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According to The Insight Partners’ research, the Fiber Laser Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market was valued at US$ 2,286.16 million in 2021 and it is projected to reach US$ 4,765.4 million by 2028; it is expected to grow at a CAGR of 11.1% from 2021 to 2028.
The increasing cutting applications (flat sheet cutting, tube cutting, and 3D cutting) of the fiber laser systems in several areas, including aerospace (high-strength components which can withstand the pressures of outer space), military, and in other sectors for manufacturing multiple equipment, is creating a huge growth opportunity for the fiber lasers market. Fiber lasers can be used in cutting silicon for solar cells & semi-conductors, cutting parts to shape in manufacturing & industrial settings, cutting stents for the medical industry, and cutting of gems for use in the jewelry industry. Further, fiber lasers are used for cutting of stator plates and battery foils in automotive industry. Moreover, the rapid industrialization across the globe has increased the demand for pulsed fiber lasers in cutting application to replace conventional methods such as ink-based printing and chemical etching, which is anticipated to fuel the growth of fiber laser market. There is an increase in demand for fiber lasers in cutting applications due to much less power consumption than traditional cutting techniques and waste of much less material. Moreover, the whole laser cutting process is non-contact that will reduce the downtime and increase the profits due to less risk of personal injuries, no wear and tear of moving parts, and no material damage due to contact. Thus, the wide use of fiber lasers for cutting applications in multiple areas is creating huge growth opportunities for the fiber laser providers.
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With the growing end-use industries across the globe, there is a continuous need of fiber lasers in industries to accomplish high level of product quality, which is boosting the demand for fiber lasers. Fiber lasers are being employed in several industries such as manufacturing, aerospace, automotive, and semiconductor & electronics for applications such as marking, engraving, printing, welding, and cutting. For example, ultraviolet (UV) fiber lasers are used for marking on white plastics and cabling in electronics and aerospace industries. Further, the UV fiber lasers are increasingly adopted for precise cutting and marking of brittle materials, owing to ease of integration, high performance, and precise tuning.
Owing to the growing need for optimization of resources, manufacturers are exploring various options to streamline their manufacturing and distribution operations. Manufacturers are getting inclined toward the adoption of automation solutions for the optimization of business resources. Industrial automation uses various robots and advanced information technologies to carry out various manufacturing and distribution processes. High productivity, high output quality, flexibility, information accuracy, and safety are among the major advantages of industrial automation. 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. Thus, surge in demand for fiber lasers in different industries and emergence of industrial automation are likely to encourage the future growth of the fiber laser market.
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Rising Demand for Fiber Lasers in Cutting Applications Fuels Growth of Fiber Laser Market
The increasing cutting applications (flat sheet cutting, tube cutting, and 3D cutting) of the fiber laser systems in several areas, including aerospace (high-strength components which can withstand the pressures of outer space), military, and in other sectors for manufacturing multiple equipment, is creating a huge growth opportunity for the fiber lasers market. Fiber lasers can be used in cutting silicon for solar cells & semi-conductors, cutting parts to shape in manufacturing & industrial settings, cutting stents for the medical industry, and cutting of gems for use in the jewelry industry. Further, fiber lasers are used for cutting of stator plates and battery foils in automotive industry. Moreover, the rapid industrialization across the globe has increased the demand for pulsed fiber lasers in cutting application to replace conventional methods such as ink-based printing and chemical etching, which is anticipated to fuel the growth of fiber laser market. There is an increase in demand for fiber lasers in cutting applications due to much less power consumption than traditional cutting techniques and waste of much less material. Moreover, the whole laser cutting process is non-contact that will reduce the downtime and increase the profits due to less risk of personal injuries, no wear and tear of moving parts, and no material damage due to contact. Thus, the wide use of fiber lasers for cutting applications in multiple areas is creating huge growth opportunities for the fiber laser providers.
The List of Companies – Fiber Laser Market
In December 2020, TRUMPF completed the merger of its wholly owned fiber laser manufacturing subsidiary SPI Lasers into the TRUMPF group and under the TRUMPF brand. With this merger, TRUMPF integrated all-fiber laser technologies into its product portfolio.
In November 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.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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