laser cutter market
It was reported through a released statement by Market Research Future (MRFR) that the global laser cutter market is expected to grow at a notable pace over the forecast period. The report stated that the market is projected to garner a compound annual growth rate of 9% over the forecast period between 2018 and 2023.
It is reported that the surging production level in automobiles and the use of consumer electronics across developed nations is driving massive pool of opportunities for the growth of the market. Laser cutting machines are used for cutting down components in an easy and precise manner. Increasing demand for new products in the defense industry is also projected to drive significant opportunities of growth for the market. However, at the same time, the availability of alternatives like gas cutting can hamper the growth of the market in the coming years.
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Market Segmentation
The global laser cutter market segmentation is based upon the following key dynamics: technology, end-user, and process.
By technology, the market segments into gas lasers, solid-state lasers, and semi-conductor lasers. The solid lasers segment accounted for the largest share of the market category and is expected to continue leading in the coming years as well. Other than these, solid-state lasers are used for medical applications.
By process, the market divides into flame cutting, fusion cutting, and sublimation cutting.
By end-user, the market includes consumer electronics, defense and aerospace, automotive, industrial, and others. The automotive industry holds the dominant position of the end-user market category and is anticipated to grow with the highest annual rate over the forecast period. The demand for this segment can be attributed to the changing lifestyle of consumers and the increasing income level of individuals. Moreover, a booming demand has also been reported in the electronics segment. The defense and aerospace sector is projected to contribute notably to the overall growth of the market during the forecast period primarily due to space research projects
Regional Analysis
The global laser cutter market is regionally segmented into the following regions: Europe, North America, Asia Pacific, and the Rest of the World (RoW).
The North American regional market held the highest share in the global market landscape as per the study in 2016. The region is further expected to garner increasing growth rate and stand atop of the market. The booming demand for automobiles is expected to drive the market growth in this region. The US accounts for the largest contributor of the region and is expected to drive significant growth in the near future. Additionally, strong developments in the US industrial sector is also expected to push the demand for the regional market. Consumer preference concerning better advanced vehicles and numerous metal cutting machines have also shown positive growth results over the market in North America. The booming consumer electronics and defense and aerospace industry applications is significantly aiding the region’s growth and development. The rising automations in the manufacturing industry of North America is another key driver of the market.
Elsewhere, Asia Pacific holds the second-largest position in the global landscape. The region is projected to grow strikingly over the forecast period primarily due to the evolving lifestyle of consumers and the surging level of automobile sales.
Competitive Landscape
The global laser cutter market has a number of prominent players. Some of the key players identified by MRFR are as follows: Amada Miyachi Inc (US), Jenoptik Laser GmbH (Germany), Bystronic Incorporated (US), Trumpf GMBH (Germany), Trumpf GMBH (Germany), Jiangsu Dajin Laser Science and Technology Co., Ltd. (China), Coherent, Inc. (US), MKS Instruments (US), Epilog Laser Inc.(US), Alpha Laser (US), IPG Photonics Corporation(US), Universal Laser Systems (US), Xenetech(US), LancerFab Tech Pvt. Ltd (India)., Trotec Lasers (US), Han's Laser Smart Equipment Group Co., Ltd (China), and others.
May 21st, 2019, a pioneering vinyl cutting company, Summa announced its emergence into the textile industry. The company has acquired CadCam technology, one which has resulted in the creation of Summa L3214. It is a laser cutting device that cuts at a speed of 800 square meters per hour.
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