PORTLAND, Oregon and PUNE, India, November 16, 2016 /PRNewswire/ -- According to a new report published by Allied Market Research, titled, " Fiber Laser MarketbyType, and by Application - Global Opportunity Analysis and Industry Forecast, 2014 - 2022" the fiber laser market is expected to reach $3,113 million by 2022 from $1,443 million in 2015, growing at CAGR of 11.7% from 2016 to 2022. Ultrafast fiber laser segment dominated the market with more than half of the market in terms of revenue in 2015. (Logo: http://photos.prnewswire.com/prnh/20140911/647229 ) Summary of thefiber laser marketreport can be accessed on the website athttps://www.alliedmarketresearch.com/fiber-laser-market High beam quality, lower cost of ownership, and eco-friendly technology majorly drive the fiber laser market. The growth in trend of green manufacturing and increase in concern of material manufacturers regarding the impact of their product on environment across various industrial sectors has made fiber lasers an attractive choice for cutting and marking applications. Easily automated and energy efficient fiber laser solutions are increasingly replacing the traditional methods employed for machine marking, such as chemical etching and ink based printing. According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "QCW fiber lasers have shown tremendous growth in last three years substituting traditional YAG lasers which were large, un-reliable, and inefficient, owing to its unique technology and high peak power." Fiber lasers offer excellent beam quality and does not require any complicated optics for beam delivery. They don't contain mirrors or moving parts within the light generating source and offer high wall plug efficiency and ultra-compact footprint, which results in low operating costs and minimal maintenance requirements. Higher speeds and high electrical efficiency at relatively lower running costs boost the demand for fiber lasers across various industrial sectors. Though reduced processing speed while cutting thicker materials and undesired pulse pedestals & nonlinear optical effects restrain the market growth, increase in automobile and mobile electronics applications offer a great potential for the growth of fiber laser market globally.