The consumer electronics industry is also expected to drive the growth in the industrial lasers market. Various type of lasers including solid-state, CO2, fiber lasers and disk lasers are being used on a large scale in various industries. The increasing demand for small power and high output power is contributing to the growth of fiber lasers.
One of the biggest advantages of fiber lasers is its high reliability and flexibility as compared to other types of lasers. Manufacturers are developing fiber lasers with high power and nanosensor pulses allowing better results. The fiber lasers with faster cutting speeds are also gaining popularity in the market.
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Moreover, the stringent regulations on emission in the oil & gas industry, the rise in the bio-instrumentation demand from the medical industry, and the increasing demand for sensing instruments are driving the growth of the global industrial laser market.
Meanwhile, in the medical industry, rising demand for cosmetology and dermatology are widely expected to boost the demand for industrial lasers. Moreover, the use of LIDAR sensors consisting of a laser, sensor, and a specialized GPS receiver is being used in industries such as automotive, manufacturing and also aerospace, hence, this is also driving the demand for industrial lasers.
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Challenges in the Global Industrial Lasers Market
Despite the growth in the use of an industrial laser for a variety of applications. There are various factors hampering the growth of the market such as high cost of installation, a limited number of suppliers, and various health and environment issues. However, manufacturers are focusing on developing laser technologies that are less harmful, and available at low cost and low installation charges. Manufacturers are investing heavily in the research and development of industrial lasers that consume low power, still working at a better speed.
Rise in Adoption of Fiber Laser Technology due to Fast Cutting Speed and Low Maintenance Cost
Various industries are adopting fiber laser technology owing to the fast cutting speed and low maintenance cost. Manufacturers are also automating many features in the fiber laser to simplify the whole process. Fiber laser technology is also leading to the quality thick-section cut, hence, in industries where cutting and bending the metal is an important process are replacing their standard Carbon Dioxide (CO2) laser processing with fiber laser technology.
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Manufacturers are also developing automated fiber lasers that can automatically change the beam mode on the basis of the material being processed. This eliminates the need for an operator to manually change or adjust anything in the machine during the process. The automotive industry are also switching to fiber lasers in order to weld airbag initiators, diesel injectors and to mark wheels.
Competition Tracking
Some of the top companies operating in the global industrial lasers market are TRUMPF, IPG Photonics, Coherent, Clark MXR, Hypertharm Inc., Calmar Laser Inc., Apollo Instruments, 3 SP Technologies S.A.S., Amonics Ltd., and Han's Laser Technology. Increasing number of companies are entering into a partnership to offer a better solution and expand geographically.