CHICAGO, July 30, 2024 /PRNewswire/ -- The fiber
laser market to grow from USD
7.7 billion in 2024 and is expected to reach USD 12.8 billion by 2029, growing at a CAGR of
10.8% from 2024 to 2029 according to a new report by
MarketsandMarkets™. The key factors contributing to
the growth of the fiber laser market include the Industrial
automation boosts fiber laser adoption for their precision,
efficiency, and reliability, growing demand for fiber lasers in
medical and healthcare industries, rising adoption of fiber lasers
in consumer electronics, expansion of 3D printing and additive
manufacturing. Fiber lasers offer high energy efficiency, low
maintenance, and long lifespan.
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Browse in-depth TOC on "Fiber Laser
Market"
100 – Tables
50 – Figures
220 – Pages
Fiber Laser Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 7.7
billion
|
Estimated Value by
2029
|
$ 12.8
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 10.8%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Operation
Mode, Output Power, Industry and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Shortage of skilled
professionals
|
Key Market
Opportunities
|
Advanced UV Fiber
Lasers
|
Key Market
Drivers
|
Industrial automation
boosts fiber laser adoption for their precision, efficiency, and
reliability
|
Continuous wave to hold largest share of fiber laser market
from 2024 to 2029.
With the advancement in laser technology and growing automation
of manufacturing, continuous wave (CW) fiber lasers are gaining
more popularity. Thus, industries are adopting fiber lasers due
their high performance and reliability for higher productivity and
cost-effectiveness. As new technologies evolve CW fiber lasers will
revolutionize the way in which end-products are manufactured across
various industries.
High power fiber lasers segment to grow at highest CAGR from
2024 to 2029
High power fiber lasers are designed and well suited for
industrial manufacturing, automotive, oil & gas, and iron &
steel sectors. High power fiber lasers are utilized in application
which requires high power, precision and cost-effectiveness making
them indispensable for challenging tasks such as thick metal
cutting, deep welding as well as high-speed drilling. High power
fiber lasers offer an efficient tool for higher productivity,
shorter production times and improved overall operational
efficiency in various sectors.
Ultrafast fiber laser to grow at second fastest CAGR from
2024 to 2029
The ultrafast fiber laser segment is set to have the second
fastest growth rate during forecast period from 2024 to 2029. Due
to rising need for high precision tools in various fields such as
medical research, healthcare, and manufacturing the market for
ultrafast fiber laser is booming. Ultrafast fiber lasers release
high powerful pulses, which allows for micro-machining, delicate
cutting, and complicated fabric processing with low heat damage. As
industries look for ways to boost efficiency and accuracy in
complex manufacturing tasks, the market for ultrafast fiber lasers
is expected to grow during the forecast period.
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Europe held the second
largest share of the fiber laser market in 2023.
The fiber laser industry in Europe is growing due to the rising demand for
high-bandwidth broadband connections, for instance, as of 2023 92%
of European union households are are having internet access. Key
players automotive, aerospace & defense, and medical sectors,
such as Volkswagen, Daimler, Airbus, Dassault Aviation, and
Novartis, further fuels the demand for fiber laser products and
solutions. Companies like TRUMPF (Germany), JENOPTIK AG (Germany), LUMIBIRD (France), and Bystronic Laser (Switzerland) contributes to the growth of
fiber laser market.
Coherent Corp. (US), Trumpf (Germany), Han's Laser Technology Industry
Group Co., Ltd (China), IPG
Photonics Corporation (US), and Wuhan Raycus Fiber Laser
Technologies Co., Ltd. (China). are the major players in fiber
laser companies. These players have implemented various strategies
to extend their global reach and enhance their market shares.
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