Asia-Pacific Fiber Laser Market is expected to reach US$ 1,902.83 million by 2028

PRESS RELEASE BY The Insight Partners 04 Aug 2021

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Ultrafast Fiber Laser Segment is Expected to be Fastest Growing During Forecast Period for APAC Region    

According to The Insight Partners market research study on “APAC Fiber Laser Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,902.83 million by 2028 from US$ 866.34 million in 2021. The market is estimated to grow at a CAGR of 11.9% from 2021 to 2028. The report provides trends prevailing in the APAC fiber laser market along with the drivers and restraints pertaining to the market growth. Growing demand for fiber lasers in cutting applications and increasing demand in various industries and emergence of industrial automation are the major factor driving the growth of the APAC fiber laser market. However, deficiency in cutting speed when processing thicker materials hinders the growth of APAC 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.  

The APAC 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 APAC 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 APAC fiber laser market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.

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. are among the leading companies in the APAC 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 2020, TRUMPF had completed the merger of its wholly-owned fiber laser manufacturing subsidiary SPI Lasers into the TRUMPF group and under the TRUMPF brand. With this merger, TRUMPF has integrated all-fiber laser technologies into its product portfolio.

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