Research shows growing need for product traceability will drive global fiber laser market

London-based Technavio has released “Global Fiber Laser Market 2016-2020,” a research report that predicts the global fiber laser market will grow at a CAGR of more than 15 percent until 2020. According to the report, product traceability requirements will help drive that growth.

“Different types of product markings such as engraving, bonding, etching, and carbon migration are very useful for tracing the history and roots of manufactured products and the materials used,” said Navin Rajendra, a lead analyst for semiconductor research at Technavio. “The flexibility of using an extensive range of materials and the advantages of using lasers over other conventional processes have made them the first choice for many material processing applications.”

Material processing makes up nearly 86 percent of the global fiber laser market. The segment, which includes the application of fiber lasers in cutting, welding, engraving, and marking, generated revenue of $1.03 billion in 2015.

Marking is used for component tracking and source traceability to maintain inventory and prevent product falsification. Fiber laser marking equipment is used mainly by OEMs to apply different types of markings, such as bar code identification, graphic identification, and serialized alphanumeric codes on their products.