Report : Middle East and Africa Fiber Laser Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Infrared Fiber Laser, Ultraviolet Fiber Laser, Ultrafast Fiber Laser, and Visible Fiber Laser) and Application (High Power Cutting and Welding, Marking, Fine Processing, and Micro Processing)
Infrared Fiber Laser Segment is Expected to be Fastest Growing During Forecast Period for MEA Region
According to a new market research study on “MEA Fiber Laser Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 174.84 million by 2028 from US$ 92.58 million in 2021. The market is estimated to grow at a CAGR of 9.5% from 2021 to 2028. The report provides trends prevailing in the MEA fiber laser market along with the drivers and restraints pertaining to the market growth. Growing demand in various industries and emergence of industrial automation and increasing demand for fiber lasers in cutting applications are the major factor driving the growth of the MEA fiber laser market. However, slower cutting speed when processing thicker materials hinders the growth of MEA fiber laser market.
In case of COVID-19, MEA is highly affected especially South Africa. The COVID-19 pandemic in the Gulf Cooperation Council (GCC) is happening against already bleak economic conditions, in which consumer confidence has been weakening for the past few years, driven by sluggish GDP growth, regional turbulence, and oil price declines. There are incredibly close-fitted financial relations between the GCC and the Rest of world (RoW), which will predictably impact the region. Middle Eastern companies operating in the energy and manufacturing sectors have seen revenue plummet and encountered supply chain disruptions linked to COVID?19 that have seriously affected business operations. However, the region has controlled the spreading COVID-19 cases, and its economy is slowly reviving due eased in lockdown norms and allowing various industries to resume its operations. On other side, Africa is experiencing an unprecedented economic crisis due to the COVID-19 pandemic and most countries on the continent are not reintroducing the strict lockdown measures that were in place at beginning of the pandemic, economic activity still remains slow and highly dependent on global and external demand. Service industries, including tourism and hospitality, as well as natural resource extraction, are the most affected, though manufacturing also remains particularly exposed via global trade linkages.
The MEA fiber laser market has been analyzed on the basis of type, application, and country. Based on type, the market is segmented into infrared fiber laser, ultraviolet fiber laser, ultrafast fiber laser, and visible fiber laser. The infrared fiber laser segment dominated the MEA fiber laser market in 2020 and same segment is expected to be fastest growing during forecast period. In terms of application, the market is segmented into high power cutting and welding, fine processing, marking, and micro processing. The high power cutting and welding segment dominated the MEA fiber laser market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
Coherent, Inc.; 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 among the leading companies in the MEA fiber laser market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Coherent, Inc. had launched the first switchable adjustable ring mode (ARM) fiber laser. The new Coherent HighLightTM FL-ARM with Fiber-Fiber-Switch is of a high-power (2 - 8 kW), has a dual fiber output laser that can sequentially power two separate workstations or processes. The dual fiber output delivers increased throughput in cost-sensitive, high-volume welding applications, particularly in automotive manufacturing, such as welding of doors, hang-on parts, ultra-high-strength steel components, and aluminum body frames.
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