Laser Welding Machine Market to grow at a CAGR of 5.5% during 2024-2028
The Laser Welding Machine Market is expected to grow at a CAGR of 5.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 504.4 million. In the realm of advanced manufacturing technologies, additive manufacturing, also known as 3D printing, has emerged as a game-changer. This process constructs objects layer by layer from a digital file, enabling the production of intricate geometries that conventional methods find challenging. By eliminating the need for cutting, bending, welding, and casting, additive manufacturing streamlines the manufacturing process. Moreover, it optimizes material usage and significantly reduces wastage, as opposed to conventional manufacturing where excess material is removed and later reused, adding to production costs. Manufacturers can now produce entire products using additive manufacturing, thereby eliminating the need for multiple manufacturing processes and associated investments.
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Technavio analysts predict that the Automotive subsegment will lead the End-user segment during 2024 and 2028 In the automotive sector, laser welding has become a preferred method due to its precision and efficiency. This technology allows automakers to join metal components with minimal distortion, resulting in robust and durable welds. Its application is particularly significant for lightweight materials, such as aluminum, which are increasingly used in modern vehicles to enhance fuel efficiency. For automotive original equipment manufacturers (OEMs), laser welding offers the capability to produce intricate and complex welds for various automobile components, including body panels, chassis components, exhaust systems, and battery packs in electric vehicles. Compared to traditional welding techniques, laser welding accelerates production and reduces costs.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing benefits of laser welding over conventional welding
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The Laser Welding Machine market is experiencing significant growth due to the industrialization trend and the increasing demand for non-contact welding solutions. Fiber lasers, a popular type of laser welding machine, are gaining popularity in precision manufacturing industries such as semiconductor, automotive, and aerospace, where high-quality fabricated metal parts are essential. IPG Photonics, a leading player in the laser market, offers user-friendly interfaces and automated solutions for high-speed welding applications. The semiconductor industry, in particular, benefits from the labor cost savings and consistency offered by laser welding. The jewelry and medical industries also utilize laser welding for high-volume applications, requiring precise metal joining. The concentrated laser beam enables the manufacturing environment to maintain a clean and controlled atmosphere, which is crucial in these industries. Traditional welding machines, on the other hand, can be labor-intensive and may result in inconsistent welds. The use of raw materials in traditional welding can also be costly due to the need for shielding gases and filler metals. In conclusion, the Laser Welding Machine market is poised for continued growth in various industries, including automotive, semiconductor, jewelry, and medical, due to its ability to offer high-precision, labor cost savings, and a clean manufacturing environment.
The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by the manufacturers of equipment utilized in industrial settings. Factors fueling the expansion of this market include the increasing industrial output in process and discrete industries, driven by the growing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries.
The Laser Welding Machine Market is experiencing significant growth, fueled by the growing benefits of laser welding over conventional welding. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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