LONDON–(BUSINESS WIRE)–#CapitalGoods–The global laser cutting machine market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
Vendors have been initiating various steps to produce automated cutting machines to meet market demands for optimized flexibility and personalization in terms of product design and proportions in the cutting process. Thus, individual standalone laser cutting machines can now be integrated into the production flow using automated software, which allows large industrial plants to shift toward unmanned production processes partially. Thus, the growing focus on automation will fuel the demand for automated laser cutting machines during the forecast period.
As per Technavio, the rising digitalization in manufacturing processes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global laser cutting machine market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global laser cutting machine Market: Rising Digitalization in Manufacturing Processes
Rising digitalization is helping the laser cutting industry to become more competitive on a global level. Digitalization offers several benefits, which includes real-time connectivity with the user, enhanced flexibility, reduction of wastage during the manufacturing operation, increased ROI, and reduced time-to-market as well as inventories. With technological innovations such as IoT, blockchain, AI, and others, gaining prominence, digitalization is expected to be a key trend in the manufacturing landscape, which will fuel the growth of the laser cutting machine market during the forecast period.
“Apart from the rising digitalization in manufacturing processes, other factors such as technological innovations, and the growing focus on additive manufacturing will have a significant impact on the growth of the laser cutting machine market value during the forecast period,” says a senior analyst at Technavio.
Global laser cutting machine Market: Segmentation Analysis
This market research report segments the global laser cutting machine market worth by product (fiber, solid-state, diode, and others), end-user (automotive; aerospace and defense; electrical and electronics; industrial machinery; and others) and geographic regions (North America, Europe, APAC, South America, and MEA).
The APAC region led the laser cutting machine market in 2018, followed by Europe, North America, South America, and MEA, respectively. The growth of the laser cutting machine market share in APAC can be attributed to factors such as the emergence of local vendors that provide low-cost laser cutting machines, and the presence of skilled labor.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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