The Latin America, Middle East and Africa Laser Cutting Machines Market would witness market growth of 8.3% CAGR during the forecast period (2023-2029).
Fiber laser cutting has advantages such as precise, high-quality cuts, an enhanced process for micro-cutting, and the ability to shape structural steel, making it the preferred method among manufacturers. In addition, the popularity of fiber laser cutting equipment is fueled by several important characteristics, such as ergonomics, speed of operation, and high-power safety. In addition to that, the majority of these machines use pre-focused optical systems that are equipped with the required deflection lenses. This improves focus precision, laser light transmission, and overall performance. Thus, the emergence of innovative new technologies is propelling market expansion.
The growth of the market results from the competitive technology's various advantages, such as high processing speed, smooth finish, and simple programming. In addition, the increase in demand for processing various materials, such as wood, plastic, and metals, will likely result in expanding the laser-cutting machines market. In addition, predictive analysis entices manufacturers to engage in industry 4.0 solutions because it reduces maintenance and replacement costs by notifying them of the machine's operational status in advance.
The Roads and Transport Authority (RTA) has also waived public parking costs for EVs licensed in Dubai for two years and given free Salik stickers to those registered in the Emirate. In addition, on September 1, 2017, DEWA started providing free charging to all EV users registered for the DEWA EV Green Charger Initiative. The incentive extension became effective on January 1, 2020, and it will last for all non-commercial EV consumers signed up for the program through December 31, 2021.
To meet the Kingdom's 2030 target of producing 300,000 vehicles annually with 40% local content, the National Industrial Development Center (NIDC) plans to hire three to four original equipment manufacturers along the ICE and EV value chain. In addition, NIDC encourages industrialization by offering funding, tax breaks, and tariff exemptions. For businesses looking for joint venture agreements in the Kingdom, the demand for car body panels, tires, seats, wheel components, seat belts, rear indicator light covers, fuel pumps, headlamps, bumpers, and engine covers presents prospects for entry or expansion, which will support the growth of the LAMEA market.
The Brazil market dominated the LAMEA Laser Cutting Machines Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $191.4 million by 2029. The Argentina market is showcasing a CAGR of 8.9% during (2023 - 2029). Additionally, The UAE market would exhibit a CAGR of 8.1% during (2023 - 2029).
Based on Application, the market is segmented into Industrial, Automotive, Consumer Electronics, Defense & Aerospace, and Others. Based on Technology, the market is Solid State Lasers, Gas Lasers, and Semiconductor Lasers. Based on Process, the market is Flame Cutting, Fusion Cutting, and Sublimation Cutting. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Laser Cutting Machines Market is Projected to reach USD 9.5 Billion by 2029, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AMADA CO., LTD., TRUMPF SE + Co. KG, FANUC Corporation, Bystronic Laser AG, Coherent Corp., IPG Photonics Corporation, Jenoptik AG, DPSS Lasers, Inc., Epilog Laser, and Kern Laser Systems.
By Application
By Technology
By Process
By Country
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