Laser Cutting Machines Market to Grow at 9.6% CAGR over 2023 to 2030; OREE Laser Launched a Small Laser Pipe Cutting Machine, the OR-TM90, to Expand its Product Portfolio: Fortune Business Insights™
Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global laser cutting machines market size was valued at USD 5.59 billion in 2022. The market is expected to expand from USD 5.95 billion in 2023 to USD 11.32 billion by 2030, exhibiting a CAGR of 9.6% over the study period. Fortune Business Insights™ provides this information in its research report titled “Laser Cutting Machines Market, 2023-2030” UV laser marking machine
Laser-guided systems are deployed by laser cutting machines for cutting applications in various industries worldwide. This expansion can be credited to surging industrialization coupled with government regulations encouraging and expanding the application of cutting machines, especially in the automotive manufacturing space.
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Laser Cutting Machines Market Share in 2022
By Technology, By Function, By End User and By Region
Laser Cutting Machines Market Growth Drivers
Growing Industrialization and Automotive Demand Driving Laser Cutting Market Potential
Fiber Laser Segment to Dominate Due to Rising Adoption of Cutting Machine
The report offers an in-depth analysis of the major factors propelling market growth. In addition, it highlights the restraining factors, key segments, latest trends, and the impact of COVID-19 on market growth. Additional aspects of the report include the strategies implemented by prominent players to strengthen their position.
March 2023: OREE Laser, a global laser manufacturer, announced the launch of the OR-TM90, a high-speed and efficient small laser pipe cutting machine.
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List of Key Players Mentioned in the Report:
Jinan Bodor CNC Machine Co., Ltd. (China)
Modern Engineering Unleashes Growth Potential for Laser Cutting Machine Market
Modern engineering, leveraging industrial IoT and automation, is transforming global production capacities, particularly in laser-cutting machines, enhancing operational efficiency, productivity, and reducing operational costs. This integration is expected to significantly boost the laser cutting machines market growth in the forecasted period.
Despite such growth opportunities, frequent maintenance and steep initial costs related to the product may hamper market growth.
Fiber Lasers Set to Lead Market with Superior Efficiency and Operational Performance
By technology type, the market is divided into solid-state, fiber lasers, CO2, and others (semiconductors). The fiber lasers segment is expected to witness the largest laser cutting machines market share during the forecast period. This can be attributed to the exceptional production efficiency and operational capabilities of fiber lasers.
Robotic Segment Accelerates with Wide Production Line Applications and Revenue Generation
By function type, the market is categorized into robotic and semi-automatic. The robotic segment is poised to grow at the highest CAGR during the forecast period. Robotic laser cutting machines have vast applications for production lines, generating revenue for the cutting machine maker. This factor is proliferating the growth of the robotic segment.
Automotive Sector Takes the Lead Fueled by Precision and Efficiency
Based on end users, the market is segmented into electronics, metal & fabrication, automotive, energy & power, and others (medical). The automotive segment is anticipated to register the largest market share during the forecast period. Due to capabilities such as low production delays, precision cuts, and others, the product is extensively used in the production lines of automotive manufacturing.
From the regional perspective, the market is divided into Asia Pacific, South America, Europe, the Middle East & Africa, and North America.
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Asia Pacific to Lead Due to Favorable Government Policies for Increasing Automobile Sales
Asia Pacific dominated the market in 2022 and was valued at USD 1.98 billion. The government is implementing favorable policies to bolster automobile sales. This factor is escalating regional growth.
North America market for laser cutting machines is expected to witness progressive growth during the forecast period. The growing demand for technologically advanced cutting machines is driving regional growth.
AI, Automation, and IoT Propel Robotic Laser Demand, Driving Market Growth
The integration of AI and automation is propelling demand for robotic lasers, with key players focusing on IoT-enabled products to enhance market adoption. Additionally, the laser cutting machines market is witnessing increased demand for advanced CNC equipped with laser cutting machines, further boosting the market for such products.
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Laser Cutting Machines Key Players Market Share/Ranking, 2022
Global Laser Cutting Machines Market Size Estimates and Forecasts, By Segments, 2019-2030
North America Laser Cutting Machines Market Size Estimates and Forecasts, By Segments, 2019-2030
Europe Laser Cutting Machines Market Size Estimates and Forecasts, By Segments, 2019-2030
Asia Pacific Laser Cutting Machines Market Size Estimates and Forecasts, By Segments, 2019-2030
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