According to a new report published by Allied Market Research, the global laser cutting machines market was valued at $3 billion in 2015 and is expected to reach $5.7 billion by 2022, growing at a CAGR of 9.3% from 2016 to 2022.

Portland, OR -- (SBWire) -- 06/19/2017 --Laser cutting machines are used for metal processing by cutting different types of metals. The improved quality of cutting provided by the laser cutting processes along with the automation abilities integrated in the system drive the market. Demand for increased production also boost the market. However, presence of substitute machinery and high R&D budget negatively affect the market. The technological advancements possible along with the new features already being introduced fuel the market growth.

Based on technology, laser cutting machines market is segmented into solid state laser, gas laser, and semiconductor laser. Solid state laser was the highest revenue contributor and accounted for around 40% share of the overall market in 2015. However, gas laser is expected to witness rapid growth during the forecast period.

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Based on processes, laser cutting machines market is divided into fusion cutting, flame cutting, and sublimation cutting. Flame cutting segment constituted largest market share in 2015 however, fusion cutting segment registered a highest CAGR of 9.7%, during the forecast period.

Based on end user, laser cutting machines market is classified into automotive, consumer electronics, defense & aerospace, industrial, and others. Among all end users, industrial segment generated the highest revenue.

In 2015, North America was the highest revenue contributor, with over 30% of the global market share. Asia-Pacific is expected to be the fastest growing region during the analysis period owing to increase in number of manufacturing facilities and increase in purchasing power of people in the developing nations.

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Key Findings of the Laser Cutting Machines Market:

1. Solid state laser generated the highest revenue and accounted for around 40% share of the overall market in 2015.

2. Flame cutting segment contributed largest market share in 2015

3. In 2015, North America was the highest revenue contributor, with over 30% of the global market share.

4. Asia-Pacific is expected to be the fastest growing region owing to the increase in number of manufacturing facilities and increase in purchasing power of people in the developing nations.

Key players profiled in the report include Coherent Incorporation, Jenoptik Laser GmbH, ALPHA Laser GmbH, Bystronic Incorporated, Epilog Laser Inc., IPG Photonics Corporation, Trumpf GMBH + Co. Kg, and Amada Miyachi Company, Ltd.