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.
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.
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.
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.
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 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.
Report Attribute |
Details |
Market size value in 2020 |
USD 4.9 billion |
Revenue forecast in 2024 |
USD 6.7 billion |
Growth Rate |
CAGR of 9.1% from 2017 to 2024 |
Base year for estimation |
2016 |
Historical data |
2015 - 2016 |
Forecast period |
2017 - 2024 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2017 to 2024 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Technology, deployment, application, region |
Regional scope |
North America; Europe; Asia Pacific; Rest of the World |
Key companies profiled |
Trumpf Laser GmbH + Co. KG, Rofin-Sinar Technologies Inc., IPG Photonics Corporation; Coherent Inc. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global laser cutting machine market size was estimated at USD 4.5 billion in 2019 and is expected to reach USD 4.9 billion in 2020.
b. The global laser cutting machine market is expected to grow at a compound annual growth rate of 9.1% from 2017 to 2024 to reach USD 6.7 billion by 2024.
b. Asia Pacific dominated the laser cutting machine market with a share of 32.6% in 2019. This is attributable to the presence of robust economies such as China, India, and Japan.
b. Some key players operating in the laser cutting machine market include Trumpf Laser GmbH + Co. KG, Rofin-Sinar Technologies Inc., IPG Photonics Corporation and Coherent Inc.
b. Key factors that are driving the market growth include increasing demand for high-quality products and the growing trend of automation.
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The exponential spread of COVID-19 worldwide has had an adverse impact on the semiconductor industry with manufacturing facilities temporarily shut, leading to a significant slowdown in the production. The outbreak could result in disruption across the ecosystem with several supply chain participants shifting their production facilities outside China, thereby reducing their over-reliance on China. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also hauled consumer demand for semiconductor devices. Our analysts predict a decline in semiconductor revenue by over 1% in 2020 as compared to that in 2019. The report will account for Covid19 as a key market contributor.
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