LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global laser cladding equipment market size to grow to USD 903.31 million by 2021, at a CAGR of more than 8% over the forecast period, according to their latest report.
The research study by Technavio on the global laser cladding equipment market for 2017-2021 provides detailed industry analysis based on end-user (aerospace and oil and gas) and geography (the Americas, EMEA, and APAC).
Laser cladding is a technique where the laser is used as a medium to melt the surface of the base metal and the clad material. The aerospace industry is the key end-user segment of the laser cladding equipment market, generating over 41% of the overall market revenue.
The demand for laser cladding equipment in the aerospace industry is driven by the demand for improved fuel efficiency. The technique is used to weld high strength steel, cutting fiber-reinforced polymer materials, and brazing large metal components in this sector.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global laser cladding equipment market:
- Need for additional corrective machining
- Adoption of wind energy
- Growth in electric vehicles
Need for additional corrective machining
“There is an increasing demand for efficiency, performance, and extended life of products manufactured using laser cladding technique. Correctional machining or reconditioning involves regrinding and recoating the product, which will improve its shelf life,” says Gaurav Mohindru, one of the lead analysts at Technavio for engineering tools research.
Upon reconditioning, a used tool can provide the same performance as that of a new tool at a lesser cost. For instance, the use of laser cladding in the tooling segment will increase the efficiency by close to 88% and life of the product by above 70%. In addition, the laser cladding is environment-friendly, resulting in increased adoption.
Adoption of wind energy
There is an increasing focus towards non-conventional or renewable sources globally to satisfy the constantly increasing power requirements. Among all the available renewable energy sources, wind energy is the most efficient, convenient, and abundantly available. China and the US have the highest wind power capacity, while Denmark, Spain, Germany, and the UK satisfy the largest percentage of their power requirements using wind energy. The wind towers required for these plants will require laser cladding, thereby driving market growth.
Growth in electric vehicles
“With the impressive rates in the adoption of electric vehicles, manufacturers are introducing advanced technology features, which are attracting a larger number of consumers. The current focus is directed towards the improvement of the performance and safety of Li-ion batteries in electric vehicles, which is creating a demand for laser cladding,” says Gaurav.
The US, China, and Europe are witnessing healthy adoption rates of electric vehicles. The revenue generated from the sales of these vehicles is being reinvested into R&D activities, which is expected to propel the global laser cladding equipment market.
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