Laser Cutting Machine Market Size, Share & Trends Analysis Report By Technology (Solid State, Gas, Semiconductor), By Process (Fusion, Flame, Sublimation), By Application (Consumer Electronics Defense And Aerospace), And Segment Forecasts, 2018 - 2024

Report Overview

The global laser cutting machine market size was valued at USD 3.02 billion in 2015. The growing trend of automation in the manufacturing sector and the increasing demand for the end-use industry are expected to augment the demand for these machines over the forecast period.

Europe laser cutting machine market, by application, 2015 - 2024 (USD Billion)

The increasing globalization has led to huge demand among consumers for final products to the micron level. Moreover, the end-use segment is widely adopting these machines to produce high-quality products in minimal time. The increasing trend of automation is enabling manufacturers to automate various processes including laser cutting.

These tools precisely cut parts and patterns at higher speeds with consistent results. Manufacturers are investing in automation of laser cutting owing to the minimal downtime and energy conservation needs.

The key players are focusing on reducing the price of these machines owing to the intense competition among the vendors. The presence of a vast number of manufacturers has enabled them to adopt the pricing strategy to reduce the cost and gain a considerable market share. However, the high cost involved in the implementation of these devices, lack of technical expertise, and high power consumption are expected to challenge the industry growth.

Technology Insights

Gas segment is estimated to be the fastest-growing at a CAGR of over 9.4% from 2016 to 2024. Increased demand for improved machining tools and equipment is driving the adoption of these lasers. They are widely used in laser printing, dye laser pumping, barcode reading and for making holograms.

The solid state is anticipated to dominate the technology segment owing to the demand for these in low-power applications. Moreover, the broad adoption of this technology in medical applications such as endoscopy, dentistry, and skin rejuvenation is augmenting the demand for the solid state over the forecast period. Technological advancements in CO2, YAG, and fiber lasers are enabling greater adoption in areas such as healthcare, consumer electronics, and military.

Process Insights

The flame segment is estimated to dominate the market by 2024. The flame based process offers an improved finish, high quality, and high cutting speed compared to other procedures. The increased demand for trimming small alloys of steel and carbon is anticipated to boost the revenue for the flame based process.

Asia Pacific laser cutting machine market, by deployment, 2015 (USD Billion)

Fusion segment is projected to grow at a CAGR of over 9.4% from 2016 to 2024. This process is suitable for cutting structural steel and electrical sheets in the production and prototyping of electric motors. Moreover, owing to the high flexibility and faster-cutting speed the process is estimated to dominate the industry over the forecast period. 

Application Insights

The industrial sector is estimated to dominate the laser cutting machine market reaching over USD 1.78 billion by 2024. The growth can be attributed to the expanding industrial sector in the developing countries worldwide. The growing use of these machines to clean molds and parts during the manufacturing process is contributing to the industrial sector growth.

Consumer electronics is anticipated to be the fastest-growing segment over the forecast period. These lasers are used for welding and cutting in consumer electronics and other consumer products. Laser-based machines are commonly used to cut printed circuit boards, iPhone display cases, etc. Moreover, the short shelf life of these devices is expected to increase the requirement for the machines over the forecast period.

Regional Insights

North America is expected to be a significant region, owing to the presence of robust industrial sector. The region accounted for over 31% revenue share in 2015 and is estimated to reach over USD 1.97 billion by 2024. Asia Pacific is projected to be the fastest-growing region owing to the presence of robust economies such as China, India, and Japan. The increasing adoption of laser systems in the manufacturing sector is boosting the regional growth. Moreover, the strong growth in industries that use laser cutting to produce semiconductors, consumer electronics, and automotive components is expected to drive demand.

Key Companies & Market Share Insights

Key competitors such as Trumpf Laser GmbH + Co. KG, Rofin-Sinar Technologies Inc., IPG Photonics Corporation, and Coherent Inc. majorly occupies the global laser cutting machines market share. Other prominent players include Jenoptik Laser GmbH, Kern Laser Systems, Amada Miyachi Co. Ltd., and others. These players are involved in research and development activities to develop products compliant with the regulatory standards mandated by the government authorities.

The intense competition is enabling market participants to develop innovative products that are efficient and provide faster cycle times for cutting and engraving processes. Strategic investments and partnerships are anticipated to be the most efficient way to gain quick access to the emerging markets.

Laser Cutting Machine Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth on the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2015 to 2024. For the purpose of this study, Grand View Research has segmented the global laser cutting machine market on the basis of technology, deployment, application, and region:

• Technology Outlook (Revenue, USD Billion; 2015 - 2024)

  • Solid State

  • Gas

  • Semiconductor

• Process Outlook (Revenue, USD Billion; 2015 - 2024)

  • Fusion

  • Flame

  • Sublimation

• Application Outlook (Revenue, USD Billion; 2015 - 2024)

  • Automotive

  • Consumer Electronics

  • Defense and Aerospace

  • Industrial

  • Others

• Regional Outlook (Revenue, USD Billion; 2015 - 2024)

  • North America

  • Europe

  • Asia Pacific

  • RoW