Global fibre laser market
Submitted by:
Sara Waddington
The global fibre laser market size is poised to grow by US$ 8.33 billion during 2020-2024, progressing at a CAGR of over 11% throughout the forecast period, according to the latest report by analyst, Technavio. The report offers up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic.
“Demand for enhanced productivity will be a significant factor in driving the fibre laser market growth. The aerospace and defence, consumer electronics, healthcare, industrial and manufacturing industries are increasingly adopting new technologies and tools to enhance their productivity. Fibre laser cutting systems are known to offer higher productivity than a CO2 laser system. Hence, with the increasing demand for enhanced productivity from end-user industries, the need for fibre lasers will also grow,” the analyst told ISMR.
According to the report, major fibre laser market growth came from the material processing segment. Several firms are replacing their CO2 lasers with fibre lasers to increase their productivity and ROI.
Fibre laser offers several advantages over gas or other solid-state lasers. The optical fibre used as an active gain medium in a fibre laser can be twisted to accommodate any directional changes. The flexibility of fibre lasers allows for compact design of cutting heads. The absence of any moving parts makes the maintenance of fibre lasers easier than other laser sources. Efficient cooling mechanisms enable fibre lasers to operate continuously for longer durations.
“The rising demand for fibre lasers for coding and marking requirements, and growing demand for miniaturisation of ICs and wafers, will fuel the demand for fibre lasers for materials processing applications. Market growth in this segment will be faster than the growth of the market in the advanced application, healthcare and other segments,” said the analyst.
“APAC will offer several growth opportunities to market vendors during the forecast period. Growing demand for semiconductor chips and the presence of several industrial manufacturing plants in APAC will significantly influence fibre laser market growth in this region. China, India and Japan are the key markets for fibre laser in APAC. Market growth in this region will be faster than the growth of the market in other regions,” it added.
The report confirmed that the growing use of fibre lasers in thin-sheet and micro-cutting applications will be a key market trend. Demand for fibre laser cutting will be especially high in the electronic and medical industries, where twists and turns in miniature products and micro-cutting applications is required. The growing use of fibre lasers in thin-sheet and micro-cutting applications, which is one of the critical fibre laser market trends, will positively influence the growth of the market during the forecast period.