According to a new report published by Allied Market Research, titled,"Fiber Laser Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the market was valued at $1,782 million in 2017, and is projected to reach $4,403 million by 2025, growing at a CAGR of 11.9% from 2018 to 2025. Asia-Pacific is anticipated to be the highest revenue contributor throughout the forecast period.
Fiber lasers consist of long optical fibers containing excellent thermal properties. They allow easy integration of the pump diodes and fiber components. The design of fiber lasers is more compact, efficient, and reliable as compared to conventional lasers.
The major factors that drive the fiber laser market across the globe are continuous technological advancements, high beam quality & lower cost of ownership, and eco-friendly technology. The growth in trend of green manufacturing and increase in concern among material manufacturers regarding the impact of their product on the environment across various industrial sectors have made fiber lasers an attractive choice for cutting and marking applications. Easily automated and energy efficient fiber laser solutions are increasingly replacing the traditional methods such as chemical etching and ink-based printing that are employed for machine marking.
By type, the fiber laser market is segmented into infrared fiber laser, ultraviolet fiber laser, ultrafast fiber laser, and visible fiber laser. The ultrafast fiber laser segment accounted for nearly two-thirds of the market revenue in 2017. This was attributed to its properties such as compact size, high beam quality, wall plug efficiency, and reliability. In addition, ultrafast lasers are manufactured using the technique of chirped pulse application, which suppresses the undesired pulse pedestals and nonlinear optical effects. The ultrafast laser segment is bifurcated into picosecond fiber laser and femtosecond fiber laser. The femtosecond fiber laser segment accounted for nearly three-fourths share of the global ultrafast fiber laser market revenue in 2017.
High power application is expected to grow at a CAGR of 15.8% in terms of revenue from 2018 to 2025, owing to employment of fiber lasers in cost-effective cutting and welding applications. Marking accounts for the second largest share in terms of revenue, which is attributed to the FDA requirement for marking unique identification number on all medical, dental, and surgical devices for patient safety.
Key Findings of the Fiber Laser Market:
- Asia-Pacific is expected to remain dominant from 2018 to 2025 in terms of revenue, followed by North America.
- The picosecond fiber laser market is expected to grow at a CAGR of 11.4% during the forecast period.
- Quasi-CW green fiber laser is the fastest growing type in terms of revenue in the global visible fiber laser market, with a CAGR of 46.0% from 2018 to 2025.
- Mexico is the fastest developing region in the North America fiber laser market, growing at a CAGR of 11.2% from 2018 to 2025.
Asia-Pacific and North America collectively contributed more than two-thirds to the market revenue in 2017. In the same year, Asia-Pacific dominated the market, in terms of revenue, owing to increased demand of fiber lasers in electronics and automotive industry.
The report provides an extensive competitive analysis and profiles of the key market players, such as Amonics Ltd., Apollo Instruments Inc., Coherent Inc., IPG Photonics Corporation, Jenoptik Laser GmbH, CY Laser SRL, NKT Photonics A/S, Quantel Group, TRUMPF, and Toptica Photonics AG. The other players in the value chain (not included in the report) include O.R. Lasertechnologie GmbH, Sigma Mechatronics Pvt. Ltd., and SPI Lasers Limited.