LONDON--(BUSINESS WIRE)--The global fiber laser market is expected to post a CAGR of close to 13% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The additive manufacturing process has been using fiber lasers as an integral component to minimize material waste. Additive manufacturing process not only lowers the number of production steps but also decreases the number of parts needed for assembly. In addition, metal-based 3D printing processes such as laser material deposition and selective laser melting use fiber laser to fuse the metal powder and produce high-quality components. This has further encouraged vendors in the market to offer fiber lasers for the additive manufacturing process to produce prototypes and unique pieces. Thus, growing demand for additive manufacturing will boost the fiber lasers market during the forecast period.
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As per Technavio, technological advances in fiber lasers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Fiber Laser Market: Technological Advances in Fiber Lasers
Vendors in the fiber laser market are focusing on the development of nanosecond pulsed fiber lasers ideal for various types of industrial applications, including, laser ablation, trimming, silicon cutting, and others. These nanosecond fiber lasers offer a wide range of pulse repetition rates and provide better stability as well as high reliability. In addition, several applications in the electronics industry such as trimming resistors and conductors, marking ceramic substrates, and removing thin layers from transparent substrates are increasingly using technologically advanced fiber lasers. Therefore, technological developments in the fiber lasers are expected to drive market growth during the forecast period.
“Growing demand for high-power fiber lasers, and rising focus on sustainable manufacturing are few other factors that will boost the fiber laser market growth during the forecast period”, says a senior analyst at Technavio.
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Global Fiber Laser Market: Segmentation Analysis
This market report segments the global fiber laser market by application (material processing, advanced application, healthcare, and others) and geography (APAC, Europe, MEA, North America, and South America)
APAC led the fiber laser market share in 2019, followed by North America, Europe, MEA and South America respectively. This can be attributed to the presence of several industrial manufacturing plants belonging to aerospace and defense, automobile, consumer electronics, and medical devices industries in APAC. The region is anticipated to witness the highest market growth in the fiber laser market due to the increasing application of these materials in the rapidly growing semiconductor foundries in the emerging economies of the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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