Laser Cutting Market to Hit $3.77B in 2018

The laser cutting market is expected to reach $3.77 billion in 2018, according to a new market research report.

The report examines the laser cutting, drilling, marking and engraving market by technology (CO₂ laser, excimer laser, Nd:YAG laser and fiber laser), base material (metals, polymers), application (electronics, machine part marking, medical, signage) and geography between 2013 and 2018. The value of that market was $2.08 billion in 2012 but will reach nearly $4 billion in 2018, at an estimated compound annual growth rate of 9.71 percent, according to the report by MarketsandMarkets.

The rapid adoption of lasers in materials processing over the past decade to replace older mechanical tools, such as saw cutters and drill bits, has changed the market dramatically, and “the laser cutting market is experiencing a positive growth trend because of the boost from the government bodies, regulatory bodies, and associations of various kinds,” MarketsandMarkets said. The company cited rulings by the Federal Aviation Administration making it compulsory to have wires and parts laser-marked and the FDA’s pushing manufacturers to mark equipment and drug packages as just two examples of the growing use of lasers in materials processing.

For more information, visit: http://www.marketsandmarkets.com/Market-Reports/Laser-Cutting-Boring-and-Engraving-Machines-Market-611.html