Global Laser Cutting Market To Hit US$5.7 Billion By 2022
Global Laser Cutting Market To Hit US$5.7 Billion By 2022
The global laser cutting market has a projected CAGR of 9.3 percent from 2016 to 2023 and will grow to reach US$5.7 billion by 2022. This can be attributed to heightened production demands from various industries and the shift towards automation. With regards to the automotive, consumer electronics and defense industries, their growth has resulted in an increased demand for machines that drive manufacturing processes and these has in turn spurred the growth of the laser cutting industry.
Currently, alternatives to laser cutting such as offer similar features and are able to offer some benefits that laser cutting cannot provide. However, the market competition posed by these alternatives are expected to dwindle with time due to the constant technological improvements that laser technologies are experiencing.
Based on technology, the laser cutting market can be segmented into solid state lasers, gas lasers and semiconductor lasers. Solid state laser was the highest revenue contributor and comprised about 40 percent of the total market share in 2015. However, gas laser is expected to witness rapid growth till 2023.
Although the US contributes significantly to the growth of the industry, Asia-Pacific is expected to be the fastest growing region moving forward. This can be attributed to an increase in the number of manufacturing facilities and the growing purchasing power of consumers in developing nations.
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