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(IT-NEWSWIRE.COM, April 23, 2020 ) Market Overview
Global Fiber Lasers Market is expected to grow at a CAGR of 7.68% during the forecasting period (2019-2026).
Fiber lasers use semiconductor diodes as the light source to pump specialty optical fibers that are permeated with rare-earth ions.
These optical fibers are referred to as active fibers and have a diameter similar to that of a single human hair. The laser emission is channeled and amplified through the optical fiber.
The amplified light, which is released from the fiber cable, is collimated or straightened and then focused by a lens onto the material to perform the required function.
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Industry Dynamics
The advantageous features of fiber lasers such as their compact size, energy- efficiency, and eco-friendly composition are driving demand for this product in the world.
Moreover, the sales of high-power fiber lasers are increasing, indicating the increasing adoption of powerful fiber lasers particularly in the automotive industry and military sector.
Growing penetration fiber lasers in the automotive industry are also driving the market. Until recently, there was only limited demand for lasers in high-profile applications in the automotive industry, but this changed with the advent of fiber lasers due to their ability to cut high-strength steel, which is used for manufacturing automobiles.
Europe is a major hub of the automotive industry, so the demand for fiber lasers is increasing. As a result of their usage of fiber lasers, automobile manufacturers are making production cost and energy savings. Moreover, lasers are increasingly being used by major automobile manufacturers for welding and cutting.
The low cost of ownership of fiber lasers is another primary driver contributing to the growth of the fiber laser market in the world. Factors such as low energy usage, low maintenance cost, and better processing speed lead to a low overall operational cost.
As fiber lasers are also very energy-efficient and can maintain low levels of thermal stress on their internal components, they have substantially lower cooling requirements than conventional lasers. Fiber lasers not only have almost no maintenance costs, but they also deliver high performance.
Fiber lasers were commercialized only five to seven years ago, so their lifespan is as yet unclear. This uncertainty is hampering the growth of the market and the usage of fiber lasers among some potential users.
Market Segmentation
The fiber laser market is segmented by application into three main segments: material processing, advanced applications, and medical applications.
The end-users in the material processing segment include the automotive, manufacturing, aerospace, and electronics industries. One of the primary reasons for the dominance of this segment is the superior benefits of using fiber lasers for activities such as marking, engraving, and cutting.
The rate of adoption of fiber lasers in these industries is expected to increase in the world during the forecast period. The remaining segments are also contributing significantly to the growth of the fiber laser market. The advanced applications segment is the second-largest revenue contributor to this market, followed by the medical applications segment and the others segment.
The others segment includes telecommunication applications.
The material processing segment is the most dominant because of the increasing use of fiber lasers for applications such as marking, engraving, printing, welding, and cutting in various industries such as manufacturing, aerospace, automotive, and semiconductor and electronics.
Moreover, high-power fiber lasers are increasingly being adopted by numerous OEMs for 2D and 3D cutting, which is one of the primary laser material processing applications. Advanced applications include obstacle ranging and mapping, directed energy applications, remote sensing, and research and project implementation.
The increasing usage of fiber lasers by commercial firms and academic and government institutions for manufacturing commercial systems is one of the primary reasons for the growth of this segment.
Moreover, fiber lasers are used for research into advanced technologies and products by both firms and institutions. The demand for high-power fiber lasers is another major factor contributing to the growth of this market.
Geographical Shares
The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and RoW. Europe is one of the major areas for the fiber laser market. The fiber laser market in Europe is expected to grow at a CAGR of XX%.
The market is expected to witness an increase in its revenue because of the increasing adoption of fiber lasers due to their superior performance, longer lifespan, high efficiency, and eco- friendly nature. The low maintenance cost of fiber lasers is also expected to boost their adoption.
Another major factor contributing to the increase in market revenue is the increasing demand for fiber lasers in military applications. The extreme power requirements in the military sector can be only met by fiber lasers, so there is a growing demand of these lasers. Moreover, the increasing use of fiber lasers in the automotive industry is also contributing to the increase in market revenue.
The recent technological advances in fiber laser technology along with the improved durability, absence of hazardous materials, reduced energy consumption, compact size, superior performance, and cost-saving features of fiber lasers are making them an attractive substitute in numerous markets, industries, and applications in Europe.
However, the market is experiencing a declining growth rate because of the falling ASP of these devices.
Key Players
The fiber laser market in the world consists of well-established players that are currently adopting new technologies to gain a competitive edge. The market is dominated by the top four vendors in the market, which together account for approximately 70% of the market; the other vendors hardly have any market share.
As the entry barriers to the market are high, the entry of new players is restricted. Also, vendors operating in the market are increasingly establishing relationships with their customers to sustain themselves in this competitive market.
This increase in relationships is expected to shape the competitive landscape during the forecast period. The leading vendors in the market are Coherent, IPG Photonics, Rofin-Sinar Technologies, and Trumpf.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
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