Credence Research recently reported on their research related to the laser cutting machine market and how this technology is expected to expand between 2016 to 2024. The report includes market insights, the aspects of growth, future potential, competitive analysis, and the forecast of the global laser engraving market.
Laser Industries & Applications
Laser technology has evolved and expanded across several and varied industrial applications including engraving, cutting, marketing, micro-processing, and drilling. Laser systems are most commonly used in applications for cutting metals, non-metals, and various polymer materials.
Laser engraving technology is also used for drilling for crude oil and in mines for extraction purposes, for industrial manufacturing, marking products, and for a range of microprocessing applications.
Laser Growth & Demand
The rise of industry has driven the growth of machines used for laser cutting, engraving, marking, and etching across my segment of the industry. It’s used in the automotive, medical, food and beverage, pharmaceutical, welding, tool making, electronics, and other industries.
The demand for faster, cost-effective, sustainable, and precision laser engraving and cutting machines has also grown over the past few decades. Additionally, the superior advantages of using laser systems drive its growth over traditional methods of cutting, marking, etching, and engraving.
- Flying Optic
- Moving Material
These various types and technologies provide different functions in several industries all across the world. Some are used for marking expiration dates, product information, tracking information, and other vital data for products that go to grocers, auto parts stores, medical and healthcare providers, electronics and computers, and a huge range of consumer and industrial products.
Laser Technology Competition
The global laser market consists of four top major players that make up about 45 per cent of the market share. The market also consists of regional laser cutting machine manufacturers. Therefore, the vendors in this industry often confront strong competition among the major players. The global companies operate mostly in Europe and China, with others being found in the United States and other countries.
Laser Technology Trends
- Automation: Manufacturing and industrial sectors are constantly focusing on the automation of laser cutting systems to streamline their operations and create more precise results.
- Expansion: There are high expectations for global and geographical expansion via inorganic and organic growth.
- Fiber: Fiber laser systems are trending in micro and healthcare applications for its efficiency and speed.
- Flexibility: Manufacturers and other industries are on the lookout for a big future in more flexibility in operational functions.
Laser engraving technology has evolved and grown over the past several decades. What was once Einstein’s dream has become a reality because of innovative geniuses who took his formula and expanded upon it to create laser beam light and then later systems that could focus the beam of light for various applications.
Today, laser cutting technology is fast-becoming the standard across industries for more applications than anyone thought possible. It seems laser engraving systems technology is only limited by the imagination.