Albany, NY -- (SBWIRE) -- 12/10/2018 -- Global laser cutting machines market was valued at USD 2.43 billion in 2014, growing at a CAGR of 10.3% from 2014 to 2020. The laser cutting machine is a machine which uses laser beam to cut materials such as acrylic, plastic, wood, fabric, and many other non-metallic materials. The laser cutting machines initially casts laser beam on the surface of work piece, melts it and finally evaporates the particular area of work piece using the energy released by laser. Furthermore, the laser cutting technique is able to improve working efficiency and reduce cost. Laser cutting machines are widely used to process metal and non-metal materials. It also symbolizes significant manufacturing tools, which are important to the production of a range of finished goods and manufactured parts.
The global laser cutting machines market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The laser cutting machines market is primarily driven by the rising demand for the aesthetics and growing vehicle productionglobally. The increasing demand for high technology appliances such as home entertainment systems and personal computers are rising rapidly. In order to manufacture and design these protect, there is a requirement of laser cutting machines. In addition, the rapid cutting speed and extremely precise cutting are also the factors responsible for the growth of laser cutting machines market.
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Geographically, North America led the global laser cutting machines market in 2014 and the region is expected to continue its dominance till 2020. This region has seen significant growth in laser cutting machines due to the industrial sector. Laser cutting machines that are used for cutting industrial metals are more beneficial over plasma cutting machines as it offers more precise cutting by utilizing less energy. Asia Pacific is the second largest and fastest region growing in the laser cutting machines market. The growth in sales of consumer electronics in this region is the prime driving factor for the increase in the usage of laser cutting machines.
The laser cutting machines market is segmented on the basis of technology into solid state lasers, gas lasers and semiconductor lasers. Among all, solid state lasers held the highest market revenue share in 2014 and are expected to remain so during the forecast period. Demand for solid state lasers is mainly attributed due to their wide range of applications in end use industries such as automotive, consumer electronics, defense and aerospace, industrial and others. Solid state lasers are potentially high powered and extremely efficient due to a small quantum defect. Solid state lasers are closely followed by gas lasers.
The laser cutting machines is segmented by process into fusion cutting, flame cutting and sublimation cutting. The laser cutting machines market is dominated by flame cutting process owing to high cutting speed and better cut quality. Laser flame cutting process cuts the thick plates such as mild steel at a very high speed as compared to other processes. Fusion cutting is the second most prominent cutting process in the laser cutting machines market after flame cutting process.
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The laser cutting machines market is further segmented by end use industry into automotive, consumer electronics, defense and aerospace, industrial and others. The global laser cutting machines market is majorly dominated by industrial segment due to growing industrialization in emerging countries globally. The increasing demand for smart phones and LCD televisions has added an extra advantage in the laser cutting machines market in the consumer electronics industry. Consumer electronics industry is analyzed to be the fastest growing end use industry for laser cutting machines market and is expected to attain a significant growth in the recent future.