September 23, 2022 04:02 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Laser Engraving Machine Market.
From 2022 to 2029, the Laser Engraving Machine Market is anticipated to expand at a CAGR of 4.61%. By 2029, it is anticipated to exceed USD 3.6 billion.
On a variety of surface types, laser engraving machines are used to engrave or create permanent markings. Numerous industries are promoting the usage of laser marking machines because they are faster and more dependable than other marking techniques, such dot peen marking machines. The demand for laser marking equipment internationally has also been influenced by Industry 4.0. The primary factor fuelling the Laser Engraving Machine Market expansion is the rising need for automation, high speed, and accuracy from a range of sectors, including the food and beverage, automotive, and packaging industries.
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The following are some of the ways that laser engraving machines are primarily utilised by a variety of industries: CO2 lasers are used to engrave alphanumeric codes such part labels, part numbers, batch numbers, and branding. Bar code labelling and marking are done using Nd:YAG lasers. Micro material engraving on semiconductors, electrical chips, motherboards, etc. is done with the help of diode engraving lasers. Additionally, a laser engraving machine allows for permanent product customization. One of the appropriate solutions for industrial sectors like machine tools and automobiles for product identification and security includes its brand name, logo, batch number, among others.
Laser Engraving Machine Market Report Highlights
Laser Engraving Machine Market Players
These key players include Han’s Laser Technology Industry Group Co. Ltd, Telesis Technologies Inc., Videojet Technologies Inc., Trotec Laser Rotec Laser, TYKMA Electrox Inc., MECCO, LaserStar Technologies Corporation, Gravotech Marking, Sea Force Co.Ltd. and others.
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Key Market Segments: Laser Engraving Machine Market
Laser Engraving Machine Market by Type, 2022-2029
Laser Engraving Machine Market by Application, 2022-2029
Asia Pacific holds the largest CAGR in the forecast period.
In 2020, Asia Pacific held the greatest market share of more than 40%, and it is anticipated that it would continue to rule the market throughout the anticipated time. Due to the growing use of laser marking equipment in the region's manufacturing industries, China and India have made the biggest contributions to the growth of the regional Laser Engraving Machine market. The adoption of contemporary production techniques in the Chinese machine tool industry as well as the developing aerospace and military industries in the area are driving Laser Engraving Machine market expansion. Additional factors contributing to its sustained dominance include a rise in foreign investment and the move of many companies' production facilities to nations like China and India. For example, the Make in India and Belt and Road Initiative (BRI) projects are attracting funding for infrastructure development.
Growing need for unique device identification and deep engraving
The Laser Engraving Machine market demand is predicted to be driven by the rising requirement for distinctive device identification and deep engraving during the manufacturing process for the purposes of traceability, internal control, production flow management, and product quality validation. These marks, especially those created using fibre laser equipment, take less time to complete and do not fade even after repeated exposure to heat and strong chemicals. As a result, it is projected that rising demand for these machines in the defence and electronics sectors would support market expansion throughout the forecast period.
Increasing number of stringent government regulations and guidelines
Global Laser Engraving Machine market demand is also anticipated to be boosted by the growing number of strict government rules and recommendations for labelling surgical and medical equipment to increase their traceability. On the other hand, there has been a noticeable increase in demand for leather goods that may be customised with monogrammed initials or names, such as leather jewellery, purses, and handbags. Therefore, it is anticipated that throughout the projection period, demand from these industries would fuel the expansion of engraving technologies such laser marking systems. However, the high cost of laser engraving equipment discourages their use in small and medium-sized businesses, which may be impeding the market's expansion.
Key Market Insights from the report:
Major Features of Laser Engraving Machine Market Report:
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