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The laser cladding equipment market share is expected to increase by USD 16.33 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.34%.
This laser cladding equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers laser cladding equipment market segmentation by end user (industrial, mining, power generation, and others), power (High power and Low power), and geography (Europe, North America, APAC, MEA, South America, Europe, North America, APAC, MEA, and South America). The laser cladding equipment market report also offers information on several market vendors, including ALPHA LASER GmbH, Coherent Inc., Fraunhofer Society for the Promotion of Applied Research eV, Gall and Seitz Systems GmbH, Hans Laser Technology Industry Group Co. Ltd., IPG Photonics Corp., KUKA AG, Laserline GmbH, OC Oerlikon Corp. AG, and TRUMPF GmbH + Co. KG among others.
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The adoption of modern and efficient material hard-facing and coating technology is notably driving the laser cladding equipment market growth, although factors such as lack of skilled machine operators may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the laser cladding equipment market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Laser Cladding Equipment Market Driver
Adoption of modern and efficient material hard facing and coating technology is the major driver influencing the growth of the laser cladding equipment market. The adoption of material hardfacing and coating technology has been growing steadily over the past few decades, driven by the need to increase the service life of the equipment and lower operational expenses by reducing the wear and damage to equipment. These processes have proven to increase the component service life significantly, in some cases by nearly three times, thus resulting in longer maintenance and replacement cycles and shorter downtime in end-user industries.Laser cladding is a process of material deposition, where a laser power source is used to melt a filler material and either coat an underlying substrate or fabricate completely new components. With more end-user industries opting for more efficient hardfacing and manufacturing technologies, the market for laser cladding equipment is expected to continue to grow during the forecast period.
Key Laser Cladding Equipment Market Trend
Development of automatic laser cladding equipment is the major trend influencing the growth of laser cladding equipment market. The laser cladding machines currently available in the market require a significant amount of operator input and intervention for smooth operation. The equipment operator must manually input the operation guidelines, including power output, laser focus, substrate processing speed, and filler material feed rate. Taking care of all these parameters requires highly skilled machine operators to ensure optimal cladding results.However, the shortage of skilled workers in the high-end manufacturing industry has been driving laser cladding equipment manufacturers to develop automated laser cladding equipment.Currently, automated laser cladding systems incorporate specialized software with instrumentation hardware, which can remotely deliver the laser cladding parameters for independent surface coatings.The ongoing drive toward Industry 4.0 practices and factory automation is expected to further boost the development of advanced automatic laser cladding equipment during the forecast period.
Key Laser Cladding Equipment Market Challenge
Lack of skilled machine operators for laser cladding equipment is the major hindrance influencing the growth of laser cladding equipment market. The lack of skilled machine operators to program and monitor laser cladding equipment and the dearth of engineers for maintenance of these machines pose a growing problem for industries in developed and developing countries.The operation of laser cladding equipment requires the knowledge of CNC machines, industrial electronics, and maintenance procedures. However, the demand for machine operators with these skills outstrips the supply and restricts the adoption of technologically advanced laser cladding equipment in the manufacturing sector.Developed countries, including the US and those in Europe, have been increasingly facing a shortage of high-skilled labor in manufacturing due to several factors. As laser cladding equipment is extremely expensive, most universities and training schools do not provide training on the equipment. Most employers are also unwilling to hire inexperienced workers and train them in the required skills. This reduces the availability of trained operators in the market, especially with the periodic retirement of old workers.The lack of availability of appropriately skilled labor may become a challenge for the overall market during the forecast period.
This laser cladding equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes global laser cladding equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the laser cladding equipment market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the laser cladding equipment market encompasses successful business strategies deployed by the key vendors. The laser cladding equipment market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The laser cladding equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the laser cladding equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Power
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
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