The fiber laser market was valued at US$ 2286.16 million in 2021 and is projected to reach US$ 4,765.43 million by 2028; it is expected to grow at a CAGR of 11.1% 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 it’s 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. 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 the 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, an increase in requirement for cutting applications, the surge in demand from various industries, and the 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.
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.
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 solutions 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.
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.
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.
Fiber Laser Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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