Laser Cutting Machine Market to Witness Growth Owing to Rising Demand From Automotive Industry by 2028 | Million Insights

FELTON, California, March 19, 2019 /PRNewswire/ -- Global Laser Cutting Machine Market is estimated to grow considerably in the forecast period owing to the flourishing automotive industry. Laser cutting is a technology that cuts steel and alloy materials used for industrial applications. It is majorly used in applications, such as internal and external body fabrication for aircraft, ships, robots, automobiles, art and sculpture. Laser cutting machines enable metal fabricators to manufacture high-quality components that need minimum, if any, finishing work. In the laser cutting process, laser never damages the metal, leading to less or no wearing out on the machine.

Laser cutting machine market is majorly driven by growing industrialization, increase in urbanization, high adoption of laser cutting machines by end users, and rise in investments by manufacturers. However, significant cost associated with the installation of these machines, low technical expertise and high consumption of power are predicted to restrain the laser cutting machine industry.

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Increasing automation in laser cutting machines is an emerging trend in the market. Moreover, manufacturers are increasingly focusing on reducing prices of laser cutting machines due to high adoption by end users and intense competition among the market players. Laser cutting machines market is categorized on the basis of process, technology, end user, and geography. On the basis of process, laser cutting machine industry is divided into flame cutting, fusion cutting, and sublimation cutting.

Based on technology, laser cutting machine market is split into gas lasers, semiconductor lasers, and solid state conductors. Gas segment is anticipated to lead the market in future due to rise in demand for better-quality equipment and machining tools. Moreover, semiconductor lasers segment is expected to lead the market due to its wide applications. Semiconductors are comparatively cheaper than other types of lasers, consumer less power, and are compact in size.

In terms of end user, laser cutting machine industry is bifurcated into consumer electronics, industrial use, automotive applications, defence and aerospace, and others. Consumer electronics segment is predicted to contribute significantly to the market due to growing urbanization and high demand from consumer electronics from both developing and developed economies. Furthermore, defence and aerospace and automotive segments lead the market due to increase in applications and rise in demand for automobiles.