The North America fiber laser market is expected to grow from US$ 569.54 million in 2021 to US$ 1,187.90 million by 2028; it is estimated to grow at a CAGR of 11.1% from 2021 to 2028.
Increasing adoption of 3D printing technology is expected to drive the market growth in the coming years.The fiber laser technology is now being widely used in 3D printing because of multiple qualities including feasibility of the process and capability of making stronger & denser materials by pressing the plate hard against the hanging part during the process of sintering by the help of fiber laser.
The fiber laser technology has potential applications in printing embedded circuits, robotic components, and electromechanical components.Thus, the use of sintering in 3D printing is likely to have its application in a wide variety of industries.
Additionally, the fiber laser technology can change the additive manufacturing industry from printing passive uniform parts to printing active integrated systems.Technological advancements and price reduction in fiber laser systems have led to their utilization in 3D printers for metal deposition primarily used for the aerospace industry.
Thus, the growth of 3D printing technology is propelling the growth of the North America fiber laser market.
In case of the COVID-19 pandemic, North America is among the worst-hit regions.The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients.
This led the governments to impose lockdowns to limit human movement; as a result, manufacturing facilities have been reporting lower than usual production volumes, which has had severe impacts on production, and subsequently, it has negatively impacted the demand for fiber laser solutions in the North American region.The US reported a decline in the production and other activities in electronics and automotive industries along with the reduction in FDIs, which also interrupted other industries’ trade.
As the US is a home to the manufacturing of semiconductor equipment, the pandemic has caused a slump in the electronics and semiconductor sector’s growth, thereby limiting the scope of fiber laser application in the manufacturing industries.However, the region is reviving its economy with eased lockdown norms, which is gradually helping manufacturing industries to resume their business.
This, in turn, expected to increase the demand of fiber laser solutions in the upcoming years.
Based on type, the infrared fiber laser segment led the North America fiber laser market in 2020.In the medical field, infrared fiber lasers are majorly used for medical treatments and therapies, such as acne treatment, photodynamic therapy, and renal denervation therapy.
In medical treatment, fiber based infrared lasers are useful due to the lower tissue absorption, which allows high tissue penetration depths.In addition, the presence of absorption peaks for tissue components such as lipids, allows the potential for causing selective tissue damage.
The high average powers and the attractive laser properties such as the ability to deliver a collimated or focused beam, are key enablers for potential catheter-based medical treatments. A few advantages of infrared fiber lasers such as better focused beam, more efficient, and less power consumption are expected to increase its demand in the coming years, which would drive the North America fiber laser market growth during the forecast period.
The overall North America fiber laser market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America fiber laser market.
The process also serves the purpose of obtaining an overview and forecast for the North America fiber laser market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in North America fiber laser market. Coherent, Inc.; Convergent Photonics; Fujikura Ltd.; IPG Photonics Corporation; Jenoptik AG; Maxphotonics Co,.Ltd; nLIGHT, Inc.; TRUMPF GmbH + Co. KG; and Wuhan Raycus Fiber Laser Technologies Co., Ltd. are a few players operating in the market.
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