Laser Processing Machines Market Size, Share, Growth, and Industry Analysis by Type (2D and 3D), By Application (Automotive, Semiconductor & Electronics, and Others) Regional Forecast By 2031

Updated On: 22 April 2024

Laser Processing Machines Market Report Overview

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The global laser processing machines market size was USD 9249.8 million in 2022. As per our research, the market is expected to reach USD 13,325.23 million by 2031, exhibiting a CAGR of 4.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with laser processing machines industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A laser beam used in laser cutting equipment melts and evaporates the target area through heat. Materials are sliced using lasers like CO2 and fiber in laser cutting. It has developed into a crucial industrial tool in sectors like the automobile, consumer electronics, and multitasking machine tool industries, among other manufacturing sectors. The automation industry is being driven by an increase in industrial production rates and a rising desire for less human participation in metal processing and operations, which is having a direct impact on the market growth for laser cutting machines.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The ongoing COVID-19 pandemic is posing significant hurdles to the global economy. The majority of enterprises are either temporarily closed down or are making do with meager profits by functioning from home. In terms of medical resources and staff, the healthcare industry is falling behind and cannot accommodate the growing patient population for the new coronavirus. In an effort to create an antidote to this virus, numerous scientific institutions are conducting rigorous experiments.

LATEST TRENDS

"Increasing Demand from Manufacturing Sector to Boost Market Growth"

Laser processing machines are in high demand in the manufacturing sector. The need for laser processing machines is increased by the growing sales rates in the industrial sectors such as consumer electronics, automotive, and the military. The constraint on a product's life span also helps the sales rate. These elements are fueling the expansion of the world market for laser processing machines. Due to the broadening demand for machines in industrialized nations, the laser processing machines market growth is experiencing significant expansion. The expansion of the global laser processing machines market is accelerated by the automobile industry's robust production rate.

Laser Processing Machines Market Segmentation

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• By Types 

Based on type, the market is classified into 2D and 3D.

• By Application

Based on the market is categorized into Automotive, Semiconductor & Electronics, and Others.

DRIVING FACTORS

"Technological Development to Give Market Extra Boost"

Due to the increased need for metal processing and fabrication, primarily driven by the automotive and heavy machinery industries, this market has had stable growth over the past few years. This has favorably impacted demand for laser processing machines. Businesses that manufacture and sell laser processing equipment are likely to look for and use emerging technologies like the Internet of Things and artificial intelligence to improve connectivity with their customers and boost revenue. Meanwhile, the adoption of cutting-edge technology like robotics, big data, and lean manufacturing techniques is anticipated to promote industry growth.

"Increasing Demand for Vehicles to Encourage Market Expansion"

The market for laser processing machines is anticipated to be driven by the rising demand for vehicles. A growing need for transportation, rising income levels, expanding urbanization, and other factors are all contributing to an increase in the demand for automobiles. The demand for laser processing machines will rise as the number of cars on the road rises, as these tools make precise designs possible and speed up the production of car parts. In order to create modern designs for autos, laser cutting machines are practical and efficient equipment for precision cutting and designing projects.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

Despite its many benefits, laser machining still confronts many challenges, one of which is its expensive price. Traditional plasma cutting is less expensive to maintain than laser technology. Although laser technology is becoming more popular, it is still an expensive technology to integrate.

Laser Processing Machines Market Regional Insights

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"Government Initiatives to Foster Growth in North America"

North America is anticipated to have the largest laser processing machines market share. Supportive government initiatives targeted at increasing per capita incomes have significantly contributed to the rise in consumer disposable income in the U.S. Rising disposable incomes are encouraging consumers to spend money on cutting-edge technology that comes with consumer goods to enhance their quality of life. The majority of emphasis in the U.S. is focused on new product advancements and smart home automation.

One of the biggest markets for laser processing equipment is Asia-Pacific. China is at the forefront of technical advancement. The government's supportive regulations and incentives have helped the nation's vehicle manufacturing industry experience rapid expansion. China also dominates the consumer electronics business in addition to the automotive sector. The target market in China is anticipated to grow as a result.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• IPG Photonics Corporation (U.S.)
• Rofin-Sinar Technologies Inc. (U.S.)
• Coherent, Inc. (U.S.)
• Jenoptik AG (Germany)
• Epilog Laser (U.S.)
• TRUMPF (Germany)
• Eurolaser GmbH (Germany)
• Trotec Laser GmbH (Austria)
• Bystronic (Switzerland)  
• FOBA (Germany)
• Mitsubishi Electric (Japan)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyzes elements that are probably to boost market share. The report makes forecasts for market expansion during the projected time period.