Laser systems market drops 9% for materials processing
Laser systems in materials processing fell 9 per cent last year compared to 2018, Optech Consulting reported in January. The decrease follows nine
years of growth – from $5.3bn in 2009 to a record $19.8bn in 2018. During 2017 and 2018, the market increased by 50 per cent due to several drivers, including the rapid adoption of laser manufacturing in China, a market push by decreased laser prices, and an end market pull in consumer electronics and automotive industries. According to the International Monetary Fund, global GDP growth fell 3 per cent last year compared to 3.6 per cent in 2018, with corresponding World Bank figures 2.4 per cent last year and 3 per cent in 2018. Major end industries for
laser systems have cut their equipment spending, notably smartphone makers and car manufacturers. The downturn in spending for laser equipment can also be seen as a correction after years of strong growth. Factory floors are now well- equipped with new laser technology, and given the decreased economic growth expectations, less equipment was purchased last year. China has become the largest
market for laser materials processing equipment, with a 30 per cent share in worldwide demand. Due to its large share in global
industrial manufacturing, the country’s leading position in laser equipment consumption is well justified, according to Optech Consulting. Moreover, China is rapidly building its own laser industry, and therefore the share of imported laser equipment is decreasing – resulting in reduced export growth opportunities for foreign equipment manufacturers.
“Major end industries for laser systems have cut their equipment spending, notably smartphone makers and car manufacturers”
Lastly, the USA-China trade row and the associated tariffs, continue to have a detrimental effect on the laser equipment market. Looking to this year, Optech Consulting reported that the repeatedly downward revised GDP growth forecasts and uncertainties in the consumer electronics and automotive industries weigh on revenue expectations for the laser sector. Available data indicates that first quarter revenues will be down year-on-year.
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