LASER WELDING MACHINES MARKET Size & Share Analysis
The size of Laser Welding Machines market is USD 423.2 million in the current year and is anticipated to register a CAGR of over 5% during the forecast period. Key Highlights.
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LASER WELDING MACHINES MARKET Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06487542/?utm_source=GNW The size of Laser Welding Machines market is USD 423.2 million in the current year and is anticipated to register a CAGR of over 5% during the forecast period.Key HighlightsThe COVID-19 outbreak proved very drastic for a variety of businesses and forced governments across the globe to implement strict lockdowns and led to social distancing being made mandatory to contain the spread of the virus, which disrupted the supply chain and halted welding activities across the world. As a consequence of the COVID-19 epidemic, countries were left with no alternative but to temporarily halt their welding operations with one another, which significantly impacted the supply of commodities, consequently producing a disruption in the supply chain. The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, medical, electronics, etc., across the world.Developed regions like North America and Europe adopted laser welding techniques long back for many applications when compared to other developing economies. These developed regions are expected to fuel the growth of the market significantly owing to factors such as the rising trend of automation, and continuous advancements in welding technology.Currently, laser welding is used in numerous different fields, ranging from highly precise micro-welding of medical devices to small-scale manual welding in the medical and jewelry industries, from the manufacture and repair of dies and tools to fully automated laser welding in the automotive and heavy manufacturing sectors.Furthermore, the market is also driven by the growing demand for fabricated metal products, development of heavy industrial equipment, advancement in the manufacturing processes, and adoption of latest technologies. Additionally, the demand for automated equipment is also increasing due to the shortage of skilled personnel in some of the regions studiedLaser Welding Machines Market TrendsIncreasing Demand from the Automotive IndustryThe use of laser in automotive manufacturing has increased intensely over recent years. Although the lasers are initially developed mainly to cutting applications, a significant and growing proportion of lasers is being applied to welding.The application of lasers in the manufacture of components covers engine parts, transmission parts, alternators, solenoids, fuel injectors, fuel filters, etc. Improved productivity and reduction of cycle time play an increasing role in current industrial manufacturing. Especially within the automotive industry, where the total length of laser welded seams can add up to more than 50 meters per car, it is important to minimize processing time by means of high welding speeds. Compared to conventional welding, laser welding allows for heat conduction welding and deep penetration welding, as well.According to industry sources, global light vehicle production units have been remarkable and it only continues to grow. APAC is expected to register the highest growth rates in terms of production volumes followed by North America. This scenario is expected to create demand for the laser welding machines and other related machines associated with the automotive manufacturing process.Fastest Growing Market- Asia-Pacific RegionAs per the analysis, Asia-Pacific (APAC) is estimated to grow faster than other regions during the forecast period. The region has the highest number of manufacturing plants where the adoption of laser welding machines, which focus on improved productivity is essential.China is expected to be the major country in the region owing to its vast manufacturing sector. Additionally, automotive is one of China’s pillar industries, and it continues to be the largest vehicle market in the world.Coming to ASEAN countries, the manufacturing sector has been one of ASEAN’s key economic growth drivers. Economies in this region have low operating costs, which attract many businesses from larger manufacturing bases.In recent times, China has seen rising wages and tighter regulations, which has led to an increase in operating costs as it shifts towards higher-value manufacturing. In order to replace the role that PRC once played, companies are looking to the ASEAN region for lower-value production networks which have also been largely integrated into global manufacturing value chains. As per the analysis, welding machine manufacturers should align their distribution channels to focus on the growing markets by serving the emerging manufacturing sectors to increase their sales.Laser Welding Machines Industry OverviewThe laser welding machines market is fairly fragmented in nature with the presence of large global players and small and medium sized local players with quite a few players who occupy the market share. When analyzing major countries’ manufacturing establishments, it is revealed that many of the global companies have footprint in the major countries. Detailed analysis of major companies, which include company overview, financials, products offerings, recent developments, etc. are covered in the report.Additional Benefits:The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06487542/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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