Two Greater Hartford businesses are projected to be top 12 vendors in the global fiber laser market from 2016 to 2020.
According to Technavio, a London-based technology research and advisory company, Trumpf, which has its North American headquarters in Farmington, and Nufern, which has its world headquarters in East Granby, are among the top dozen globally.
Trumpf is the North American subsidiary of Germany-based Trumpf GmbH + Co. KG, a family-owned company consisting of more than 55 subsidiaries, which manufactures laser machine tools. Nufern is best known for manufacturing and developing application-specific optical fibers. Some of its products include optical fibers, fiber lasers, fiber amplifiers, and defense technology products.
According to the report, the global fiber laser market has high growth potential primarily because of an increase in fiber laser applications in numerous industries, such as materials processing, health care, military and communication. IPG Photonics in Oxford, Mass., is considered the dominant business in the laser fiber market, Technavio said.
Technavio’s projections are based on research on the vendor landscape using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.