LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global punch laser machine market to grow at a CAGR of over 6% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the impact of NAFTA policy as one of the key emerging trends in the global punch laser machine market. In the Americas. the NAFTA policy introduced in 1994 has a significant effect on the economy. It was initially introduced to promote the South American countries to expand their manufacturing industries due to the vast availability of natural resources and low-cost labors. South American countries such as Mexico benefited from this policy as it helped them to widen their export business and advance their economy.
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In this report, Technavio analysts highlight the need for industrial automation driving demand for punch laser machines as a key factor contributing to the growth of the global punch laser machine market:
Need for industrial automation driving demand for punch laser machines
Punch laser machines are used in the metal fabrication industry to build machines and structures. The fabrication process includes several processes such as cutting, punching, welding, machining, foaming, and assembling. The metal fabrication market is mostly dependent on the global economic condition. Automotive, aerospace, construction, energy, railways, and marine are the major end-user industries of the global punch laser market.
Fluctuating economies and cyclical industry demands are some of the challenges in that the metal fabrication industry experiences. Furthermore, with technological advances, the need for sophisticated machinery has increased to meet the customer demand for quick turnaround time both in production and output. Hence, fabrication companies need to adopt certain technologies that not only upgrade their productivity but also help them to maintain profitability.
According to a senior analyst at Technavio for unit operations, “Several companies incorporate process automation to improve their productivity and increase profit margins. The implementation of automation by a manufacturing firm even to a small extent while fabricating or producing a product can improve the company’s competitive edge. Automation ensures that a company can save on labor costs and increase efficiency.”
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Global punch laser machine market segmentation
This market research report segments the global punch laser machine market into the following products (fiber laser, CO2 laser, and solid-state laser) and key regions (the Americas, APAC, and EMEA).
Of the three major products, the fiber laser segment held the largest market share in 2017, accounting for nearly 72% of the market. The market share for this application is expected to witness a significant increase nearly 9% by 2022.
APAC was the leading region for the global punch laser machine market in 2017, accounting for a market share of nearly 44%. By 2022, APAC is expected to continue dominating the market and register the highest growth.
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