By improving ROI and enhancing manufacturing efficiency, laser technologies like fiber lasers and 3D printing systems are becoming increasingly popular. As a result, the laser industry is quickly overcoming a slowing global economy.
In fact, the laser market is expected to reach $14.67 billion by 2022, with global sales predicted to reach about $10.5 billion in 2016. Just last year, fiber lasers saw a 22 percent revenue growth, powered by significant revenue in the materials processing sector. Lasers for scientific and military markets are the third-largest revenue generators, followed by the medical and aesthetic fields.
Fiber Lasers’ Popularity
Recently, laser technology has seen major growth due to its high precision, flexibility, and productivity compared to other, more traditional approaches. The medical industry is expected to see the largest increase in laser use, based on the need for lasers in applications including vision correction, confocal microscopy, optogenetics, enhanced MRI, and dermatological treatment.
In particular, the solid laser market leads the industry growth, focusing specifically on fiber lasers and semiconductor lasers. The fiber laser sector saw 14 percent growth in 2014, with a 6 percent growth in industrial laser revenue. Experts predict that a new wave of fiber lasers, which are particularly cost-effective because of their high efficiency and low maintenance requirements, will further augment the micro-processing market.
For the first time, fiber lasers have become more popular than CO2 lasers in a number of industries, specifically the high-power macro-processing sector. Offering a number of advantages, the diverse range of industries for fiber laser applications includes:
- Oil and gas
- Home goods
Laserage: Quality Laser Processing Capabilities
At Laserage, we are excited for the future of laser technologies and continue to support the growing laser market with our production services. As a leader in the laser processing industry, we utilize more than 90 lasers and are equipped with more than 60 laser systems to complete a diverse range of customer projects.
Our expertise encompasses ceramic substrate processing, precision tube processing, precision cutting metals and plastics, and precision metal welding. Our ISO 13485 & 9001 certified facilities are located in Waukegan, IL and Milpitas, CA.
Curious about how to add the right contract manufacturer to your supply chain? Learn more with our Quality Standards checklist.