The Laser Cutting Machine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Laser Cutting Machine Global Market Report 2024, The laser cutting machine market size has grown rapidly in recent years. It will grow from $5.06 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to demand for precision engineering solutions, development of compact machines, shift towards high-power lasers, growing role in electronics manufacturing, adoption in aerospace and defense.
The laser cutting machine market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to shift towards compact and versatile systems, precision engineering requirements, market expansion in emerging economies, advancements in material processing, environmental sustainability. Major trends in the forecast period include adoption of fiber laser technology, increased automation and integration, advancements in power and speed, expansion in industrial applications, customization and personalization.
The increasing demand for automobiles is expected to drive the laser cutting machine market. The demand for automobiles is increasing due to growing need for transportation, increasing income levels, rapid urbanization, and others. This increasing demand for automobiles will elevate the demand for laser cutting machines as these machines help in creating precisive designs and fastening the process of manufacturing auto parts relating to automobiles. Laser cutting machines are effective and efficient tools for precision cutting and designing projects related to automobiles to achieve modern designs. For instance, according to the India Brand Equity Foundation (IBEF), in India, all automotive segment sales increased from 17.47 million units in January-December 2020 to 18.49 million units in the calendar year 2021, showing an increase of 5.8%. In addition, The Indian automotive industry (including component manufacturing) is predicted to reach $251.4-282.8 billion by 2026. It indicates the demand is growing for automobiles. Therefore, the growing demand for automobiles is driving the laser cutting machine market.
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The laser cutting machine market covered in this report is segmented –
1) By Technology: Solid State, Gas, Semiconductor
2) By Process: Fusion Cutting, Flame Cutting, Sublimation Cutting
3) By End User Industry: Automotive, Consumer Electronics, Defense And Aerospace, Industrial, Other End User Industries
North America was the largest region in the laser cutting machine market in 2023.
Major companies in the laser cutting machine market are focused on developing efficient solutions, such as 2D laser cutting machines, for enhanced productivity and to maximize their profits in the market. A 2D laser cutting machine is a precision tool that utilizes laser technology to cut flat materials with high accuracy and efficiency. For instance, in September 2021, TRUMPF, a Germany-based high-technology company, launched TruLaser 1000, a new 2D laser cutting machine designed for beginners and companies aiming to boost production capacity. With up to a 70% increased feed rate and efficient cooling via the Highspeed Eco function and CoolLine technology, it ensures high-quality processing. The machine incorporates Smart Collision Prevention to minimize collision risks, and its intuitive operation, diverse material compatibility, and automatic nozzle changer enhance user convenience.
The laser cutting machine market report table of contents includes:
1. Executive Summary
2. Laser Cutting Machine Market Characteristics
3. Laser Cutting Machine Market Trends And Strategies
4. Laser Cutting Machine Market – Macro Economic Scenario
5. Global Laser Cutting Machine Market Size and Growth
…
32. Global Laser Cutting Machine Market Competitive Benchmarking
33. Global Laser Cutting Machine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Laser Cutting Machine Market
35. Laser Cutting Machine Market Future Outlook and Potential Analysis
36. Appendix
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