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Laser Welding Machine Market to Grow by USD 504.4 Million from 2024-2028, Driven by Advantages over Conventional Welding and AI-Driven Market Transformation – Technavio

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NEW YORK, Nov. 5, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global laser welding machine market size is estimated to grow by USD 504.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.5% during the forecast period. Growing benefits of laser welding over conventional welding is driving market growth, with a trend towards impact of additive manufacturing on laser welding. However, dearth of skilled labor poses a challenge. Key market players include Amada Co. Ltd., Bystronic Laser AG, Coherent Corp., Emerson Electric Co., FANUC Corp., Hans Laser Technology Industry Group Co. Ltd., HGLaser Engineering Co. Ltd., IPG Photonics Corp., Jenoptik AG, Jinan Xintian Technology Co. Ltd., Laserline GmbH, Laserstar Technologies Corp., OREE LASER, Perfect Laser Co. Ltd., Sahajanand Laser Technology Ltd., SCANLAB GmbH, Suzhou Prato Laser Technology Co. Ltd., Suzhou Tianhong Laser Co. Ltd., TRUMPF SE Co. KG, and Wuhan golden laser co. Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Automotive, Healthcare, Aerospace and defense, Electronics, and Others), Technology (Fiber laser, Solid-state laser, CO2 laser, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

Amada Co. Ltd., Bystronic Laser AG, Coherent Corp., Emerson Electric Co., FANUC Corp., Hans Laser Technology Industry Group Co. Ltd., HGLaser Engineering Co. Ltd., IPG Photonics Corp., Jenoptik AG, Jinan Xintian Technology Co. Ltd., Laserline GmbH, Laserstar Technologies Corp., OREE LASER, Perfect Laser Co. Ltd., Sahajanand Laser Technology Ltd., SCANLAB GmbH, Suzhou Prato Laser Technology Co. Ltd., Suzhou Tianhong Laser Co. Ltd., TRUMPF SE Co. KG, and Wuhan golden laser co. Ltd.

Key Market Trends Fueling Growth

Additive manufacturing, also known as 3D printing, is revolutionizing the manufacturing industry by creating three-dimensional objects from digital files. This process builds products layer by layer, enabling the production of complex geometries that are challenging to achieve through conventional methods. Additive manufacturing offers benefits such as optimized material usage and reduced wastage, as it eliminates the need for certain manufacturing processes like cutting, bending, and welding. However, additive manufacturing has limitations, including the inability to produce large single parts efficiently and high equipment costs, which may hinder its adoption in small and medium enterprises. Despite these challenges, continuous research and development efforts are driving improvements in additive manufacturing technology, increasing its adoption, and creating demand for laser welding machines. In laser welding applications, precise control over shape frequency, sequence, and depth of focus optimizes capillary evaporation, molten pool flow, and melt solidification, preventing pore, spatter, and crack formation while boosting feed rates and speeds. Although additive manufacturing poses a challenge to the global laser welding machine market by eliminating the need for welding in some applications, it cannot replace welding entirely. The laser welding machine market will continue to grow due to the increasing adoption of additive manufacturing and the ongoing need for traditional welding processes. 

The Laser Welding Machine market is experiencing significant growth due to increasing demand in various industries. Fiber optic cables, transmitters, and components in confined spaces and complex geometries are driving the need for laser welding in hazardous environments. Fiber lasers, CO2 lasers, and diode lasers offer efficiency, safety, and versatility in welding diverse materials like carbon steel, stainless steel, plastics, and ceramics. Laser welding machines provide controlled heat input, reducing material wastage, rework, and improving quality control. Traditional welding methods face challenges in energy efficiency, waste, and environmental impact. Laser welding machines offer energy conservation, sustainability, and a smaller carbon footprint, making them more cost-effective in the long run. Regulations on energy consumption and environmental friendliness further boost the market. The tool’s productivity and long-term cost-effectiveness make it a preferred choice for industries. 

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Market Challenges

The global laser welding machine market is experiencing a significant challenge due to the scarcity of skilled labor, particularly in countries like the US, India, China, and Germany. In these countries, which are known for their large labor pools and manufacturing industries, the lack of a skilled workforce is becoming a major concern. For instance, China, the world’s manufacturing hub, is facing a declining working-age population, and India is expanding its manufacturing sector under the Make in India initiative. In Germany, a prominent manufacturing nation, the demographic shift with low birth rates and an aging population is reducing the availability of a skilled workforce, leading to a predicted gap of one million skilled staff by 2022. Consequently, labor costs are increasing in Germany, making their industries less competitive in the global manufacturing landscape. The limited availability of skilled labor is a significant barrier to the growth of the global laser welding machine market during the forecast period.The laser welding machine market is experiencing significant growth due to the advantages it offers over traditional welding methods. Energy efficiency is a key factor, as laser welding consumes less energy and produces less waste, making it more environmentally-friendly and sustainable. Regulations demanding energy conservation and reduced carbon footprint also drive the trend towards laser welding. However, challenges include incompatibility with highly reflective materials, absorption issues with certain metals like copper and aluminum, and the high cost of the machines and tools. Long-term cost-effectiveness, productivity, and quality control are major considerations. The integration of automation, robotics, advanced control systems, automated loading, and positioning of workpieces enhances productivity, repeatability, and precision. The forecast period sees trends in remote laser welding and the automotive and aerospace manufacturing sectors.

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Segment Overview 

This laser welding machine market report extensively covers market segmentation by

End-user 1.1 Automotive1.2 Healthcare1.3 Aerospace and defense1.4 Electronics1.5 OthersTechnology 2.1 Fiber laser2.2 Solid-state laser2.3 CO2 laser2.4 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Automotive- The automotive industry heavily relies on laser welding due to its precision and efficiency. This method allows automakers to join metal components with minimal distortion, resulting in strong and durable welds. Its effectiveness is particularly notable for lightweight materials like aluminum, commonly used in modern vehicles for improved fuel efficiency. Laser welding is suitable for various automobile components, including body panels, chassis parts, exhaust systems, and battery packs in electric vehicles. Compared to traditional welding techniques, it expedites production while being less costly. High-precision laser welding ensures and dependable welds, essential for vehicle component structural integrity. The process is quick and automated, decreasing production time and enhancing overall manufacturing efficiency. Laser welding’s small heat-affected zones minimize part deformation, preserving dimensional accuracy. Versatile in connection configurations and material compatibility, laser welding eliminates filler materials, reducing welding flaws and enhancing safety. Long-term cost savings come from increased production speed, lower material wastage, and reduced maintenance requirements, despite potential higher initial investments. With the increasing demand for electric vehicles, such as the Australian government’s goal to have 75% electric vehicles by 2025, the need for laser welding machines is evident, driving the growth of the global laser welding machine market in the automotive sector.

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Research Analysis

Laser welding machines utilize a high-intensity laser beam to join and fuse materials, offering several advantages over traditional welding methods. These machines are known for their energy efficiency, as they minimize material wastage and reduce the need for rework. The process is also more environmentally-friendly, with lower carbon footprint and compliance with regulations. Energy conservation is a significant benefit, as laser welding consumes less energy compared to other welding techniques. However, the cost of laser welding machines can be high, and their integration with automation and robotics requires a significant investment. Incompatibility with highly reflective materials and the need for absorption coatings for some metals like copper and aluminum are challenges. Despite these, the long-term cost-effectiveness, productivity, and high-precision capabilities make laser welding machines an essential tool in manufacturing and fabrication processes.

Market Research Overview

Laser welding machines utilize high-intensity laser beams to join and fuse materials with precision and efficiency, surpassing traditional welding methods. These machines offer several advantages such as energy efficiency, reduced waste, and environmental sustainability. By conserving energy and minimizing material wastage, laser welding contributes to a smaller carbon footprint. However, regulations and increasing focus on long-term cost-effectiveness drive the adoption of these machines in manufacturing and fabrication processes. Laser welding processes are ideal for high-precision, intricate welds and are compatible with a wide range of materials including copper, aluminum, and various alloys. Incompatibility with highly reflective materials is a challenge, but advancements in absorption technologies continue to expand the application scope. The forecast period for the laser welding market is promising, with trends in automotive, aerospace, and other industries driving growth. Integration of robotics, automation, and advanced control systems enhances productivity, repeatability, and precision. Remote laser welding, fiber optic cables, and applications in confined spaces, complex geometries, and hazardous environments further expand the market. Fiber lasers, CO2 lasers, and diode lasers are the primary types of lasers used in laser welding, each with its unique advantages. Plastic welding, controlled heat input, and versatility in welding diverse materials like carbon steel, stainless steel, plastics, and ceramics further expand the market potential.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userAutomotiveHealthcareAerospace And DefenseElectronicsOthersTechnologyFiber LaserSolid-state LaserCO2 LaserOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Novo AI and discovermarket partner to take Embedded Insurance to the next level

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SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Novo AI joins forces with discovermarket, a leading embedded insurance platform, to revolutionize the future of digital insurance. This new partnership aims to enhance the efficiency and accessibility of embedded insurance offerings.

What is Embedded Insurance?

This is a type of product that integrates insurance products directly into the purchasing process of non-insurance items in real-time, enabling consumers to get protection seamlessly during the buying process. The insurance policies are suited to their specific needs, at a fraction of the cost of traditional offerings. With technological advancements, embedded insurance is making low-value items insurable in a cost-effective manner and democratizing the insurance landscape.

What Novo AI Brings to the Table?

This collaboration brings together two innovative companies poised to transform the insurance industry. Given the large volumes and low prices of embedded insurance products, it’s essential to streamline operations, automate processes, and maximize efficiency. Novo AI uses generative AI to make them x100 more efficient than before. Key areas of focus include automating claims processing, implementing systematic fraud detection at scale and enhancing customer support.

Novo AI and discovermarket are rolling out a new product to enhance the customer journey: AI-powered policy creation and management. This AI-agent allows discovermarket to offer a tailored, automated experience where customers can create personalized policies and manage them throughout their lifetime. The agent effectively helps customers understand their insurance coverage, the policy exceptions and assists them with claims submissions.

A Word from the Partners

discovermarket’s CEO, Patrick Bühler states: “Our platform offers a marketplace-as-a-service platform where brokers and insurers can design specific coverage directly, which is automatically configured to operate within our system. We are thrilled to be working with Novo AI to enhance this capability. The addition of AI-driven features will enable us to draft better insurance products autonomously, based on existing policy wording. We believe this is the future of hyper-customized insurance.

Novo AI CEO: “We’re very excited with the unique set of challenges that the digital insurance playground offers and to be partnering with a forward-looking partner like discovermarket on this. The sector operates under very different rules than traditional insurance, with a critical need for scalable, low-cost, differentiated solutions, particularly in policy management. This will enable first access to insurance for less privileged pockets of the population, and we’re in a unique position to make it happen.”

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SOURCE Novo AI

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Maytronics Announces Patent Settlement With Chasing

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WASHINGTON, Nov. 6, 2024 /PRNewswire/ — Maytronics, Ltd. (TASE: MTRN) (“Maytronics”), a global leader in the swimming pool industry, is pleased to announce that it has entered into a settlement agreement with Chasing Innovation Technology Co., Ltd. and Chasing Technology (USA), LLC (collectively “Chasing”) resolving claims of patent infringement related to innovative robotic pool cleaning technology covered by Maytronics’ U.S. Patent No. 10,378,229 and European Patent Nos. 2,845,969 and 2,706,170 (“Maytronics’ Patents”).

In October 2023, Maytronics filed a patent infringement complaint against Chasing in the US District Court for the Western District of Washington. As a result of the parties’ settlement, that complaint will be dismissed. In exchange for Maytonics dismissing the lawsuit, Chasing will, among other things, cease production and sales of robotic pool cleaners that utilize the technology and innovations described and claimed in Maytronics’ Patents. The remaining terms of the settlement agreement remain confidential.

Franck Sogaard, Maytronics’ Chief Revenue Officer (CRO) and President of Americas, EMEA and APAC, said: “We are pleased this matter has been resolved. Maytronics invests considerable time and resources to develop and protect technologies that not only differentiate its products in the market but that define trends in the market. With this settlement, Maytronics re-enforces its commitment to protect its intellectual property and maintain its innovative edge in the global pool cleaning market. This settlement will allow us to focus our full attention on the future by innovating and creating consumer-driven, value-minded, integrated pool products that provide our customers with the perfect pool environment.”

About Maytronics

Maytronics is a global leader in the swimming pool industry, specializing in pool water solutions and offering a wide variety of products such as robotic pool cleaners, pool safety products and water treatment systems. Over the past 40 years, through innovative technology, design and reliability, Maytronics has built its Dolphin pool cleaning robots into a leading global brand. Innovation and creativity are core to Maytronics’ mission and critical to Maytronics’ leadership position and competitive advantage in the market. Consistent with Maytronics’ commitment to leadership through innovation, Maytronics has invested substantial resources in research and development and protection of its intellectual property. Maytronics has developed a global patent portfolio that includes over 100 issued U.S. patents and published patent applications. In addition, Maytronics has numerous international patents protecting its industry-leading innovative technology for pool cleaning robots.  For more information about Maytronics please visit www.maytronics.com

Contact:

Tomer Rubinshtein
Tomer.Rubinshtein@Maytronics.com

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Nium and Partior Partner on Real-Time, Cross-Border Payments, Clearing and Settlement

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Nium becomes first fintech to join the blockchain-based network, enabling faster cross-border payments, added market reach, and greater transaction transparency

SINGAPORE, Nov. 5, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, today announced a partnership with Partior, the blockchain-based fintech for clearing and settlement at the Singapore Fintech Festival 2024. The partnership makes Nium the first fintech payment service provider (PSP) on the Partior network. Financial institutions will be able to connect with Nium via Partior for 24×7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide. Importantly, the connection will require no additional API integration work, streamlining what historically took months of resource-intensive work.

This new partnership builds on Nium’s recent strategy to connect more networks to its real-time payments’ infrastructure. By joining the Partior network, Nium is extending its connectivity to one of the most innovative networks in the industry. Partior’s blockchain-powered platform effectively resolves longstanding inefficiencies in global payments, such as settlement delays, high costs, and limited transaction transparency. In today’s global landscape, where companies operate around the clock, effective liquidity management is essential for both corporate and financial institutions. This collaboration allows Nium to offer its clients the ability to execute real-time multi-currency payments and Payments versus Payments (PvP) settlements, further simplifying access to its global payments network.

“Nium’s partnership with Partior brings us closer to becoming the most connected payments network globally. By integrating with advanced networks, such as Partior, we are ensuring that financial institutions can quickly and easily access our real-time payments infrastructure without the need for complex technical integrations,” said Alexandra Johnson, Chief Payments Officer at Nium. “Recognizing how resource-constrained financial institutions are, we’re eliminating barriers to using our network and increasing interoperability to deliver on our mission of having seamless and streamlined real-time payments to anyone, anywhere.”

Humphrey Valenbreder, Chief Executive Officer at Partior said, “Partnering with Nium marks a significant step in our journey to further advance the global payments landscape. By combining Partior’s real-time blockchain settlement network with Nium’s vast global reach, we’re empowering financial institutions to break down long-standing barriers. Imagine a world where cross-border payments are instantaneous, transparent, and accessible to all. This is the future we’re building together.”

As part of its continued expansion, Nium’s partnership with Partior enhances its ability to facilitate frictionless global transactions and unlock new services such as intra-day FX swaps, cross-currency repos, programmable enterprise liquidity management, and Just-in-Time multi-bank payments for financial institutions worldwide.

Nium’s growing network, supported by these strategic partnerships, is setting a new standard for how financial institutions can access and benefit from global payments, paving the way for a more efficient and transparent financial ecosystem.

About Nium

Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

About Partior

Partior, the blockchain-based fintech for clearing and settlement, is redefining the way value moves globally. Founded in 2021, Partior is backed by founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek, and Series B lead investor Peak XV. Partior is addressing the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, and facilitates the movement of liquidity for financial institutions and their customers. Its network offers real-time multi-currency payments, and Payments versus Payments (PvP) settlement. Additionally, it is exploring new services including Intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.

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