The vendor landscape of the global laser cutting machine market features a largely fragmented nature owing to the presence of a large number of companies offering a vast variety of products, observes Transparency Market Research in a recent report. The intense competition has been compelling well-established companies to invest more resources into R&D activities to develop products with better precision, features, and effectiveness. Focus on expansion across emerging markets through strategic collaborations with smaller players or distributors has garnered much popularity among market players.
As new companies foray into the market and the number of products rises, the market is expected to become more competitive in the next few years. Some of the leading companies in the market are IPG Photonics Corporation, ALPHA Laser GmbH, Bystronic Incorporation, Amada Miyachi CO, Trumpf Laser GMBH + Co. Kg, DPSS Lasers Incorporation, and Coherent Incorporation.
According to the report, the global laser cutting machines market is expected to exhibit a CAGR of 10.3% over the period between 2014 and 2024, rising to a revenue opportunity of US$4.37 bn by 2024.
North America and Asia Pacific Remain Most Promising Regional Markets
Technology-wise, the segment of solid state lasers accounted for the dominant share in the overall market at the beginning of the report’s forecast period. The segment is also expected to hold sway over the forecast period owing to their vast usage in industries such as automotive, consumer electronics, and aerospace and defense. Geographically, the market for laser cutting machines in North America accounted for the dominant share in the overall market at the beginning of the report’s forecasting horizon, thanks to the region’s robust industrial sector. Over the forecast period, the market in Asia Pacific is expected to emerge as the most promising regional market owing to the rapid pace of industrialization in emerging economies.
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Thriving Automotive Industry to Remain Key Driver of Laser Cutting Machine Market
The phenomenal growth seen by the world automotive industry in the past few decades, owing to the increased demand for passenger vehicles from the steadily rising affluent middle-class in emerging economies and the steady introduction of technologically advanced vehicles, has acted as a major growth driver for the global laser cutting machines market. The automobile industry continues to make massive strides, expanding in terms of manufacturing as well as distribution units in emerging markets. The industry and its future growth dynamics are thus expected to have a notable influence on the overall development of the global laser cutting machines over the report’s forecast period.
The market is also expected to benefit from the rising demand for high-quality metal cutting devices across a number of industries, and the benefits of laser cutting machines in terms of low heat input and high processing speeds. The increased global production of consumer electronics, rising investments in the aerospace and defense sectors, and the rising influx of new products in the global market are also expected to drive the global laser cutting machines market in the near future.
