Sep 10, 2021   SOURCE: BusinessWire

Worldwide Fiber Laser Industry to 2028 - Rising Demand for Fiber Lasers in Cutting Applications Presents Opportunities - ResearchAndMarkets.com

The "Fiber Laser Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Infrared Fiber Laser, Ultraviolet Fiber Laser, Ultrafast Fiber Laser, and Visible Fiber Laser) and Application (High Power Cutting & Welding, Marking, Fine Processing, and Micro Processing)" report has been added to ResearchAndMarkets.com's offering.

According to the new research report titled "Fiber Laser Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to reach US$ 4,765.4 million by 2028, registering a CAGR of 11.1% from 2021 to 2028.

Factors such as increased production in the automotive sector and growth of 3D printing technology are driving the growth of the fiber laser market. However, the lower cutting speed when processing thicker materials restrains the market growth. Moreover, increase in requirement for cutting applications, surge in demand from various industries, and emergence of industrial automation are the other factors bolstering the market growth. In addition, 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 broadly segmented into three major regions-North America, Europe, and APAC. The growth of the fiber laser market is heavily dependent on the manufacturing industries. North America, Europe, and APAC dominate the market as these three regions largely drive the manufacturing industries across the world. APAC is the largest market for manufacturing as it comprises countries such as China, Japan, India, and South Korea, which are the manufacturing hubs. China and Japan are the largest producers of steels and electronic products, which boost the manufacturing sector in these countries. South Korea is one of the largest manufacturers of semiconductor equipment across the globe and country's semiconductor industry significantly contributes to its GDP. In addition, India produces radio receivers, metal manufactures, railway rolling stock, automobiles, bicycles, and precision instruments. China has also made considerable progress in the field of engineering industries. Other Asian countries have primarily concentrated on producing durable consumer goods. Manufacturing based on computer hardware, software, and information processing has grown fast in Japan, Singapore, Malaysia, Taiwan, and South Korea and has also established fastogrowing enclaves in India-particularly around Bangalore and Mumbai.

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 electronics & semiconductor, automotive, and retail sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. As a result, the applications of fiber laser solution are declined across all regions.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global fiber laser market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global automated waste collection system market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

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

Companies Mentioned

  • Active Fiber Systems GmbH
  • IPG Photonics Corporation
  • Fujikura Ltd.
  • Convergent Photonics
  • Coherent, Inc.
  • Jenoptik AG
  • Maxphotonics Co,.Ltd
  • nLIGHT, Inc.
  • TRUMPF GmbH + Co. KG
  • Wuhan Raycus Fiber Laser Technologies Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/k0qepj