Laser Cutting Machines Market Size Worth $6.72 Billion By 2024

The global laser cutting machine market size is anticipated to reach USD 6.72 billion until 2024. This growth can be attributed to the rising usage of these technologies for automating the industrial processes. Moreover, the rising usage of YAG (Yttrium Aluminum Garnet), CO2, and fiber lasers for cutting applications is projected to drive the demand for such machines.

The technology segment of gas is anticipated to witness fastest growth with 9.4% CAGR from 2016 to 2024 due to its increasing usage in hologram making, laser printing, and dye laser pumping. While, the solid state segment is projected to witness highest share due to increasing usage of such technologies in applications requiring low power.

In 2016, the industrial application segment dominated the global market on account of the rapid growth of the industrial sector. On the other hand, the consumer electronics segment is anticipated to witness the fastest growth due to the increasing usage of such machines for carrying out activities like welding and cutting.

North America held the largest share of 31.0% in 2015 due to the surging development being carried out in the industrial sector across countries like the U.S. and Canada. While the Asia Pacific is expected to register the highest growth in the upcoming years on account of the emergence of consumer electronics and automotive sectors across countries like India and China.

The laser cutting machines market includes key players such as Alpha Laser GmbH, Bystronic Inc., Coherent Inc, Fanuc Corporation, and Jenoptik Laser GmbH. They are continuously engaged in the development and innovation of various products and technologies to widen their product reach and to gain a competitive advantage over other players.

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Further key findings from the report suggest:

• The process segment of flame cutting dominated the global market.

• In 2015, the industrial segment dominated the global market.

• North America accounted for an overall share of around 31.0% across the global market in 2015.

• The key players in this market are Alpha Laser GmbH, Bystronic Inc., Coherent Inc, Fanuc Corporation, and Jenoptik Laser GmbH.

Million Insights has segmented the global laser cutting machines market on the basis of technology, process, application, and region:

Laser Cutting Machines Technology Outlook (Revenue, USD Billion; 2015 - 2024)
    • Solid State Lasers
    • Gas Lasers
    • Semiconductor Lasers

Laser Cutting Machines Process Outlook (Revenue, USD Billion; 2015 - 2024)
    • Fusion Cutting
    • Flame Cutting
    • Sublimation Cutting

Laser Cutting Machines Application Outlook (Revenue, USD Billion; 2015 - 2024)
    • Automotive
    • Consumer Electronics
    • Defense and Aerospace
    • Industrial
    • Others

Laser Cutting Machines Regional Outlook (Revenue, USD Billion; 2015 - 2024)
    • North America
    • Europe
    • Asia Pacific
    • RoW