Laser processing machines incorporate laser technology for cutting, wielding, marking, engraving, and additive manufacturing among others. The various materials that are processed by these machines are metals, glass, plastics, among others catering its application in end-user industries. Automotive sector is expected to be one of the major industries for laser processing machines market in the forecast period owing to recent industrialization aiming to reduce the weight of the vehicles by opting lightweight materials like magnesium, titanium and few others. Other key factors driving the market are growing advantages of laser technology over conventional material processing techniques, preference for automation among others.
laser processing machine market is segmented into three verticals namely: By laser types, by processing type, by end user industry. The lasers that are used in these processing machines are segmented into solid lasers, fiber laser among others. These lasers are further sub-segmented for providing exhaustive analysis of the laser processing machines market. The market is analyzed based on processing type that includes cutting, welding, marking and others. Further the laser processing machines market is segregated based on end user industry vertical that includes automotive, semiconductor & electronics, power generation and some others. Laser processing machine market is segregated based on geographic regions that include Americas, Europe, APAC and ROW to provide intense knowledge about the market.
The laser processing machine market is estimated to grow at a CAGR of 7.5% during the forecast period to reach $23 bn by 2023.
Asia-Pacific held the largest market share in laser processing machine market followed by Europe, owing to increased demand for laser technology from original equipment manufacturers in material processing, rapid industrialization, and increasing adoption of laser processing systems across multiple application areas. Additionally, APAC growth seems quite promising owing to increased number of manufacturing plants in countries such as China, Japan, and South Korea.
Sample companies profiled in this report are:
- Mitsubhi Corporation(Japan),
- Hans Laser (China),
- Amada (Japan),
- Coherent, Inc. (U.S.),
- Trumpf Group (Germany),