As per Future Market Insights, the LASER light cables market is anticipated to attain a value pool of US$ 700 million by 2023-end. Global demand for LASER light cables is expected to rise at a CAGR of 19% to US$ 4 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 700 million |
| Projected Market Value in 2033 | US$ 4 billion |
| Growth Rate (2023 to 2033) | 19% CAGR |
Growing Demand for LASER Light Cables: An Overview of Market Drivers
Expanding Market Presence: Opportunities for LASER Light Cables in Emerging Market
Fiber Optic LASER Light Cables: A Growing Trend in the LASER Light Cables Market
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As per the latest research estimates, the LASER light cables market is expected to witness high growth in the forecast period 2021 to 2031 with a CAGR of 14 to 15%. Increasing electrification in transportation is understood to drive the demand for LASER processing and in turn the demand for these cables
The usage of LASERs in the broad fields of applications like engraving, metal cutting, texturing, engraving, drilling, welding, etc. in the metalworking process which in turn caters to a plethora of industries such as automotive, heavy engineering, and general manufacturing.
Also, wiring requirements in electronics telecommunications, and medical equipment have necessitated the use of Laser light cables. As per opinions by LASER light cable manufacturers, Electric vehicle sales rose to a record high of 3 million in 2020, which was responsible for the highest sales for these cables in the year 2020.
When compared to larger standard wiring, the cable can save space. This property has made it popular for a variety of vehicle safety and lighting features. Another factor that is driving the sales of these cables is that Fiber LASERs provide precise, fine welding and fast cutting, but disk LASERs with their ease of power scalability can offer manufacturers flexibility.
The flexibility with which LASER can now be integrated into the system with the help of connectors while complying with LASER safety regulations draws the demand from the end users. Moreover, for industrial LASER applications such as vehicle manufacturing, 24/7 uptime is even more critical.
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With the advent of automation in accordance with Industry 4.0 norms, the sales for these cables rose in the historical period 2016 to 2020
A technique wherein, operation time on any numerous job is maximized. Operators also increase capacity while reducing the hourly cost of LASER processing
When the fixed costs (such as the machine investment, reflected in depreciation) can be distributed across a larger number of hours or parts, manufacturers gain the freedom to be more competitive in pricing or to increase their margin.
During the Covid-19 pandemic, the demand saw an obvious drop due to the stoppage of the manufacturing industry. The ongoing crisis caused by the COVID-19 pandemic, brought the global automotive industry to an abrupt halt, with sales plummeting in most markets. The pandemic, although gave automobile industry players an opportunity to relocate themselves by focusing on connectivity and electrification.
With stringent carbon dioxide emissions goals in play by various countries, the electric vehicle market is expected to tremendously grow.
According to the United Nations Statistics Division, China makes and sells more manufacturing goods than any other country on the planet and accounted for 28.7% of global manufacturing in 2019
Advanced infrastructure, an abundance of resources, and readily available labor make China earn this title. The iron and steel production dominating, in turn, the vehicle production, the LASER light cable market value in China, is amongst the highest in the global market.
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Germany, the manufacturing capital of Europe, specializes in medium-range technology products, demonstrating that quality is the primary driver of German international success, that price and cost advantage determine competitiveness in some product groups, and that R&D efforts have contributed to the development and maintenance of German manufacturing competitiveness, leading to the highest consumer of industrial automation tools, signifying the largest demand creator of LASER light cables in Europe.
The electric vehicle sales in Germany were the highest in Europe Union in 2020, accounting for such huge sales from the country. The electrification of the entire transportation sector wherein, light cables are used for laser processing of copper, a metal of choice in electric vehicles due to its high conductivity, is driving the demand in Germany.
Some of the leading manufacturers and suppliers of LASER light cables include
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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LASER Light Cables Market
