Laser Cladding Equipment Market Size to Grow at a CAGR of 9.1% in the Forecast Period of 2023-2028
The ‘Global Laser Cladding Equipment Market Price, Share, Size, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global laser cladding equipment market, assessing the market on the basis of its segments like type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Laser Cladding Equipment Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 9.1%
The growing requirements for technologically advanced coating and cladding technologies in manufacturing processes is expected to fuel the growth of the laser cladding equipment market. The high dimensional accuracy provided by the laser cladding equipment is expected to further drive the growth of the market over the forecast period.
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The increased applications of laser equipment in industries such as gas and oil along with rising penetration of fibre lasers in laser cladding operations is further expected to drive the market growth. Adoption of laser equipment in industries which require extreme precision and accuracy is becoming popular and this increase in popularity of the equipment is further expected to have a positive impact on the market for laser cladding equipment.
Preference for laser cladding equipment over traditional coating processes has increased due to several advantages provided by the equipment such as improved surface quality, provision of superior quality coating material, minimal to zero distortion and dilution, and accurate deposition of coating materials. These advantages are assessed to offer significant opportunities to the global laser cladding equipment market. Continued advancements in laser cladding equipment has made them integral in mining, agriculture, drilling and aerospace industries, among others.
Laser Cladding Equipment Industry Definition and Major Segments
Laser cladding is the process of adding a metal coating to the surface of another material. The specialised tools and devices used for performing laser cladding are known as laser cladding equipment. The process is usually performed to create a protective membrane so as to increase the functionality of the original material and for restoring worn or damaged surfaces.
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Based on type, the market is bifurcated into:
• High Power
• Low Power
On the basis of application, the market is divided into:
• Power Generation
• Industrial
• Mining
• Paper Printing
• Others
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Laser Cladding Equipment Market Trends
The key trends in the global laser cladding equipment market include the growing development and research on modern laser cladding techniques and equipment with the aim of supplying cost efficient equipment that are able to support significantly superior qualities of coating materials. Employing laser cladding equipment aids in increasing the accuracy and precision of the protective coating, thus increasing the shelf life of the original material, thereby increasing the potential for the growth of the market for laser cladding equipment.
Continued economic advancements in countries across the globe has led to a surge in demand for better quality cladding technology, primarily in the automotive and aerospace industries. Requirement for the availability of products with superior quality protective coatings, is another crucial trend in the laser cladding equipment market. Increase in concerns pertaining to climate change has led to adoption of environment friendly technologies, such concerns are expected to fuel the growth of the market as laser cladding equipment offers environmentally conscious alternatives to traditional cladding equipment.
In regional terms, North America, the Asia Pacific, and Europe are expected to account for sizable shares in the market, owing to rapid urbanisation and increased demand for automobiles.
Key Market Players
The major players in the global laser cladding equipment market report are TWI Ltd., Spraywerx, OC Oerlikon Management AG, Preco, LLC, Laser Cladding Technology Ltd., TLM Laser Ltd, and Meera Lasers Solution Pvt Ltd, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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