PORTLAND, Oregon and PUNE, India, November 16, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Fiber Laser Market by Type, and by Application - Global Opportunity Analysis and Industry Forecast, 2014 - 2022" the fiber laser market is expected to reach $3,113 million by 2022 from $1,443 million in 2015, growing at CAGR of 11.7% from 2016 to 2022. Ultrafast fiber laser segment dominated the market with more than half of the market in terms of revenue in 2015.
Summary of the fiber laser market report can be accessed on the website at https://www.alliedmarketresearch.com/fiber-laser-market
High beam quality, lower cost of ownership, and eco-friendly technology majorly drive the fiber laser market. The growth in trend of green manufacturing and increase in concern of material manufacturers regarding the impact of their product on environment across various industrial sectors has 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 employed for machine marking, such as chemical etching and ink based printing.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "QCW fiber lasers have shown tremendous growth in last three years substituting traditional YAG lasers which were large, un-reliable, and inefficient, owing to its unique technology and high peak power."
Fiber lasers offer excellent beam quality and does not require any complicated optics for beam delivery. They don't contain mirrors or moving parts within the light generating source and offer high wall plug efficiency and ultra-compact footprint, which results in low operating costs and minimal maintenance requirements. Higher speeds and high electrical efficiency at relatively lower running costs boost the demand for fiber lasers across various industrial sectors. Though reduced processing speed while cutting thicker materials and undesired pulse pedestals & nonlinear optical effects restrain the market growth, increase in automobile and mobile electronics applications offer a great potential for the growth of fiber laser market globally.
Ultrafast fiber laser segment accounted for more than three-fifths share of the global fiber laser market in 2015. 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. Ultrafast laser segment is sub segmented into picosecond fiber laser and femtosecond fiber laser. Femtosecond fiber laser accounted for around three-fourths share of the world ultrafast fiber laser market revenue in 2015.
High power application is expected to grow at a CAGR of 15.4% in terms of revenue owing to employment of fiber lasers in cost effective cutting and welding applications. Marking accounts for the second largest share in terms of revenue, attributing to FDA requirement for marking unique identification number on all medical, dental, and surgical devices for patient's safety and trade way marking policy.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "key players R&D investments with regards to use of fiber lasers as a milling tool in aerospace industry to expand the potential for fiber lasers market."
Key findings of the Fiber Laser Market study:
- Asia-Pacific is expected to continue to lead the market throughout 2016 to 2022 in terms of revenue, followed by North America.
- Picosecond fiber laser market is expected to grow at a CAGR of 11.5% during 2016 to 2022.
- Quasi-CW green fiber laser is the fastest growing type in terms of revenue in world visible fiber laser market, with a CAGR of 74.9%.
- Mexico is the fastest growing region in North America fiber laser market, growing at a CAGR of 10.2% from 2016 to 2022.
- Brazil accounted for 69% share in LAMEA fiber laser market in 2015.
- Tube cutting is the fastest growing application in world fiber laser market in high power cutting application, growing at a CAGR of 16.7% from 2016 to 2022.
Asia-Pacific and North America collectively contributed more than two-thirds of the market revenue in 2015. 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 prominent players profiled in this report include Amonics Ltd. (China), Apollo Instruments Inc. (U.S.), Coherent Inc. (U.S.), IPG Photonics Corporation (U.S.), Jenoptik Laser GmbH (Germany), Keopsys Group (France), NKT Photonics A/S (Denmark), Quantel Group (France), ROFIN-SINAR Technologies Inc. (U.S.), and Toptica Photonics AG (Germany).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research