The laser cutting machine market has experienced rapid growth, increasing from $5.06 billion in 2023 to $5.61 billion in 2024, with a CAGR of 10.8%. This growth is driven by demand for precision engineering, compact machines, high-power lasers, and applications in electronics, aerospace, and defense. The market is projected to reach $8.23 billion by 2028, growing at a CAGR of 10.0%. Future growth factors include compact system shifts, precision requirements, market expansion, material processing advancements, and sustainability. Key trends include fiber laser technology, automation, power and speed improvements, industrial applications, and customization.
Major Driver In The Laser Cutting Machine Market
The laser cutting machine market is set to witness growth, propelled by the increasing demand for automobiles. Rising transportation needs, growing income levels, and rapid urbanization contribute to the escalating demand for automobiles. Laser cutting machines play a crucial role in manufacturing auto parts with precisive designs, aiding in the overall production process. In India, the automotive segment sales increased from 17.47 million units in January-December 2020 to 18.49 million units in the calendar year 2021, representing a 5.8% increase, according to the India Brand Equity Foundation (IBEF). The Indian automotive industry, including component manufacturing, is projected to reach $251.4-282.8 billion by 2026, indicating sustained growth in automobile demand. This surge in demand for automobiles is expected to drive the laser cutting machine market, with market sizes reflecting this automotive trend in 2023, 2024, and 2028.
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Laser Cutting Machine Market Competitive Landscape
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
Key Laser Cutting Machine Market Trend
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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Laser Cutting Machine Market Segmentation
The laser cutting machine market covered in this report is segmented –
1) By Technology: Solid State, Gas, Semiconductor
2) By Process: Fusion Cutting, Flame Cutting, Sublimation CuttingÂ
3) By End User Industry: Automotive, Consumer Electronics, Defense And Aerospace, Industrial, Other End User Industries
By Geography:The regions covered in the laser cutting machine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the laser cutting machine market in 2023.
The Laser Cutting Machine Global Market Report 2024 furnishes information about the global laser cutting machine market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
