What are the Factors Driving The Laser Cutting Machine Market?
Laser cutting is a thermal cutting technology that uses lasers such as CO2, solid-state, and fibre to cut materials and for processing sheet metal. Laser cutting machines in Australia are competent to cut different materials ranging from steel to plastic with unquestionable precision. The laser beam is produced by the laser source known as resonator, performed by a shipping fibre or mirrors in the machine cutting head where a lens focuses it at very high energy on a very small diameter. Fibre laser is the most economical and efficient in the laser cutting technology in Australia. The laser beam is created by an active fibre and broadcast over a transport fibre to the machine cutting head. Fibre lasers are significantly smaller and produce twice as much power from the same amount of current as compare to CO lasers. A fibre cutting system is mainly suited for handling thin to thick sheet metal from steel and non-ferrous metals like copper and brass. It is one of the important engineering tools required by industries to manufacture modules with complex designs, such as consumer electronics, machine tool industry, automotive industry, and other manufacturing industries. The expanding globalization has led to enormous need among buyers for final products to the micron level. Moreover, the end-use division is widely embracing these machines to produce high-quality products in minimal time. The ever-increasing trend of automation is allowing manufacturers to automate various processes including laser cutting. Companies are investing in automation of laser cutting owed to the minimal stoppage and energy conservation needs. The vital players are focusing on cutting the price of these machines owing to the extreme battle among the vendors. The existence of a vast number of manufacturers has allowed them to adopt the pricing approach to reduce the cost and gain a huge market share. However, the high cost involved in the lack of technical expertise, execution of these devices, and high-power expenditure are expected to confront the industry growth.
One of the significant regions owing to the presence of robust industrial sector is expected to be North America. The region reported for over 31% revenue share in 2015 and is expected to reach over USD 1.97 billion by 2024. A key growth teamster of the market is probable to be the rapid development and increasing demand for laser cutting machines from growing economies such as South Korea, China, India, South Africa, and Brazil, which will further fuel the requirement for laser cutting machines over the forecast period. Demand for laser cutting machines is rapidly increasing, owing to the growing number in which different types of laser cutting processes can be used. Asia Pacific is expected to be the fastest-growing region owing to the existence of vigorous economies such as China, India, and Japan. The expanding implementation of laser systems in the manufacturing sector is boosting the regional growth. Moreover, the strong growth in industries that use laser cutting to manufacture – consumer electronics, semiconductors, and automotive components is expected to run demand.
The industrial sector is expected to overshadow the laser cutting machine market reaching over USD 1.78 billion by 2024. The growth can be credited to the increasing industrial sector in the developing countries worldwide. The growing use of these machines to clean molds during the production process is impacting to the industrial sector growth. Consumer electronics is projected to be the fastest-growing sector over the forecast period. These lasers are sourced for welding and cutting in electronics and other consumer products. Laser-based machines are normally used to cut printed circuit boards. Furthermore, the short shelf life of these devices is projected to increase the prerequisite for the machines over the forecast period.
The fastest growing at a CAGR of over 9.4% from 2016 to 2024 is estimated to be gas sector. Rapidly increased demand for improved machining tools and equipment is driving the acceptance of these lasers. They are commonly used in bar code reading, dye laser pumping, laser printing, barcode reading and for making holograms. The solid state is expected to take over the technology sector owing to the demand for these in low-power applications. Additionally, the broad acceptance of this technology in medical applications such as dentistry, endoscopy, and skin rejuvenation is enhancing the demand for the solid state over the forecast period. Technological innovations in CO2, YAG, and fibber lasers are enabling greater adoption in areas such as military, consumer electronic, and healthcare.
The flame sector is expected to dominate the market by 2024. The flame-based process offers an improved finish, high quality, and high cutting speed compared to other techniques. The increased demand for lowering tiny alloys of steel and carbon is projected to boost the revenue for the flame-based process. Fusion sector is forecast to grow at a CAGR of over 9.4% from 2016 to 2024. This process is suitable for cutting structural steel and electrical sheets in the production and prototyping of electric motors owing to the high flexibility and faster-cutting speed the process is expected to take over the industry over the projected period.
Apart from the mentioned factors stable growth of automobile industry is one among the primary factors which is driving the global laser cutting machine market in Australia. Manufacture skills of automobiles has observed substantial increase in past decade in Asian countries such as India and China. Increasing needs of accurate and exact shapes in Aerospace and defence sector, Industrial machinery, and Electrical and electronics sector is further expected to increase demand for laser cutting machines in near future. The recent introduction of industrialized fibre and disc lasers signifies a major technology shift in solid-state laser processing, which is projected to be the developing trend in the worldwide laser cutting machines market over the forecast period.
After looking into these important factors that are driving the laser cutting machine market not only in Australia but all over the world, every company start working on them so as to compete in this market of laser cutting machine but at ACCU GROUP we have already looked into them and have been working on them from the last few years so, you can feel future proof ready for the future with ACCU GROUP.