APAC region.
The emergence of local vendors that provide low-cost laser cutting machines, the presence of skilled labor, government initiatives, a rising standard of living, strong industrial base, and increasing demand for automobiles will significantly drive laser cutting machine market growth in this region over the forecast period.
China, South Korea (Republic of Korea), and Japan are the key markets for laser cutting machines in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The laser cutting machine market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
The laser cutting machine market is segmented by Product (Fiber, Solid-state, Diode, and Others), Geography (APAC, Europe, North America, South America, and MEA), and End-user (automotive, aerospace and defense, electrical and electronics, industrial machinery, and others).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including ALPHA LASER GmbH, AMADA HOLDINGS Co. Ltd., Coherent Inc., Conzzeta Management AG, El.En. Spa, Hans Laser Technology Industry Group Co. Ltd., IPG Photonics Corp., Koike Aronson Inc., Manz AG, and TRUMPF GmbH + Co. KG.
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