December 13, 2022 08:18 ET | Source: SkyQuest Technology Consulting Pvt. Ltd. SkyQuest Technology Consulting Pvt. Ltd.
Westford, USA, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The laser engraving machine market is growing rapidly, with sales expected to reach $6.19 billion by 2028. This growth can be attributed to the rising demand for these machines from various end-use industries, such as advertising, art and crafts, and education. Laser engraving machines are widely used in advertising industry for creating signage and displays. They are also used in art and crafts for engraving designs on metals, glass, wood, and leather. These machines are increasingly being used in the education sector for engraving logos and texts on award certificates and trophies. Gold Laser Cutting Machine
The rising demand for laser engraving machine market is also driven by the growing popularity of personalization and customization. Consumers today prefer products that are personalized and customized according to their taste and preference. Laser engraving machines help create unique and customized products that cater to the specific needs of consumers. Thus, the growing demand for laser engraving machine from various end-use industries is expected to drive the market growth during the forecast period.
In order to better understand the laser engraving machine market, SkyQuest conducted an analysis of the sector. The study revealed that the industry is growing at a CAGR of 8.5%, with China and North America being the two largest markets. Asia-Pacific region will account for the lion's share of future growth in the market, with China leading the way. The country is expected to account for nearly 30% of all new laser engraving machine sales between 2019 and 2024. The United States is also expected to be a major growth market for laser engraving machines, thanks to the increasing popularity of custom engraved products among American consumers.
The report on the global laser engraving machine market also found that there are three main types of laser engraving machines: CO2, fiber, and Nd:YAG are holding their dominance over the market across the globe. Wherein, fiber laser engraving machines are the most popular type, accounting for around 45% of all machines sold. They are often used for engraving smaller objects such as jewelry and gifts. CO2 laser engraving machines are the second most popular type, accounting for around 30% of all machines sold. They are typically used for engraving wood, glass, metal, and plastics. The study also found that price is not the only factor driving demand for laser engraving machines. Other factors such as speed, accuracy and quality have also become important considerations for buyers.
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Low-Cost Chinese Manufacturers Have Intensified Competition in Laser Engraving Machine Market
SkyQuest’s analysis shows that the laser engraving machine industry is highly fragmented, with more than 1,000 manufacturers. The top 10 manufacturers account for only 20% of industry sales. SkyQuest believes that consolidation is likely to occur in the laser engraving machine market in the coming years, as companies look to gain scale and improve profitability. The fragmentation has allowed laser engraving machine manufacturers to compete on price, which has driven down prices and made the machines more affordable for consumers. The industry is also highly competitive, with new companies constantly entering the market. This competition has led to innovation and new features being added to laser engraving machines, making them better and more user-friendly.
The laser engraving machine market is characterized by low barriers to entry and exit. There are a large number of manufacturers, and many of them are small companies. The industry is also quite fragmented geographically. The main drivers of demand for laser engraving machines are the semiconductor and electronics industries, which use them for etching and marking purposes. Other important end markets include the medical device industry, the automotive industry and the jewelry industry.
SkyQuest attributes the high degree of fragmentation in the market to the presence of many low-cost Chinese manufacturers. These manufacturers have been able to undercut their Western counterparts on price, making it difficult for them to compete. The report also found that there is a wide range in profitability among companies in the industry. The most profitable companies are those that have been able to differentiate themselves through innovation and branding.
Despite the high level of competition, our analysis shows that there is still room for growth in the laser engraving machine market.
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India is the Second Largest Exporter in Laser Engraving Machine Market
As per a recent analysis by SkyQuest, India is the second largest exporter of laser engraving machines in the world. The report states that the country exported USD 130 million worth of laser engraving machines in 2021, a growth of 15% over the previous year. The analysis attributes this growth to the booming e-commerce industry in India, which has led to an increased demand for personalized and customized products. It also cites the growing popularity of laser engraving among small and medium enterprises (SMEs) as a key factor driving exports.
According to the report, Chinese manufacturers continue to dominate the global laser engraving machine market, with a share of nearly 60%. However, Indian manufacturers are steadily gaining ground, with a number of companies such as Trotec and Epilog establishing a strong presence in the country. Looking ahead, the analyst expects India to maintain its position as a leading exporter of laser engraving machines in the coming years.
The main reasons for this growth are due to the low cost of production in India and the growing demand for these machines in developed markets such as the United States and Europe. Indian manufacturers in the global laser engraving machine market are able to produce high-quality laser engraving machines at a fraction of the cost of their Western counterparts. However, India export most of its product to United Arab Emirates, Bangladesh and Austria. This enables them to sell their products at a competitive price, which is driving growth in exports.
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Major Players in Global Laser Engraving Machine Market
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