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The laser cutting machine market size is forecast to increase by USD 1.45 billion at a CAGR of 5.6% between 2023 and 2028.
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is driven by the automotive industry's increasing demand for advanced manufacturing tools to produce lightweight metal parts for fuel efficiency and compliance with emission norms. They offer automated cutting processes, reducing material wastage and increasing production capacities. Industrialization and the rise of electric vehicles also contribute to the market's growth. Fiber lasers and robotic segments are popular choices due to their high operational efficiency and precision. CNC technology and advanced laser processing further enhance production capabilities.
However, high initial costs and maintenance challenges pose challenges to market growth. Demand drivers include automation, customized products, eCommerce, and sustainability. Fiber-based technology, mechanized operation, smart technology, and high power consumption are market considerations.
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The automotive segment was valued at USD 1.02 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in Asia Pacific (APAC) is poised for significant growth due to the emergence of local companies offering cost-effective solutions. Countries such as China, Australia, Japan, India, and South Korea are expected to witness increasing demand. The decrease in component costs, including lasers and electrical components, and the availability of advanced automation and CAD software, are key factors driving market growth. Furthermore, the presence of a skilled labor force in countries like South Korea and Singapore is expected to boost the regional market. Advanced manufacturing tools, including fiber lasers and robotic segments, are gaining popularity due to their automated cutting processes, material wastage reduction, and industrialization.
Moreover, the integration of IoT and smart technology enhances operational efficiency and productivity. Key industries, such as electronics, consumer electronics, HVAC, automotive, and defense and aerospace, are major demand drivers. Despite high initial costs and maintenance challenges, the benefits of the technology, including energy efficiency, precision, and high-quality cuts, outweigh the economic burden. Market segmentation includes fiber lasers, solid-state lasers, and gas lasers. Product development, after-sales services, and energy efficiency are crucial factors influencing market trends. Key applications include macro-processing, customized products, eCommerce, and sustainability.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing focus on automating metal cutting process is the key driver of the market.
Rising digitalization in manufacturing processes is the upcoming market trend.
Availability of alternate machine tools for metal cutting applications is a key challenge affecting industry growth.
The market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry. The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing demand for automated cutting processes in various industries. This trend is driven by the need for increased operational efficiency, reduced material wastage, and the industrialization of various sectors. Advanced manufacturing tools have become essential for businesses seeking to improve their production capacities and remain competitive in today's market. These machines offer numerous benefits, including the ability to make high-quality cuts with precision, energy efficiency, and the integration of smart technology. The adoption is not limited to traditional manufacturing industries such as automotive and aerospace.
The demand for these machines is also growing in sectors like electronics, HVAC, and consumer electronics. The integration of IoT and data analytics is further driving the demand, as these technologies enable real-time monitoring and optimization of production processes. Despite the numerous benefits, the market faces challenges such as high initial costs and maintenance challenges. Fiber lasers have emerged as a popular choice due to their lower maintenance requirements and higher energy efficiency compared to traditional gas and solid-state lasers. Segmentation analysis of the market reveals that the robotic segment is expected to grow at a significant rate due to the increasing demand for customized products and the need for automation in manufacturing processes.
The demand for after-sales services is also on the rise, as businesses seek to minimize downtime and maximize the lifespan. The demand is driven by various factors, including the increasing demand for steel and other raw materials, the need for precision in manufacturing applications, and the growing trend toward sustainability. The use in the production of electric vehicles is a prime example of how these technologies are contributing to a more sustainable future. In conclusion, the market is poised for significant growth due to the increasing demand for automated cutting processes and the need for precision and efficiency in manufacturing.
While there are challenges associated with the high initial investment and maintenance costs, the benefits of these machines far outweigh the costs. The integration of smart technology and the growing trend towards sustainability are also expected to drive the demand in various industries.
Laser Cutting Machine Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.6% |
Market growth 2024-2028 |
USD 1.45 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.2 |
Key countries |
China, South Korea, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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