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Fiber lasers Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Fiber lasers Market Share
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According to The Business Research Company's, The fiber lasers market size has grown rapidly in recent years. It will grow from $3.76 billion in 2023 to $4.22 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to industrial applications, telecommunications, military and defense, medical and healthcare.
The fiber lasers market size is expected to see rapid growth in the next few years. It will grow to $6.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to advanced manufacturing, fiber optic communication, energy-efficiency, aerospace and defense. Major trends in the forecast period include high power fiber lasers, fiber laser cutting and welding, medical and healthcare applications, fiber laser cutting in 3d printing.
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Market Drivers and Trends:
The rise in disposable income drives the growth of the automobile and mobile electronics industries which results in the growth of the fiber laser market. According to CEIC Data, there has been a 10% rise in disposable income in India which led to the growth of the automobile and mobile electronics industries. Thus, automobile and mobile electronics markets are growing at a rapid pace and the use of fiber lasers becomes indispensable to sustain the growth. Fiber laser is used for labeling, cutting, and welding automobile parts. The use of fiber lasers makes it easier and more convenient for cutting small and complex automobile parts. Mobile electronic devices are getting compact day by day and thus electronic industry also requires fiber lasers to cut lean and fragile electronic parts. For instance, companies such as Laserline, Trumpf, and Coherent are developing fiber lasers specially focused on the automobile industry.
New technologies such as high-power fiber lasers and diode lasers have been introduced in the fiber laser market. With 800 nm wavelength, a diode laser has the deepest penetration levels. Another new technology, the blue laser has also been introduced in the market specially targeted for welding purposes. The blue laser has higher power and brightness compared to an ordinary laser. Also, a blue laser does not generate excess heat. These new technologies in fiber laser bring more precision while welding and cutting materials. Bystronic, a Switzerland-based laser company is providing all-new high-power fiber lasers and diode lasers for welding, cutting, and material processing purposes. Also, NUBURU, a US-based company invented and manufactures high-power blue laser technology.
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Major Key Players of the Market:
Amonics Ltd., Apollo Instruments Inc., Coherent Inc., IPG Photonics Corporation, Jenoptik Laser GmbH, CY Laser SRL, NKT Photonics A/S, Quantel Group, TRUMPF SE + Co KG, Toptica Photonics AG, Lasertechnologie GmbH, Sigma Mechatronics Pvt Ltd., SPI Lasers Limited, Wuhan Raycus Fiber Laser Technologies Co Ltd., MaxPhotonics Co Ltd., Lumentum Operations LLC, nLIGHT Inc., Keopsys SA, Fujikura Ltd., Furukawa Electric Co Ltd., Newport Corporation, EO Technics Co Ltd., O.R. Lasertechnologie GmbH, Avonisys AG, Bystronic Inc., Amada Weld Tech Co Ltd., Epilog Laser, Raymond Laser, Accurl, Thorlabs Inc.
Fiber lasers Market 2024 Key Insights:
• The fiber lasers market size is expected to see rapid growth in the next few years. It will grow to $6.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
• Disposable Income Growth Fuels Fiber Laser Market Expansion In Automobile And Mobile Electronics Industries
• High-Power Fiber Lasers, Diode Lasers, And Blue Lasers Drives Innovations In Fiber Laser Market
• Asia Pacific was the largest region in the fiber lasers market in 2023
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