Report : North America 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 to Dominate North America Fiber Laser Market During 2021–2028
According to a new market research study on “North America Fiber Laser Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,187.90 million by 2028 from US$ 569.54 million in 2021. The market is estimated to grow at a CAGR of 11.1% from 2021 to 2028. The report provides trends prevailing in the North America fiber laser market along with the drivers and restraints pertaining to the market growth. Growth in automotive production and increasing 3D printing technology are the major factor driving the growth of the North America fiber laser market. However, less cutting speed when processing thicker materials hinders the growth of North America fiber laser market.
In case of COVID-19, North America is among the worst-hit regions by the pandemic. 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.
The North America 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 North America fiber laser market in 2020 and ultrafast fiber laser 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 North America 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 US, Canada, and Mexico.
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 among the leading companies in the North America 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 2021, Maxphotonics Co,.Ltd had launched new MOPA pulsed M series. These are widely used in marking, engraving, cleaning, precision cutting/welding, etc., and has played a vital role in the upgrading and development of manufacturing.
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