Market Introduction
APAC consists of many developing countries witnessing high growth in their respective manufacturing sector. The region has become a global manufacturing hub as developing countries in the region such as China, India, South Korea, Taiwan, and Vietnam, are attracting several businesses of other regions or country to relocate their low- to medium-skilled manufacturing facilities to these developing countries, which have labors at lower cost. Further, governments of these countries are making developments to improve foreign investments in the region. For instance, the government of India has introduced “Make in India” initiatives to encourage companies to manufacture in India and incentivize dedicated investments into manufacturing. Similarly, the Chinese government has launched “Made in China 2025,” a national strategic plan to further develop the manufacturing industry of the People's Republic of China. In addition to this, over the years, the manufacturing spending of the region has grown significantly and is further anticipated to grow at a decent growth rate. This dramatic growth in the manufacturing spends and adoption of novel technologies are the key factors fueling the demand for fiber laser solutions in the region. Also, the region is characterized by the presence of several developed nations whose manufacturing industries are providing a significant growth prospect to the fiber laser market.
In case of COVID-19, APAC is highly affected specially India. The COVID-19 outbreak has resulted in a massive financial loss in APAC region. The governments in APAC countries are taking several possible steps to reduce its effects. Imposing lockdowns has been one of the common measures in many countries worldwide, as well as in APAC, which led to some serious disruptions in the manufacturing sector. China dominates the global manufacturing sector with significantly unparalleled, large numbers of manufacturing units, and it is considered to have the largest production sector globally. Moreover, Wuhan, one of the country's largest industrial provinces, accounts for more than 200 Fortune 500 companies. The COVID-19 emergence and imposition of lockdown across the country substantially disrupted its manufacturing sector in 2020, thereby affecting the performance of logistics and supply chain sector. After China, India, Taiwan, and South Korea are also considered to have a substantial number of manufacturing facilities, and a large and noteworthy logistics sector. Since the emergence of the COVID-19 virus, these countries have undergone several lockdown phases, which has adversely affected the manufacturing and logistics sectors. With the declining business of automotive, electronics & semiconductor components, and other consumer electronic manufacturing, the trade in Asian economy declined noticeably. Even after the gradual resumption of businesses from the last quarter of 2020, the second wave of COVID-19 pandemic in India has again slowed down the growth of manufacturing industries in the region. This, in turn, has negatively impacted the fiber laser market.
Market Overview and Dynamics
The APAC fiber laser market is expected to grow from US$ 866.34 million in 2021 to US$ 1,902.83 million by 2028; it is estimated to grow at a CAGR of 11.9% from 2021 to 2028. Automotive production is constantly rising across the APAC region, which is driving the demand for fiber lasers. Most automotive manufacturers are rapidly turning to fiber lasers to resolve their manufacturing issues. The sector widely uses fiber laser in material processing applications such as cutting, welding, and marking, as well as other machining operations involved in auto parts manufacturing. The automotive industry is obtaining excellent results with the use of fiber lasers in electric and lightweight vehicle designs. Significant weight reduction is achieved by minimizing the size of flanges by fiber laser welding and the safety of batteries is enabled by wobble-beam fiber welding. Automotive giants such as Volkswagen, BMW, and Ford Motor Company are contributing significantly to the APAC fiber laser market growth. Electric vehicles are gaining traction in APAC region, thus boosting the fiber laser market growth in the region. Countries such as China and Japan are prominent automotive manufacturers in the region. Therefore, surge in automotive production is expected to escalate the market growth.
Key Market Segments
In terms of type, the infrared fiber laser segment accounted for the largest share of APAC fiber laser market in 2020. In terms of application, the high power cutting and welding segment held a larger market share of the APAC fiber laser market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on APAC fiber laser market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Active Fiber Systems GmbH; 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.
Reasons to buy report
APAC Fiber Laser Market Segmentation
APAC Fiber Laser Market - By Type
APAC Fiber Laser Market - By Application
APAC Fiber Laser Market - By Country
APAC Fiber Laser Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 866.34 Million |
| Market Size by 2028 | US$ 1,902.83 Million |
| CAGR (2021 - 2028) | 11.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Fiber Laser Market is valued at US$ 866.34 Million in 2021, it is projected to reach US$ 1,902.83 Million by 2028.
As per our report Asia Pacific Fiber Laser Market, the market size is valued at US$ 866.34 Million in 2021, projecting it to reach US$ 1,902.83 Million by 2028. This translates to a CAGR of approximately 11.9% during the forecast period.
The Asia Pacific Fiber Laser Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Fiber Laser Market report:
The Asia Pacific Fiber Laser Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Fiber Laser Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Fiber Laser Market value chain can benefit from the information contained in a comprehensive market report.
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