February 22, 2024

Fiber Laser Market Set to Surge with a 10.8% CAGR, Expected to Reach US$10 Billion by 2030

The global fiber laser market is poised for significant growth, with a remarkable CAGR of 10.8% during the assessment period from 2023 to 2030. By the end of 2030, the market is anticipated to achieve a value of approximately US$10 billion.

Key Market Insights

Fiber lasers represent a departure from traditional lasers by integrating beam transport and a laser cavity into a single system within an optical fiber. These lasers find applications in laser marking systems, offering exceptional dimensional accuracy for manufacturing electronic devices. Fiber lasers are employed in various material processing tasks, including welding, cutting, and more. The market classifies fiber lasers into three categories: infrared fiber lasers, ultraviolet fiber lasers, and ultrafast fiber lasers. Key applications include material processing, healthcare, and other fields that require marking, microprocessing, high power, and fine processing.

Growing Need for Laser Technology in Healthcare Sector

The healthcare sector is experiencing a growing demand for laser technology across various specialties, including urology, dermatology, dentistry, and ophthalmology. Laser technology has expanded its applications to treat a wide range of health conditions, from kidney stones and tumors to knee injuries and glaucoma. Ophthalmic laser treatments are effective in addressing eye-related ailments such as glaucoma, cataracts, and macular degeneration. Moreover, laser technology plays a role in noninvasive medical procedures like hair removal, skin rejuvenation, tattoo removal, photodynamic therapy, and more. The aging population, improved medical infrastructure, increasing aesthetic procedures, and rising prevalence of eye-related illnesses have driven the sales of medical laser systems.

Growing Adoption of Lasers for Optical Communication

Laser technology plays a crucial role in optical communication, where light is used as a transmission platform. Unlike radio waves, light waves in laser fiber optics are densely packed, enabling the transmission of vast amounts of data. Laser technology supports efficient communication systems with increased bandwidth, speed, cost-effectiveness, and a smaller footprint. Diode lasers are extensively used in broadband communication systems. Laser technology is gaining traction in optical communications due to its ability to facilitate wireless connectivity using air as a communication medium. The speed of light makes laser technology suitable for vertical applications employing air as a medium.

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Challenges: Limited Current Applicability and Financial Investment

While lasers are increasingly used in various industries, including automotive, semiconductor, industrial, medical, research, and defense, implementing laser processing for many applications often requires substantial financial investments. High-power lasers, ranging from a few hundred to a few thousand watts, are required for various systems and processes. While laser processing can reduce labor costs and other expenses in manufacturing and automotive industries, implementing it entails significant financial outlays. This includes investments in software, design files, robust components, laser sources, and warranties for service and repairs. To achieve widespread adoption, cost-effective solutions are needed to support laser technology.

Overview of Key Segments

Continuous Fiber Laser Witnesses High Demand

Continuous wave fiber lasers, which accounted for over three-quarters of the total fiber laser market in 2022, are primarily used in materials processing, particularly in aerospace and automotive applications. These lasers offer superior stability and performance efficiency compared to traditional laser welding products.

Ultrafast Fiber Laser Category to Grow Rapidly

The ultrafast fiber laser category is expected to exhibit the fastest growth during the forecast period. Ultrafast fiber lasers play a critical role in semiconductor production processes, including micromachining, wafer inspection, and defect analysis. They are versatile tools used in various domains, such as scientific research, materials processing, medical imaging, optical communication, semiconductor production, meteorology, and spectroscopy, due to their ability to deliver ultrashort pulses of light.

High-power Applications Contribute Significantly

High-power fiber lasers are set to dominate the market due to their wide-ranging applications across industries like automotive, aerospace, electronics, medical devices, jewelry, and packaging. They are particularly important in electronic device manufacturing, where they are used for marking electrical components and batteries with part numbers, safety symbols, and compliance markers.

Growth Opportunities Across Regions

Asia Pacific’s Dominance Led by China

Asia Pacific will maintain its dominance in the global fiber laser market, with China at the forefront. China’s thriving manufacturing industries, including automotive, electronics, manufacturing, aerospace, and metal fabrication, have adopted fiber lasers extensively due to their precision, quick processing speeds, and versatility. The metal fabrication industry, a significant contributor to China’s GDP, relies on fiber lasers for various applications, further driving market growth. With a strong industrial sector and infrastructure development investments, Asia Pacific is poised to capitalize on its market potential.

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Phenomenal Growth Prospects in North America

North America is expected to witness substantial growth in the fiber laser market, with a CAGR of over 10% during the forecast period. The presence of major aerospace and defense corporations, coupled with investments in advanced technologies, contributes to market expansion. The region’s highly developed industrial sector and increasing demand for electronic devices and automobiles are propelling the adoption of fiber lasers, particularly in high-power applications like welding lightweight vehicle body panels.

Fiber Laser Market: Competitive Landscape

Prominent players in the global fiber laser market include IPG Photonics Corporation, Lumentum Holdings Inc., Fujikura Ltd., TRUMPF, NKT Photonics A/S, nLIGHT, Wuhan Raycus Fiber Laser Technologies Co., Ltd., and Maxphotonics.

 

Browse Global Fiber Laser Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Type Coverage, By Power Output Coverage, By Application Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/fiber-laser-market

 

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This press release first seen on Brilad