Global Laser Cutting Machine market, which is likely to amass revenue worth nearly 6.68 (USD Billion) by 2026, will register a CAGR of nearly 9.6% during the period from 2020 to 2026.
The global Laser Cutting Machine market, which is likely to amass revenue worth nearly 6.68 (USD Billion) by 2026, will register a CAGR of nearly 9.6% during the period from 2020 to 2026. The report offers assessment and analysis of the Laser Cutting Machine market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Laser cutting machine makes use of laser cutting technique for slicing materials. Furthermore, the equipment makes use of carbon dioxide, neodymium, and neodymium yttrium aluminum garnet for cutting materials. However, carbon dioxide laser cutting machines are utilized for slicing of various materials like titanium, aluminum, wax, mild steel, wax, paper, wood, and plastic. Moreover, neodymium yttrium aluminum garnet lasers are utilized widely for cutting & scribing of ceramics & metals.
Furthermore, laser cutting in metals is more exact and makes use of low energy while cutting metal sheet as compared to plasma cutting. In addition to this, laser cutting machine makes utilization of vaporization cutting, thermal stress cracking, reactive cutting, and melt & blow methods for cutting materials.
Market Growth Dynamics
Large-scale industrialization and escalating demand for the product across the emerging economies will spearhead the growth of the laser cutting machine industry over the forecast timeline. Apart from this, growing requirement for miniaturization of microelectronic equipment along with technological breakthroughs in medical & healthcare sectors will propel the business growth over the estimated timeframe.
Furthermore, growing need for precise & exact sizes in aerospace & defense, industrial equipment, and electronics & electrical industries will steer the business growth over the forecast timeline. Apart from this, laser cutting equipment is used to slice parts as well as shapes quickly with accurate outcomes. In addition to this, laser cutting device manufacturers are allocating huge proportion of funds for automating laser cutting devices for reducing downtime & fulfilling power conservation requirements. All these aforementioned aspects will steer the expansion of laser cutting machine industry over the estimated timeline.
North America To Account For Major Share Of Global Market Over 2020-2026
The growth of the laser cutting machine business in North America during the forecast timeline is owing to strong presence of manufacturing sector. Countries like the U.S. are likely to be the key revenue contributors of the region over the forecast timeline.
Key players influencing the market growth include Bystronic Incorporated, Epilog Laser Inc., Trumpf GMBH + Co. KG, ALPHA Laser GmbH, IPG Photonics Corporation, Jenoptik Laser GmbH, Coherent Incorporation, and Amada Miyachi Company, Ltd.
The global laser cutting machine market is segmented as follows:
By Laser Types:
Large-scale industrialization and escalating demand for the product across the emerging economies will spearhead the growth of the laser cutting machine industry.
The CAGR of the industry is expected to be nearly 9.6% during the forecast timespan.
North American region will contribute sizably towards the global market revenue over the estimated timeline.