According to the latest market research study by Technavio, the global laser cladding equipment market is expected to grow at a CAGR of close to 8% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global laser cladding equipment market regarding revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user
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Aerospace: The aerospace industry is expected to continue its dominance in the global laser cladding equipment market by posting an impressive CAGR during the forecast period. The use of laser system in the aerospace industry is growing due to the demand for improved fuel efficiency.
“Laser, being a vibrant technology, is effectively used to weld high-strength steel, cutting fiber-reinforced polymer materials, and brazing large metal components. Each engine in the fleet includes vanes and blades, which are manufactured using laser systems like laser cladding or cut. Moreover, laser technology is widely used in manufacturing aircraft turbines. Thus, the growth in the aerospace industry will have a positive impact on the global laser cutting machine market,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
Oil and gas: The demand for oil and gas is growing despite the decline in crude oil prices, especially gasoline. The rise in oil and gas exploration and production activities worldwide is expected to have a positive impact on the global laser cladding machine market. The growth in demand and continued production of oil and gas is likely to attract substantial investments in new technologies. Such moves will push the demand for oil and gas, thereby driving the laser equipment market.
Others: The other sectors consist of shipbuilding and automotive industry. In the global automotive industry, the benefits are likely to be generated from automotive sales in emerging economies. In the marine industry, laser welding machine is used to clad turbine blades. Factors such as growth in GDP, population, and steel production and total energy consumption will increase seaborne trade, which, in turn, will drive the shipbuilding industry across the world. It is presumed that nearly 50% of the vessels will be scrapped every year, thus driving the shipbuilding industry, thereby propelling the demand for laser cladding equipment.
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The top vendors operating in the global laser cladding equipment market are:
- IPG Photonics
- Oerlikon Metco
- OR Laser
- TRUMPF
The other prominent vendors in the market include Wuhan Hans Goldensky Laser System, Flame Spray Technologies, EFESTO, TLM Laser, Huffman, and HAMUEL Maschinenbau.
A more detailed analysis is available in the Technavio report titled, ‘Global Laser Cladding Equipment Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Laser Market 2017-2021
- Global Military Laser Systems Market 2016-2020
- Global Semiconductor Laser Market 2016-2020
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