Global laser cutting machine market to reach $6.72 billion by 2024

The global laser cutting machine market is expected to reach $6.72 billion by 2024, according to a new report by New York-based Grand View Research Inc. titled “Laser Cutting Machine Market Analysis by Technology (Solid State Lasers, Gas Lasers), by Process (Fusion Cutting, Flame Cutting, Sublimation Cutting), by Application (Consumer Electronics Defense and Aerospace), and Segment Forecasts, 2015-2024.”

Increasing use of fiber, CO2, and YAG lasers for cutting applications in the consumer electronics and industrial sectors is expected to augment the demand for the laser cutting machines market.

Consumer electronics is anticipated to be the fastest-growing sector, owing to the rising implementation of lasers in material processing applications such as cutting, welding, and engraving. Moreover, the need for high power input and efficiency-based cutters are driving the demand for laser cutting machines over the forecast period.

The fusion cutting process is estimated to be the fastest-growing segment at a CAGR of more than 9.4 percent from 2016 to 2024. The industrial sector is expected to dominate the market over the forecast period. The growing trend of automation in the manufacturing process is increasing the demand for laser cutting machines.

The Asia Pacific laser cutting machines industry is expected to remain the largest market, owing to the rising GDP and rapid expansion of the regional manufacturing sector. Moreover, regional growth is strong in industries that use laser cutting to produce semiconductors, consumer electronics, and automotive components. As these sectors are expanding, the need for laser cutting machines in this region is also increasing.

Read the full report, visit www.reportlinker.com/p04785476-summary/view-report.html.