Fiber Laser Market to Grow at a CAGR of 11.1% to reach US$ 4,765.43 Million from 2021 to 2028

Nowadays, fiber laser technology is attracting more attention due to several users of this technology in the field of micromachining, biology, and medical sciences or telecommunications and its potential as a substitute for solid-state lasers in industrial and technological applications. The fiber laser is widely used over other lasers such as CO2 laser technology in industries because of high output power, high optical quality, compact size, and reliability. The fiber lasers are used for many applications such as laser marking, laser cutting, laser welding, laser engraving, laser ablation, and laser drilling. For example, in November 2019, nLIGHT, Inc. launched fiber laser for welding applications - a portfolio of fiber lasers from 3 kW to 15 kW with an integrated fiber coupler or beam switch optimized for welding, cladding, and robotic applications. Fiber lasers are less sensitive, and they can work in harsh environments better than other laser technologies. The fiber laser machine can work on a much wider variety of materials, including all metals, wood, leather, stone, ceramic, plastics, and glass with high quality results on reflective and hard surfaces. Also, the machines usually produce low heat; hence, they do not damage the materials the user is working on.

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Factors such as increased production in the automotive sector and growth of 3D printing technology are influencing the market growth. However, the lower cutting speed when processing thicker materials, is restraining the fiber laser market growth. Moreover, increase in requirement for cutting applications, surge in demand from various industries, and emergence of industrial automation are the other factors contributing toward the market growth. Also, 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.

A few major players operating in the global fiber laser market are Active Fiber Systems GmbH; IPG Photonics Corporation; Fujikura Ltd.; Convergent Photonics; Coherent, Inc.; Jenoptik AG; Maxphotonics Co,.Ltd; nLIGHT, Inc.; TRUMPF GmbH + Co. KG; and Wuhan Raycus Fiber Laser Technologies Co., Ltd.

The fiber laser market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into infrared fiber laser, ultraviolet fiber laser, ultrafast fiber laser, and visible fiber laser. In 2020, the infrared fiber laser segment accounted for a significant share in the market. In terms of application, the market is segmented into high power cutting & welding, fine processing, marking, and micro processing. In 2020, the high power cutting & welding segment accounted for a significant market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for a significant share in the market.

Key Findings of Study:

Several players operating in the global fiber laser market are adopting significant strategic initiatives. For instance, in 2019, Coherent, Inc. launched the first switchable adjustable ring mode (ARM) fiber laser. The new Coherent HighLightTM FL-ARM with Fiber-Fiber-Switch of a high-power (2-8 kW), has a dual fiber output laser that can sequentially power two separate workstations or processes. The dual fiber output delivers increased throughput in cost-sensitive and high-volume welding applications, particularly in automotive manufacturing-such as welding of doors, hang-on parts, ultra-high-strength steel components, and aluminum body frames. Similarly, in July 2020 IPG Photonics Corporation had launched new YLR-U series near-infrared 1 ?m fiber lasers. The YLR-U series is the world's highest performance industrial-grade kilowatt-class continuous wave (CW) ytterbium fiber lasers.

Impact of COVID-19 Pandemic on Fiber Laser Market

The COVID-19 pandemic has been adversely affecting every business globally since December 2019. The continuous growth in the number of 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 the electronics & semiconductor, automotive, and retail sectors. Additionally, the social or physical distancing measures imposed by governments put limitations on the operations of logistics and other service providers. As a result, the applications of fiber laser solution across all regions are declined. 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. 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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The overall fiber laser market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the fiber laser market with respect to all the segments. It also provides the overview and forecast for the global fiber laser market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the fiber laser market.

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This release was published on openPR.