The laser welding equipment market is expected to increase by US$ 373 million by 2025, expanding at a 4.8% CAGR between 2022 and 2032. Laser beams are now widely used and considered “commonplace” as laser technology advances. Laser welding can be used to join a wide range of materials.
High melting point and heat conductivity materials are ideal for laser welding equipment. The method is useful for joining parts that require fast welding with minimal thermal distortion. Laser welding is typically used in one-of-a-kind applications where no other welding method would suffice.
Key growth industries such as photovoltaics, entertainment electronics, and medical device technology are all interested in the product. The continued growth of photovoltaic demand and subsequent production is largely responsible for the global laser welding equipment market’s expansion. The machinery is extremely precise, adaptable, and productive, allowing for the mass production of novel products.
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The global laser welding equipment market is expected to grow due to the extensive usage of laser welding equipment in various end-user segments. The growing market has been experiencing a phase of emerging acceptance by many new customers that are new to the laser. The global laser welding equipment market is being expanded based on three-pronged areas including the already existing users that are increasing their use of laser welding equipment for explicit applications; the development of new technologies for new applications; and the development of new applications for existing technologies.
Recently heavy industries such as the wind industry has been increasing their usage of laser welding equipment so as ensure a lower cost of offshore wind energy. The wind turbine towers and substructures are becoming the prime focus points for laser welding equipment manufacturers.
Laser Welding Equipment Market: Drivers & Restraints
The global laser welding equipment market is expected to grow due to increasing demand from the automotive sector as well as the construction sector. The market augmentation is further supported by the emerging economies such as Asia pacific with high growth potential industries such as wind energy. The rising importance of wind energy is expected to promote the global laser welding equipment market.
The emergence of the new procedures and applications globally coupled with new technological development is further driving the growth of the global laser welding equipment market.
Conversely, the shortage of skilled labours in the industries of manufacturing is accepted to confine the market growth. It is also anticipated that a hefty initial price tag (that saves money over time) and high labour costs can pose a challenge for the growing market of laser welding equipment market.
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Laser Welding Equipment Market: Region-wise Outlook
The laser welding equipment market is expected to register favourable growth for the forecast period, 2015? 2025. The Asia Pacific is projected to endure control of the global laser welding equipment market. The factors contributing to the rising demand in APAC are growing awareness of laser welding technology and rising construction sector, automotive and transportation sector. Europe is expected to lose its share to emerging economies due to the shortage of raw materials and adverse effects of economic crisis on the end user industries. The North America and Rest of the world followed the European market.
Laser Welding Equipment Market: Key Players
The key players in the global laser welding equipment market are Lincoln Electric, ITW, Böhler, Panasonic and ESAB (Elektriska Svetsnings-Aktiebolaget)
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Key Segments
By Technology:
- Fibre Laser Welding Machine
- Co? Laser Welding Machine
- Solid-State Laser Welding Machine
By Application:
- Medical
- Electronics
- Jewellery industry
- Automotive
- Tool and Mould-making
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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