Fiber Laser Market to Garner US$ 4,765.43 Million, Globally, by 2028 at 11.1% CAGR: The Insight Partners

According to our latest market study on “Fiber Laser Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market was valued at US$ 2,286.16 million in 2021 and it is projected to reach US$ 4,765.4 million by 2028; it is expected to grow at a CAGR of 11.1% from 2021 to 2028.

The increasing cutting applications (flat sheet cutting, tube cutting, and 3D cutting) of the fiber laser systems in several areas, including aerospace (high-strength components which can withstand the pressures of outer space), military, and in other sectors for manufacturing multiple types of equipment, is creating a huge growth opportunity for the fiber lasers market.

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Fiber lasers can be used in cutting silicon for solar cells & semi-conductors, cutting parts to shape in manufacturing & industrial settings, cutting stents for the medical industry, and cutting gems for use in the jewelry industry. Further, fiber lasers are used for cutting stator plates and battery foils in the automotive industry.

Moreover, the rapid industrialization across the globe has increased the demand for pulsed fiber lasers in cutting applications to replace conventional methods such as ink-based printing and chemical etching, which is anticipated to fuel the growth of the fiber laser market. There is an increase in demand for fiber lasers in cutting applications due to much less power consumption than traditional cutting techniques and waste of much less material.

Impact of COVID-19 Pandemic on Fiber Laser Market

The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to put a bar on the transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of electronics & semiconductor, automotive, and retail sectors.

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Moreover, the whole laser cutting process is non-contact which will reduce the downtime and increase the profits due to less risk of personal injuries, no wear and tear of moving parts, and no material damage due to contact. Thus, the wide use of fiber lasers for cutting applications in multiple areas is creating huge growth opportunities for fiber laser providers.

With the growing end-use industries across the globe, there is a continuous need of fiber lasers in industries to accomplish a high level of product quality, which is boosting the demand for fiber lasers. Fiber lasers are being employed in several industries such as manufacturing, aerospace, automotive, and semiconductor & electronics for applications such as marking, engraving, printing, welding, and cutting.

For example, ultraviolet (UV) fiber lasers are used for marking on white plastics and cabling in the electronics and aerospace industries. Further, UV fiber lasers are increasingly adopted for precise cutting and marking of brittle materials, owing to ease of integration, high performance, and precise tuning.

The List of Companies – Fiber Laser Market

Active Fiber Systems GmbH IPG Photonics Corporation Fujikura Ltd. Convergent Photonics Coherent, Inc. Jenoptik AG Maxphotonics Co,.Ltd nLIGHT, Inc. TRUMPF GmbH + Co. KG Wuhan Raycus Fiber Laser Technologies Co., Ltd.

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Owing to the growing need for optimization of resources, manufacturers are exploring various options to streamline their manufacturing and distribution operations. Manufacturers are getting inclined toward the adoption of automation solutions for the optimization of business resources. Industrial automation uses various robots and advanced information technologies to carry out various manufacturing and distribution processes.

High productivity, high output quality, flexibility, information accuracy, and safety are among the major advantages of industrial automation. The rise of industrial automation, coupled with the advent of new technologies such as computer numerical control (CNC), computer-aided manufacturing (CAM), and fiber laser technology, is subsequently fueling the adoption of fiber lasers in multiple industries.

Thus, the surge in demand for fiber lasers in different industries and the emergence of industrial automation is likely to encourage the future growth of the fiber laser market.

Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline of the application of fiber laser solutions across all regions.

Despite the disruption caused by the COVID-19 pandemic, the trade is likely to surge in the future as businesses are getting resumed after a long lockdown measure. With the social distancing measures in effect, the automotive, electronics & semiconductor, and other manufacturing industries have resumed their operations with less workforce capacity.

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