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Okay. Good morning. We're going to start our next presentation, which will be from IPG Photonics. The leader in fiber lasers and delighted to introduce the company's Chief Financial Officer, Tim Mammen.
Thank you, Jim. Good morning, everyone. Just a couple of words first of all around the Safe Harbor. I'm not going to read this but we will maybe making some forward-looking statements here. Actual results could differ from those forward-looking statements. I also draw your attention to the risk factors outlined in our 10-Q and 10-K.
IPG Photonics is the fiber laser company. We are credited with innovating and commercializing this exciting new technology. The company has grown revenues and earnings spectacularly over the year as the acceptance of fiber technology has accelerated and we have continued to displace older, CO2 and other legacy technologies. There is also a transition happening within the way that people process materials that is benefiting the laser market as a whole.
I think there are three main themes that really characterize IPG's business. The first is the depth of the technology that we have. The second is the scale that we have within our manufacturing. And the third is the diversity of the business.
As I mentioned, lasers are increasingly being used in different types of materials processing and other applications. We have a large available market. The market for laser sources is about $3.8 billion and that is growing at about 7% to 9% per year. Within that, fiber is gaining market share and up until 2010 grew at an average growth rates of about 28%. And last year we estimate grew at a growth rate of about 60%.