Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- 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. Factors such as increased production in the automotive sector and growth of 3D printing technology are driving the growth of the fiber laser market.
Fiber Laser Market in terms of revenue was estimated to be worth $2.28616 billion in 2021 and is poised to reach $4.76543 billion by 2028, growing at a CAGR of 11.1% from 2021 to 2028 according to a new report published by The Insight Partners.
The automotive industry is obtaining excellent results with the use of fiber lasers in electric and lightweight vehicle designs. Significant weight reduction is achieved by minimizing the size of flanges by fiber laser welding and the safety of batteries is enabled by wobble-beam fiber welding. Automotive giants such as Volkswagen, BMW, and Ford Motor Company are contributing significantly to the fiber laser market growth.
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Global Fiber Laser Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.28616 Billion in 2021 |
| Market Size Value by | USD 4.76543 Billion by 2028 |
| Growth rate | CAGR of 11.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | By Type, Application, and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The fiber laser technology is now being widely used in 3D printing because of multiple qualities including feasibility of the process and capability of making stronger & denser materials by pressing the plate hard against the hanging part during the process of sintering by the help of fiber laser. The fiber laser technology has potential applications in printing embedded circuits, robotic components, and electromechanical components. Thus, the use of sintering in 3D printing is likely to have its application in a wide variety of industries. Additionally, the fiber laser technology can change the additive manufacturing industry from printing passive uniform parts to printing active integrated systems. Technological advancements and price reduction in fiber laser systems have led to their utilization in 3D printers for metal deposition primarily used for the aerospace industry. Thus, the growth of 3D printing technology is propelling the growth of the fiber laser market.
Increase in Automotive Production to Drive Fiber Laser Market Growth during Forecast Period
Automotive production is constantly rising across the world, particularly in Asian and European countries, which is driving the demand for fiber lasers. Most automotive manufacturers are rapidly turning to fiber lasers to resolve their manufacturing issues. The sector widely uses fiber laser in material processing applications such as cutting, welding, and marking, as well as other machining operations involved in auto parts manufacturing. The automotive industry is obtaining excellent results with the use of fiber lasers in electric and lightweight vehicle designs. Significant weight reduction is achieved by minimizing the size of flanges by fiber laser welding and the safety of batteries is enabled by wobble-beam fiber welding. Automotive giants such as Volkswagen, BMW, and Ford Motor Company are contributing significantly to the fiber laser market growth.
Electric vehicles are gaining traction in North America, thus boosting the fiber laser market growth in the region. Countries such as the US and Canada are prominent automotive manufacturers in the region. According to the American Automotive Policy Council, automakers and their suppliers contribute ~3% to the US GDP. General Motors Company, Ford Motor Company, Fiat Chrysler Automobiles, and Daimler are among the major automotive manufacturers in North America. As per data by the International Organization of Motor Vehicle Manufacturers, in 2019, the US and Canada manufactured ~2,512,780 and ~461,370 cars, respectively.
Fiber Laser Market: Segmental Overview
Based on type, the fiber laser market is segmented into infrared fiber laser, ultraviolet fiber laser, ultrafast fiber laser, and visible fiber laser. The infrared fiber laser segment led the market in 2020. In the medical field, infrared fiber lasers are majorly used for medical treatment and therapy, such as acne treatment, photodynamic therapy, and renal denervation therapy. In medical treatment, fiber-based infrared lasers are useful due to the lower tissue absorption, which allows high tissue penetration depths. In addition, the presence of absorption peaks for tissue components, such as lipids, allows the potential for causing selective tissue damage. The high average powers and the attractive laser properties, such as the ability to deliver a collimated or focused beam, are key enablers for potential catheter-based medical treatments.
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Fiber Laser Market: Competition Landscape and Key Developments
Active Fiber Systems GmbH; Convergent Photonics; Coherent, Inc.; Hypertherm, Inc.; IPG Photonics Corporation; Maxphotonics Co, Ltd; nLIGHT, Inc.; LUMIBIRD (formerly Quantel-Keopsys group); Wuhan Raycus Fiber Laser Technologies Co., Ltd.; and TRUMPF GmbH + Co. KG are among the key players that were profiled during this market study. The market players are adopting strategies such as product developments, partnerships, mergers and acquisitions, and collaborations for sustaining the competitive edge.
Fiber Laser Market – Key Market Dynamics
Drivers
- Increase in Automotive Production
- Growth of 3D Printing Technology
Restraints
- Lower Cutting Speed when Processing Thicker Materials
Opportunities
- Rising Demand for Fiber Lasers in Cutting Applications
Future Trends
- Surge in Demand in Various Industries and Emergence of Industrial Automation
Recent Developments:
In 2021, Maxphotonics Co, Ltd launched new MOPA pulsed M series. These are widely used in marking, engraving, cleaning, precision cutting/welding, etc., and played a vital role in the upgrading and development of manufacturing.
In 2020, PG Photonics Corporation launched new YLR-U series near-infrared 1.0 fiber lasers. The YLR-U series is the world's highest performance industrial-grade kilowatt-class continuous wave (CW) ytterbium fiber lasers.
Go through further research published by The Insight Partners:
Optical Metrology Market - Global Analysis and Forecast to 2030.
Semiconductor Laser Therapeutic Instrument Market - Global Analysis and Forecast to 2030.
Hollow Fiber Filtration Market - Global Analysis and Forecast to 2030.
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