At an estimated value of USD 2.23 billion in 2020, the global fiber laser market is predicted to thrive at a CAGR of 14.51% to be valued at USD 8.42 billion by 2030.
Fiber laser is an optically pumped device mostly used with laser diodes and in some cases with other fiber lasers. The optical fiber used in the fiber laser is doped with rare earth metals such as ytterbium, erbium, neodymium and others that amplify the produced light. It has wide application in different industries due to its high efficiency, cost effectiveness, compact size and low maintenance cost.
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The major players of the fiber laser market are Amonics Ltd., Apollo Instruments Inc., Coherent Inc., IPG Photonics Corporation, Jenoptik Laser GmbH, CY Laser SRL, NKT Photonics A/S, Quantel Group, TRUMPF, and Toptica Photonics AG. Other players in the value chain include O.R. Lasertechnologie GmbH, Sigma Mechatronics Pvt. Ltd., and SPI Lasers Limited.
Market Dynamics and Trends
Increasing demand for high-power pulsed lasers is one of the key factors driving the global fiber laser market. These types of lasers are prominently used for non-destructive testing of materials. Also, fiber lasers are increasingly being adopted in number of industrial manufacturing processes including marking, metal cutting and welding of automotive and aircraft components. Additionally, increasing use of fiber lasers in optical pumping, 3D micro milling, micro-cutting, surface treatment, blind hole machining, microscopy, military and mobile electronics applications is likely to propel the market growth. Moreover, there has been a rise in investment for the development of fiber laser manufacturing plants due to the growing demand for fiber lasers from various end user industries. Such significant capital infusion is also directed towards expanding the footprint into new markets, strengthening the production capacity, as well as introducing new product lines.
However, reduced cutting speed during the processing of thicker materials using laser technology along with undesired pulse pedestals & non-linear optical effects are expected to hamper the growth of fiber laser market. On the other hand, increasing research and development activities coupled with innovation pertaining to green manufacturing is expected to create ample opportunities in the fiber laser market over the forecast period.
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Market Segmentations and Scope of the Study:
The global fiber laser market share has been segmented on the basis of type, application and geography. On the basis of type, the fiber laser market is segmented into infrared fiber laser, ultraviolet fiber laser, ultrafast fiber laser and visible fiber laser. Ultrafast fiber laser is sub segmented into picosecond fiber laser and femtosecond fiber laser. Visible fiber laser is sub segmented into quasi-CW green fiber laser and nanosecond fiber laser. On the basis of application, the fiber laser market is segmented into high power, marking, fine processing and micro processing. Marking is sub segmented into cutting and welding & others. Cutting is further categorized into flat sheet cutting, tube cutting and 3-D cutting. Welding & others is further categorized into power train, tube welding, car body scanner welding, car body seam welding and others. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Asia-Pacific is anticipated to hold the lion share of the market due to the expansion of the large-scale manufacturing sector in countries such as China, India, Japan, and other Asia-Pacific countries. Also, increasing investment by the leading manufacturers owing to lower labor costs and availability of raw materials at affordable prices are expected to boost the market growth in this region. The other developed regions such as North America and Europe are expected to witness steady growth in the coming years. Mexico is the fastest growing regional market in North America.
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