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.
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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%.
Presence of chief aerospace industry participants in the U.S., which is the largest end use industry segment is expected to fuel the regional dominance over the forecast period. Moreover, the region is also characterized by the presence of some major automotive industry participants that include Chrysler, GM, and Ford will boost the regional growth prospects. High capital expenditure (CAPEX) is expected to remain the primary growth challenge to the laser cladding system market.
Laser cladding system market primarily caters to large, medium and small industries for applications in improving the surface metal property by covering them with performance coating. This process utilizes the high intensity laser to melt the metal small part of the metal surface which is then fed with the desired powder. This process is scanned across the desired surface to form uniform material coating across the surface. Moreover, it also finds significant applications in weld repair applications over the Plasma Transfer Arc (PTA) welding and Tungsten Inert Gas (TIG) among others owing to its high performance.
Improved dimensional restoration and reconditioning are expected to be major factors that will influence the industry growth positively
Arc welding and thermal spraying are among the few conventional methods that have many drawbacks such as low desired outputs, difficulty in installation and high operational costs. Moreover, conventional methodologies require large heat volumes and additional corrective machining for these processes, which adds on to the operational costs and production time. Utilization of high power laser diodes for cladding and reconditioning purposes in turn optimizes the operational costs. Furthermore, requirement to improve the overall process efficiency, product life and material performance will fuel the demands for these systems through the forecast period.
Proliferation of additive manufacturing in the industries is among the major trend gaining traction that will fuel the industry growth
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.
Key industry participants in the laser cladding system market include Oerlikon Metco, IPG Photonics, OR Laser, Wuhan Hans Goldensky Laser System, EFESTO, Flame Spray Technologies, Huffman, TLM Laser, and HAMUEL Maschinenbau.
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