LASER CLADDING SYSTEM MARKET ANALYSIS

Laser Cladding System MarketSize and Trends

Proliferation of additive manufacturing in the industries is among the major trend gaining traction that will fuel the growth of global laser cladding system market

Additive manufacturing, also known as 3D printing, is the terminology used for addressing the process in which 3D design digital data is used for building a tool or equipment by depositing layer of materials. Owing to their high product efficiency and minimal designing errors in conjunction with enhanced cost savings, has led increased inclination of end use industries such as automotive, aerospace, healthcare implants and equipment manufacturing towards 3D printing technologies. Stereolithography (SLA) and selective laser sintering (SLS) increasingly utilize these technologies in the process which is expected to drive the laser cladding system market growth.

Increasing demand for end-use industries that specifically include automotive, aerospace and ship building will provide substantial growth prospects over the forecast period

Increased average per capita income across the major economies of the globe that includes, U.S., China, India, Japan and Western Europe economies, has led to increased consumer spending power, which in turn is fueling the demand for automotive and other transportation means. According to U.S. Department of Transportation’s Federal Highway Administration (FHWA) and Bureau of transportation Statistics (BTS) in March 2016, estimated the volume of freight to rise over 40% and the value by 92% over the next three decades. Moreover, increasing advancements in the automotive segment such as advent of electronic vehicles, connected automobiles and increasing passenger cars demand will present substantial growth prospects over the next few years.

Utilization of the laser cladding technologies has witnessed significant surge, specifically in the wind power generation segment. Increasing reliance on wind power owing to low cost per MWh in regions such as China, U.S., Denmark, Spain, UK, and Germany will propel the adoption of these systems across the industry. According to industry experts, these are featured to enhance the performance efficiency by over 80% and product life by 70%.