Laser technologies are managing to overcome a slowing economy due to the popularity of devices such as fiber lasers. Global sales for this market are expected to reach about $10.5 billion in 2016 and $14.67 billion by 2022.
The solid laser market is leading this tremendous growth because of their impressive and practical characteristics: cost-effectiveness, high efficiency, and easy maintenance. Unsurprisingly, the applications for fiber lasers are growing and may soon exceed welding, cutting, fine processing, marking, and engraving. Fiber lasers are largely used for cutting and welding purposes in the manufacturing, automotive, and electronics industries. Furthermore, the fiber laser industry will continue to grow thanks to five major fiber laser market trends:
- More Collaboration between Vendors
There has been greater collaboration among fiber laser vendors as they aspire to reach goals of business expansion and improve market share, all while producing stronger technology.
- Boost in Research and Development (R&D) Spending
Vendors are investing considerably more time and money in their R&D divisions to increase functionality of their technology and meet customer requirements, which continuously fluctuate. Augmenting allocations of R&D allows vendors to gain a competitive edge and expand their product portfolio.
- Eco-friendly Technology
Many companies are producing eco-friendly fiber lasers that offer lower CO2 emissions and better overall performance than other technologies. Reduced energy consumption and less waste are desirable for all applications.
- More Production Capacity
Due to the number of advantages fiber lasers offer, the global demand for these products is on the rise. Consequently, vendors are investing more to increase their production capacity and ensure their supply meets the growing demand.
- Technological Advancements
Technological advancements are central to the fiber laser industry in order to keep up with the latest technologies. The newest lasers provide substantial cost-, energy-, and space-saving opportunities to users, and will continue to become stronger and more powerful in time.
Laser Processing Capabilities
Laserage Technology Corporation supports the growing laser market with ISO 13485 quality system laser processing capabilities. Our two facilities are equipped with over 60 laser systems to complete projects and offer services such as ceramic substrate processing and precision metal welding.
As a recognized industry leader, Laserage offers various laser processing services for all jobs, no matter the size. If you are curious about adding the right contract manufacturer to your supply chain, download our Quality Standards Checklist.