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Commenting on the report, an analyst from the team said: The global fiber laser vendors such as IPG Photonics have already invested a considerable amount of time and money in their R&D department for the expansion of their product portfolio. Vendors in this market are increasingly investing in their R&D division to provide better functionality and to meet the unsatisfied requirements of end-consumers. The R&D investments by the vendors have enabled them to capture a significant market share and gain a competitive edge over other vendors in the Global Fiber Laser market. Therefore, the increased R&D spending by market vendors is a positive trend that is expected to contribute to the growth of the market during the forecast period.
According to the report, one of the major drivers in this market is the increasing adoption of fiber lasers due to its superior attributes. The benefits of using fiber lasers are expected to foster the demand for fiber lasers, thereby contributing to the growth of the Global Fiber Laser market.
Further, the report states that one of the key challenges in this market is the long lifespan of fiber lasers. The long life span of fiber lasers has led to the fluctuating demand for fiber lasers, thereby affecting sales of fiber lasers.