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Laser Cutting Machines: Precision Redefined for Industry
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According to The Business Research Company's, The laser cutting machine market size has grown rapidly in recent years. It will grow from $5.06 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to demand for precision engineering solutions, development of compact machines, shift towards high-power lasers, growing role in electronics manufacturing, adoption in aerospace and defense.
The laser cutting machine market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to shift towards compact and versatile systems, precision engineering requirements, market expansion in emerging economies, advancements in material processing, environmental sustainability. Major trends in the forecast period include adoption of fiber laser technology, increased automation and integration, advancements in power and speed, expansion in industrial applications, customization and personalization.
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Market Drivers and Trends:
The increasing demand for automobiles is expected to drive the laser cutting machine market. The demand for automobiles is increasing due to growing need for transportation, increasing income levels, rapid urbanization, and others. This increasing demand for automobiles will elevate the demand for laser cutting machines as these machines help in creating precisive designs and fastening the process of manufacturing auto parts relating to automobiles. Laser cutting machines are effective and efficient tools for precision cutting and designing projects related to automobiles to achieve modern designs. For instance, according to the India Brand Equity Foundation (IBEF), in India, all automotive segment sales increased from 17.47 million units in January-December 2020 to 18.49 million units in the calendar year 2021, showing an increase of 5.8%. In addition, The Indian automotive industry (including component manufacturing) is predicted to reach $251.4-282.8 billion by 2026. It indicates the demand is growing for automobiles. Therefore, the growing demand for automobiles is driving the laser cutting machine market.
Major companies in the laser cutting machine market are focused on developing advanced machines, such as 3D fiber laser cutting machines, for steel processing, and to gain a competitive edge in the market. A 3D fiber laser cutting machine is a precision tool that utilizes a fiber laser oscillator to cut various materials. For instance, in May 2022, Yamazaki Mazak, a Japan-based machine tool builder, launched the FG-400 NEO, a 3D fiber laser cutting machine for steel products. Featuring an energy-efficient fiber laser oscillator, it enables high productivity and precision when cutting materials, including steel, aluminum, brass, and copper. The machine allows users to control laser beam diameter and shape, facilitating the cutting of various thicknesses with a single unit.
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Major Key Players of the Market:
Trumpf Laser GmbH + Co KG, Coherent Inc., Amada Co Ltd., Jinan Golden Laser Co Ltd., Han's Laser Smart Equipment Group Co Ltd., IPG Photonics Corporation, Prima North America Inc., Bystronic AG, Jenoptik Laser GmbH, Mazak Corporation, Wuhan Raycus Fiber Laser Technology Co Ltd., Shenzhen Raycus Fiber Laser Technology Co Ltd., LVD Company NV, Glorystar Laser Co Ltd., Maxphotonics Technology Co Ltd., Universal Laser Systems Inc., HG Laser Co Ltd., Epilog Laser, MORN Laser, Mitsubishi Laser Machinery Co Ltd., Rofin-Sinar Technologies Inc., Trotec Laser GmbH, GCC Laser, Golden Laser Group Co Ltd., Dongguan Aowei Laser Technology Co Ltd., Reci Laser Technology Co Ltd., Raytech Laser Co Ltd., ACCURL Laser Technology Co Ltd., Sino-Stargle Laser Technology Co Ltd., Bodor Laser
Laser Cutting Machine Market 2024 Key Insights:
• The laser cutting machine market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Surging Automobile Demand Propels Growth In Laser Cutting Machine Market
• Cutting-Edge 3D Fiber Laser Machine For Steel Processing
• North America was the largest region in the laser cutting machine market in 2023
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