(MENAFN- PR Newswire)
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 MarketsandMarketsTM. 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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