The global laser cutting machine market is expected to have a CAGR of 9% during the forecast period 2016-2023.
Laser cutting process offers many advantages over conventional cutting process such as faster operation as majority of the work is automated, flexible to use, fine and accurate cuts are obtained without any contamination and there is no deformation of the metal edge. Moreover, laser cutting technology requires less energy for metal cutting hence is consumes less power thus more cost effectiveness. The key factor driving the growth of global laser cutting machine market is the increased demand for automation in industrial sector.
Asia Pacific is the largest market for global laser cutting machine market in terms of market revenue share. The key factor contributing to the market growth in Asia Pacific is the increasing gross domestic product (GDP) and development of industrial sector in the developing countries of Asia Pacific such as India, China, and Japan etc. Moreover, the increasing investments in the automotive, industrial machinery, aerospace and defence industries in the Asia Pacific region is contributing significantly to the market growth. However, North America is expected to emerge as the fastest growing market due to the presence of powerful industrial sector. Moreover, the North America region accounted for significant market revenue share of 31% in 2015.
Read more: Global Laser Cutting Machine Market (2017-2023): Increased Demand For Automation in Industrial Sector