NEW YORK , Nov. 24, 2022 /PRNewswire/ -- According to Technavio, the global fiber laser market size is projected to grow by USD 8780.64 million from 2022 to 2027. The market is estimated to grow at a CAGR of 11.05% during the forecast period. Moreover, the growth momentum will accelerate. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 30%.
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Global Fiber Laser Market - Parent Market Analysis
Technavio categorizes the global fiber laser market as a part of the electronic equipment and instruments market, which covers manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. The global electronic equipment and instruments market is expected to grow at a moderate pace. Technavio calculates the global electronic equipment and instruments market size by considering the revenue generated from sales of the associated information communication and technology and electronics products, equipment, and components.
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Global Fiber Laser Market - Five Forces
The global fiber laser market is fragmented, and the five forces analysis covers–
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Global Fiber Laser Market – Customer Landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Fiber Laser Market - Segmentation Assessment
Technavio has segmented the market based on application and region.
The material processing segment will grow at the highest rate during the forecast period. Material processing includes cutting, welding, engraving, and marking applications for different materials. The material processing segment has been further segmented into high power, marking, fine processing, and micro-processing. High-power applications, which include cutting and welding applications, are the main contributors to the material processing segment.
By geography, the global fiber laser market is segmented into North America , Europe , APAC, South America , and the Middle East and Africa . The report provides actionable insights and estimates the contribution of all regions to the growth of the global fiber laser market.
North America held 30% of the global fiber laser market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period owing to factors such as the presence of major aerospace and defense firms, including Lockheed Martin, BAE Systems, Temporal Defense Systems, and Raytheon. These firms are investing in different technologies to develop new types of weapons and defense systems.
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Global Fiber Laser Market – Market Dynamics
Key factors driving market growth
The increasing demand for high-powered fiber lasers is a key factor driving the global fiber laser market growth.
The demand for high-powered lasers has increased, as they are used in various applications such as non-destructive testing in several industries, including aeronautical engineering, civil engineering, electrical engineering, forensic engineering, mechanical engineering, medicine, petroleum engineering, and systems engineering.
Therefore, the market will observe an increase in the demand for high-powered pulsed fiber lasers, which, in turn, will result in the growth of the global market during the forecast period.
Recent trends influencing the market
The growth of the three-dimensional (3D) printing market is a key trend in the global fiber laser market.
3D printing is used in several industries, such as aerospace and defense, consumer electronics, healthcare, and several others, for manufacturing highly complex structures.
In many metal-based 3D printers, multiple laser sources, such as fiber lasers, are used to fuse the metallic powder.
The increase in demand for 3D printing will drive the demand for fiber lasers.
Such factors will support the growth of the global fiber laser market during the forecast period.
Major challenges hindering market growth
The dependence on a limited number of suppliers is a major challenge to the global fiber laser market growth.
Fiber laser manufacturers rely on third-party vendors for the supply of components integrated into laser systems. However, due to the limited number of suppliers, vendors are facing a shortage in raw material supply.
Moreover, uncertain global economic conditions lead to fluctuation in the prices of commodities and currency values, thereby affecting suppliers and manufacturers.
Such factors will impede the growth of the global fiber laser market during the forecast period.
Drivers, Trends, and Challenges are the factors of market dynamics, which state about consequences and sustainability of the businesses. Find some insights from a free sample report!
What are the key data covered in this fiber laser market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the fiber laser market between 2023 and 2027
Precise estimation of the size of the fiber laser market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the fiber laser market across APAC, North America , Europe , Middle East and Africa , and South America
Thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of fiber laser market vendors
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The laser processing market size is projected to grow by USD 2.45 billion with a CAGR of 8.41% between 2021 to 2026. The market is segmented by type (gas, solid-state, and others) and geography (North America , Europe , APAC, South America , and the Middle East and Africa ).
The laser sensor market size is projected to grow by USD 544.19 million with a CAGR of 15.75% between 2021 to 2026. The market is segmented by end-user (industrial, aerospace defense, and automotive) and geography (North America , Europe , APAC, South America , and the Middle East and Africa ).
Accelerate at a CAGR of 11.05%
North America, Europe, APAC, Middle East and Africa, and South America
US, China, India, Japan, and South Korea
Leading companies, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Leading Vendors, Market Positioning of Vendors
Amonics Ltd, Apollo Instruments Inc., Calmar Laser Inc., Coherent Corp., CY Laser Srl, FANUC Corp., Furukawa Electric Co. Ltd., Hypertherm Inc., IPG Photonics Corp., Jenoptik AG, LNA Laser Technology, Lumentum Holdings Inc., LUMIBIRD SA, MACSA ID SA, MKS Instruments Inc, NKT AS, OMRON Corp., TOPTICA Photonics AG, TRUMPF SE Co. KG, and Wuhan Raycus Fiber Laser Technologies Co. Ltd.
Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period
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3.4 Market outlook: Forecast for 2022-2027
5.3 Material processing - Market size and forecast 2022-2027
5.4 Advanced applications - Market size and forecast 2022-2027
5.5 Healthcare - Market size and forecast 2022-2027
5.6 Others - Market size and forecast 2022-2027
6 Market Segmentation by Product Type
6.3 Continuous wave fiber laser - Market size and forecast 2022-2027
6.4 Pulsed fiber laser - Market size and forecast 2022-2027
6.5 Market opportunity by Product Type
8.3 North America - Market size and forecast 2022-2027
8.4 APAC - Market size and forecast 2022-2027
8.5 Europe - Market size and forecast 2022-2027
8.6 Middle East and Africa - Market size and forecast 2022-2027
8.7 South America - Market size and forecast 2022-2027
8.8 US - Market size and forecast 2022-2027
8.9 China - Market size and forecast 2022-2027
8.10 India - Market size and forecast 2022-2027
8.11 Japan - Market size and forecast 2022-2027
8.12 South Korea - Market size and forecast 2022-2027
9.3 Impact of drivers and challenges
12.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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