Demand growth is driving the development of the global laser cutting machine market

Analysts predict that the global laser cutting machine market will grow at a compound annual growth rate of nearly 9% from 2016 to 2020.

Analysts predict that the global laser cutting machine market will grow at a compound annual growth rate of nearly 9% from 2016 to 2020.

London-Technavio's latest research covers the current situation and growth prospects of the global laser cutting machine market from 2016 to 2020. In order to calculate the market size, the report considers the revenue generated by the sales of laser cutting machines.

Technavio heavy industry analysts highlighted the following three factors that contribute to the growth of the global laser cutting machine market：

1. Automation requirements

2. The demand of the end-user industry is growing

3. The demand for developing high-quality products is increasing day by day

1.Automation requirements

More and more companies are adopting automation to meet the expected quality standards required due to globalization.

Investment in the global process automation market is increasing and is expected to reach US 3352.5 billion by 2023, with a growth rate of more than 6%. This growth is particularly related to areas such as technology, software, hardware, services, and communication protocols used in automation.

According to Anju Ajaykumar, chief analyst of Technavio engineering tools, “Many companies implement process automation to increase productivity and increase profit margins. The use of automation in ports is the latest trend in the market. For example, the automation of the port of Rotterdam has led to the effective management of Europe's largest port. Automation has also been adopted in other ports to control losses and regulate resources. ”