America's fastest growing companies ranked by stock growth and state.
For more than 20 years, IPG Photonics has developed optical fiber-based lasers for materials processing and applications in the medical and telecommunications fields. If you’ve used a Gillette razor or ridden in a Volkswagen, then you’ve used a product crafted with the help of IPG’s fiber lasers.
The industry continues to gain ground on manufacturers of their conventional counterparts, particularly for cutting and welding applications. Fiber lasers offer increased versatility, decreased energy consumption, and lower running and maintenance costs than conventional lasers.
IPG is the only vertically integrated manufacturer of fiber lasers, which the company says offers significant output and quality advantages over its competitors. Revenue from materials processing grew 26% in the second quarter and accounted for 94% of sales. High-power laser sales were up 38%, driven by automotive and other manufacturing applications, and medium-power lasers, used primarily for consumer electronics, saw 41% growth. --S.G.