Laser Cutting Machines Market Size To Reach $6.72 Billion By 2024

As with other industries, the machine tools market felt the effects of the Great Recession. As a result, the number of laser machines sold receded. This trend has reversed itself as the economy slowly recovers. What is driving this growth? Let’s examine the trends behind this change.

Asia-Pacific Growth

The Asia-Pacific region is quickly industrialising and enlarging its production presence. Manufacturing plants are set up to produce consumer electronics, semiconductors, and automotive components. And so, the biggest worldwide market for machine tools can be found here. Brazil and other emerging economies with a strong manufacturing sector also have the same growth.

Recovering Industries

In America and the developed world, industries such as consumer electronics, aerospace and automobile manufacturing, renewable energy, medical device manufacturing, and semiconductors are recovering. This recovery is reflected in the manufacturing Purchasing Managers Index (PMI).

Today, air traffic continues to grow globally, increasing demand for machine tools that serve the aerospace industry. Expanding automobile usage in developing countries also drive demand for machines to produce automotive components.

The defense industry also depends on the precision of laser machines. As conflicts around the globe threaten to erupt into major military standoffs, the defense sector will have a continuing need for military equipment.

Consumer Electronics

The world loves its digital gadgets such as tablets, and cellphones. Laser cutting machines are commonly used to cut everything from printed circuit boards to iPhone glass enclosures. Not only are more people purchasing these devices now, but consumer product life spans are also getting shorter. It’s common for people to trade in their old phone every year or so.

Manufacturers now realize that they must work efficiently for survival. Laser machines enable them to automate many processes. These machines can not only cut parts and patterns precisely, but also do so over and over with consistency and at high speeds. Laser cutters conserve energy, have minimal downtime, and work round the clock. Once programmed and setup, these machines always produce, making them a smart investment for manufacturers.

Laser cutters are flexible machines that can be used to accurately cut parts out of materials as diverse as metals, plastics, composites ceramics, paper, and wood.

Each of these factors make a significant impact on the worldwide laser cutting market. When taken collectively, the growth in emerging economies, the recovering industries, the booming businesses, and the automation in factories combined to drive tremendous growth.

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