LONDON--(BUSINESS WIRE)--The new laser cladding equipment market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the laser cladding equipment market.
"One of the primary growth drivers for this market is the Adoption of Efficient Material Hardfacing and Coating Technologies,” says a senior analyst for the Industrials industry at Technavio.
The adoption of the laser cladding process is high in end-user industries such as oil and gas, mining, automotive, aerospace, and agriculture due to its advantages, including lower design flaws and high productive efficiency and is extensively used in surface treatment and hardfacing applications. The adoption of laser cladding is rapidly replacing conventional technologies such as high-velocity oxy-fuel (HVOF), hexavalent hard chrome plating, oven sintering, metal inert gas welding (MIG), and thermal spray since these conventional technologies have lower metal cladding efficiency and are relatively time-consuming. This will subsequently drive the need for modern technology equipment such as laser cladding equipment, fueling the growth of this market.
As the markets recover, Technavio expects the laser cladding equipment market size to grow by USD 18.19 million during the period 2020-2024.
Laser Cladding Equipment Market Segment Highlights for 2020
- The laser cladding equipment market is expected to post a year-over-year growth rate of 2.69%.
- High-power lasers currently dominate the macro materials processing segment, including laser cladding applications.
- The high-power output of these lasers makes cladding and welding jobs considerably easier and more efficient, increasing the adoption of high-power laser cladding systems.
- Due to the significant advantages of high-power laser sources in laser cladding and other macro-materials processing applications, the demand for these systems is expected to grow steadily during the forecast period.
- 41% of the growth will originate from the Europe region.
- The rising demand from end-users for new and technologically advanced manufacturing capabilities will significantly drive laser cladding equipment market growth in this region over the forecast period.
- Germany, Italy, and France are the key markets for laser cladding equipment in Europe.
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- The laser cladding equipment market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The laser cladding equipment market is segmented by End-user (Industrial, Mining, Power generation, and Others), Power (High power and Low power), and Geographic (Europe, North America, APAC, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ALPHA LASER GmbH, Coherent Inc., Fraunhofer Society for the Promotion of Applied Research eV, Gall & Seitz Systems GmbH, Optomec Inc., IPG Photonics Corp., Laserline GmbH, OC Oerlikon Corp. AG, and TRUMPF GmbH + Co. KG
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