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(Wireless-NewsWire.Com, August 01, 2024 ) According to MarketsandMarkets, fiber laser system 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. The growth is driven by the increased industrial automation, and high accuracy of fiber lasers. Rise in the industrial automation has lead to the increased adoption of fiber laser in manufacturing industry for material processing.
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Based on Operation Mode, the fiber laser market is into two segments: continuous wave (CW) mode, and pulsed. During the forecast period, the continuous wave (CW) segment is expected to account for a larger share of the market and exhibit a faster CAGR compared to the pulsed fiber laser. Continuous wave (CW) mode of fiber lasers delivers constant and stable output of beam of laser which is critical in manufacturing industry. It is commonly utilized in high power cutting, welding, drilling operations.
Based on Type, the fiber laser market has been segmented infrared, ultrafast, ultraviolet, and visible. The infrared fiber laser segment accounted for the larger share the fiber laser market in 2023. Due to its high power output, increased efficiency, low maintenance, High reliability, and compact size infrared fiber lasers are used in various industrial applications, including cutting, welding, and marking. Infrared fiber lasers are used in optical communication for high speed data transmission, automotive, aerospace, manufacturing for material processing applications.
Based on Output Power, the fiber laser has been segmented into Low, Medium, and High. High power fiber lasers held the largest market share in 2023. The high power fiber lasers are crucial for high energy demanding processes such as cutting of thick metal, deep welding, and advanced material processes. High power fiber lasers enhances productivity, efficiency, ensure superior quality in manufacturing processes of industries such as aerospace, and automobiles. The need for increasing high speed and high precision material processing is expected to drive the adoption of high power fiber lasers during the forecast period.
Key Market Players:
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 among the key players operating in the fiber laser market include. Reliable distribution facilities and strong services across key regions, such as North America, Europe, and Asia Pacific has led to their strong presence in the fiber laser market. Their broad product portfolio, strong business strategies enhances their market presence.
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