We have demonstrated a highly efficient cladding-pumped ytterbium-doped fiber laser, generating $>$2.1 kW of continuous-wave output power at 1.1 μm with 74% slope efficiency with respect to launched pump power. The beam quality factor ($M^2$) was better than 1.2. The maximum output power was only limited by available pump power, showing no evidence of roll-over even at the highest output power. We present data on how the beam quality depends on the fiber parameter, based on our current and past fiber laser developments. We also discuss the ultimate power-capability of our fiber in terms of thermal management, Raman nonlinear scattering, and material damage, and estimate it to 10 kW.