the global laser cutting market is expected to grow from $3.02 billion in 2018 to $6.72 billion by 2023

May 06, 2023

According to a new market research report published by MarketsandMarkets, the global Laser Cutting market is expected to grow from $3.02 billion in 2018 to $6.72 billion by 2023, at a CAGR of 17.26% during the forecast period.

The report states that the increasing demand for high-quality and precise cutting, growing adoption of laser cutting in the automotive industry, and rising demand for customized metal products are driving the growth of the laser cutting market.

The report also highlights the growing adoption of fiber lasers due to their high efficiency, low maintenance, and low operating costs. The market for fiber lasers is expected to grow at the highest rate during the forecast period.

North America is expected to hold the largest share of the laser cutting market during the forecast period due to the presence of major players in the region and the increasing adoption of laser cutting in the automotive and aerospace industries.

The key players in the laser cutting market include Trumpf (Germany), Bystronic (Switzerland), Coherent (US), IPG Photonics (US), Jenoptik (Germany), Han’s Laser (China), Amada Miyachi (US), Epilog Laser (US), Lumentum (US), and Universal Laser Systems (US).

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