Though more than 30 percent revenue share of the global laser cutting machine market went to North America in 2014, a new market research report suggests that the Asia-Pacific market will make some significant gains over the next few years.
The North American market remains the largest for laser cutting machines globally, but the Asia-Pacific market is expected to grow at a cumulative annual growth rate of 12.8 percent each year through 2020, according to Transparency Market Research, Albany, NY, in its Feb. 25 report, "Laser Cutting Machines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020."
The Asia-Pacific region, which includes China, India, South Korea, Singapore and Taiwan, is expected to be the fastest growing region due to significant growth in GDP among the countries in the region, the researchers predicted. "Moreover," the researchers observed, "positive growth prospects in GDP of these countries is expected to help the region to dominate the laser cutting machines market in the coming few years."
Major market participants profiled in the report include Amada Miyachi CO, Bystronic Incorporation, ALPHA Laser GmbH, Coherent Inc., DPSS Lasers Inc., Trumpf Laser GMBH + Co. Kg, and IPG Photonics Corp.
Transparency Market Research provides customized research and consulting services for industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods.
