Increasing use of Laser Cutting Machines in the automotive industry is a significant factor influencing growth of the Laser Cutting Machine market.
Laser Cutting Machine Market Size – USD 6,256.4 Million in 2019, Growth – at a CAGR of 5.3%, Trends – Rising demand for 3D printing machines
The global Laser Cutting Machine Market is forecast to reach a value of USD 9,492.8 Million by 2027, according to the latest report offered by Reports and Data. Demand for Laser Cutting Machines has been growing significantly, and this can be attributed to increasing deployment in the automotive industry. Laser Cutting Machines find widespread usage in the manufacturing of internal and external body parts and vehicle components. Laser Cutting Machines are proving to be immensely beneficial in producing intricate metal parts. The major benefit of these machines is that they can be used to create very precise finishes with smooth edges, which improves the output quality of finished products, and reduces wastage of metals. Metal cutting is used in different stages of automotive production to ascertain the reliability and safety aspects of the end-products. Currently, around 80 million vehicles are sold worldwide annually, and demand and deployment of Laser Cutting Machines in the automotive industry is projected to continue to increase significantly for production of various vehicle components.
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Top Companies: Colfax Corporation, Koike Aronson Inc., Flow International Corporation, Omax Corporation, TRUMPF, Bystronic Laser AG, Nissan Tanaka Corporation, Coherent Inc., Amada Co. Ltd., and Lincoln Electric Holdings Inc., among others.
Further Key Finding from the Report Suggestion:
- The waterjet cutting machine segment revenue is projected to increase at a significant rate over the forecast period. This type of Laser Cutting Machine offers manufacturing flexibility in a range of applications, and has the ability to cut asymmetrical shapes with high accuracy and edge quality from almost any metal. Edge quality is a major benefit of using water jet cutting, as it creates a smooth, even, burr-free edge.
- Demand for on-demand cutting of metals and rapid prototyping is relatively high in the aerospace industry owing to the need for faster and more efficient methods of producing metal sheet parts and without any complex production process. Manufacturing at scale can be cost-intensive for aerospace manufacturers. Laser Cutting Machines enable manufacturers to produce and test several porotypes on-field at low cost before commencement of manufacturing at scale, thereby resulting in significant cost saving.
- Several industrial manufacturers have started deploying CNC machining in their manufacturing process, as it offers effective, appropriate, and definite production capacity needed to deliver a larger quantity of end-products.
- The Laser Cutting Machines market in North America accounted for a substantial market share in 2019 due to growth of the aerospace defense and automotive sectors. Furthermore, increasing defense budget and presence of leading electronic component manufacturers in countries in the region are factors that are supporting market growth.
- In June 2020, Koike Aronson, which is a leader in welding, cutting, and positioning devices, announced the launch of its innovative waterjet cutting machine, ShopJet. ShopJet has the ability to deliver a wide cutting application range at an affordable cost.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Laser Cutting Machine market is segmented into:
Product Type Outlook (Revenue, USD Billion; 2020-2027)
- Laser Cutting Machine
- Waterjet Cutting Machine
- Plasma Cutting Machine
- Flame Cutting Machine
Industry Vertical Outlook (Revenue, USD Billion; 2020-2027)
- Automotive
- Aerospace Defense
- Building Construction
- Electronics Electrical
- Marine
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2020-2027)
- Online
- Offline
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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