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The global laser marking machine market size was estimated at USD 2.21 billion in 2016 and is expected to grow due to its increasing utilization worldwide. The absence of substitute technologies is expected to provide an impetus to the growth of the market over the next few years.
Here is a bar graph, it will be more clear to show.
Global laser marking machine market revenue, by product type, 2014 - 2024 (USD Billion)
The global laser marking machine market size to reach USD 3.38 billion by 2024, driven by increasing adoption of laser systems in various industries to provide permanent embossing solutions in industries such as automobile, packaging and machine tools. The marking equipment industry witnessed notable change over the past two decades, and the trend is expected to continue with an increasing demand for marking systems.
Laser marking has always been an important factor in industrial activities, especially in automobiles and machine tools as they provide permanent alphanumerical details on the product in terms of brand name, batch number and other details. This engraving helps in identification and security of the products.
Asia Pacific boasts of one of the largest machine tool industry which is expected to drive the market at a CAGR of 8.3% over the forecast period. The growth of the automobile, packaging, and electronics manufacturing in emerging economies including China and India is expected to drive the regional market over the projected period.
New areas of applications such as personalized gifts are expected to boost the market growth. Furthermore, increasing demand for customized jewelry and leather products are expected to fuel the market for laser marking machines over the forecast period.
Fiber laser marking machine is expected to grow at a 6.6% CAGR owing to its increasing application in the plastic and automotive industry. Moreover, it is used for both commercial as well as industrial purposes.
In 2016, machine tool industry accounted for 30.7% of the overall market and is expected to witness above average growth. Rising need for marking precise specifications on manufactured components for identification and sales purpose is projected to fuel the growth of the industry.