According to a report released by Grand View Research, the global market for laser cutters is expected to rise to up to 6.72 billion dollars by 2024. This doesn’t come as a surprise as more businesses are implementing the use of lasers in their products. Leading electronics and industrial sectors are increasing their use of CO2, fiber, and Yttrium Aluminum Garnet (YAG) lasers, augmenting the market for these machines further.
Experts from AP Lazer explains that this success is due to the versatility of laser cutters and their wide range of applications including precise engraving, cutting, and wielding. These tools are capable of creating detailed patterns at advanced speeds and with consistent results. Major players in the industry are now focusing on bringing these devices at a more affordable price.
The growth of the industrial sector in developing countries is dominating the market with a forecast of 1.78 billion dollars by 2024. Laser machines have helped the sector prosper as they help speed up certain manufacturing processes. These tools also have a major contribution to consumer electronics, one of the fastest-growing segments worldwide. They are used in cutting circuit boards and display cases among many others.
North America is reported to be the biggest user of the laser technology, but key players from the Asia Pacific like Japan, China, and India are making headlines for their laser applications and robust economy. As more countries adopt laser systems, a strong and steady growth is to be expected for the manufacturing sector.
Laser cutters are becoming more accessible for companies and small businesses alike, and makers are discovering the endless ways that they can use them for their projects. The demand for high-speed drilling and cutting makes lasers indispensable. With these forecasts, we may expect to see laser systems replacing conventional cutting tools soon.