Global Laser Cutting Machine Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Laser cutting refers to a process that uses a laser for cutting different materials for both industrial and artistic applications, such as etching. The laser cutting machine is used for precision cutting and designing projects in a wide range of industries. Laser cutting machines emit a high-powered laser beam to either cleanly cut or carve a specific design on materials such as steel, plastic, or wood and are mostly used for industrial manufacturing applications.

Sizing and Forecast
The laser cutting machine market size has grown rapidly in recent years. It will grow from $5.06 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%.  The growth in the historic period can be attributed to demand for precision engineering solutions, development of compact machines, shift towards high-power lasers, growing role in electronics manufacturing, adoption in aerospace and defense.

The laser cutting machine market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.  The growth in the forecast period can be attributed to shift towards compact and versatile systems, precision engineering requirements, market expansion in emerging economies, advancements in material processing, environmental sustainability. Major trends in the forecast period include adoption of fiber laser technology, increased automation and integration, advancements in power and speed, expansion in industrial applications, customization and personalization.

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Segmentation & Regional Insights
The laser cutting machine market covered in this report is segmented –
1) By Technology: Solid State, Gas, Semiconductor
2) By Process: Fusion Cutting, Flame Cutting, Sublimation Cutting 
3) By End User Industry: Automotive, Consumer Electronics, Defense And Aerospace, Industrial, Other End User Industries

North America was the largest region in the laser cutting machine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the laser cutting machine market share during the forecast period. The regions covered in the laser cutting machine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing demand for automobiles is expected to drive the laser cutting machine market. The demand for automobiles is increasing due to growing need for transportation, increasing income levels, rapid urbanization, and others. This increasing demand for automobiles will elevate the demand for laser cutting machines as these machines help in creating precisive designs and fastening the process of manufacturing auto parts relating to automobiles. Laser cutting machines are effective and efficient tools for precision cutting and designing projects related to automobiles to achieve modern designs. For instance, according to the India Brand Equity Foundation (IBEF), in India, all automotive segment sales increased from 17.47 million units in January-December 2020 to 18.49 million units in the calendar year 2021, showing an increase of 5.8%. In addition, The Indian automotive industry (including component manufacturing) is predicted to reach $251.4-282.8 billion by 2026. It indicates the demand is growing for automobiles. Therefore, the growing demand for automobiles is driving the laser cutting machine market.

Key Industry Players
Major companies operating in the laser cutting machine market report are Trumpf Laser GmbH + Co KG, Coherent Inc., Amada Co Ltd., Jinan Golden Laser Co Ltd., Han's Laser Smart Equipment Group Co Ltd., IPG Photonics Corporation, Prima North America Inc., Bystronic AG, Jenoptik Laser GmbH, Mazak Corporation, Wuhan Raycus Fiber Laser Technology Co Ltd., Shenzhen Raycus Fiber Laser Technology Co Ltd., LVD Company NV, Glorystar Laser Co Ltd., Maxphotonics Technology Co Ltd., Universal Laser Systems Inc., HG Laser Co Ltd., Epilog Laser, MORN Laser, Mitsubishi Laser Machinery Co Ltd., Rofin-Sinar Technologies Inc., Trotec Laser GmbH, GCC Laser, Golden Laser Group Co Ltd., Dongguan Aowei Laser Technology Co Ltd., Reci Laser Technology Co Ltd., Raytech Laser Co Ltd., ACCURL Laser Technology Co Ltd., Sino-Stargle Laser Technology Co Ltd., Bodor Laser

The laser cutting machine market report table of contents includes:
1. Executive Summary
2. Laser Cutting Machine Market Characteristics
3. Laser Cutting Machine Market Trends And Strategies
4. Laser Cutting Machine Market - Macro Economic Scenario
5. Global Laser Cutting Machine Market Size and Growth
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32. Global Laser Cutting Machine Market Competitive Benchmarking
33. Global Laser Cutting Machine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Laser Cutting Machine Market
35. Laser Cutting Machine Market Future Outlook and Potential Analysis
36. Appendix