The global ultrafast laser market is projected to be valued at USD 3521.2 million by the end of 2027, registering a CAGR of over 16.9% during the forecast period.
Ultrafast lasers emit ultrashort pulses of light with an electromagnetic pulse, whose time duration is of a picosecond or less. These pulses have a broad optical range and can be produced by mode-locked oscillators. The ultrafast lasers are commonly referred to as ultrafast events with the amplification of ultra-short pulses, which always require high pulse amplification to prevent damage to the amplifier’s gain medium.
The various factors driving the growth of the global ultrafast laser market are the adoption of terahertz spectroscopy, the growing quality requirement in industrial projects, and the increasing demand for consumer electronics. Terahertz (THz) spectroscopy is a rapidly evolving spectroscopic method that detects and controls properties of matter with electromagnetic fields created using THz waves ranging from 1011 to 1013 Hz. Rapid advancements in technology have proven the capability of THz spectroscopy in fields of physics, chemistry, materials science, medicine, pharmacy, and biology.
COVID-19 Impact Analysis
The manufacturing industry, which contributes approximately 17% to the global GDP, is one of the severely impacted industries throughout the COVID-19 pandemic. China is the epicenter of this pandemic and is also the hub for most raw material suppliers that provide raw materials and components to several manufacturing units across the world. The global lockdown has restricted the production of these manufacturing facilities, derailing the entire supply chain.
The global ultrafast laser market has been segmented on the basis of type, pulse duration, average power, repetition rate, application, and region.
On the basis of type, the global ultrafast laser market has been segmented into titanium sapphire, diode-pumped, mode-locked, and fiber laser. The fiber lasers segment held the largest market share in 2019 and is expected to register a CAGR of 18.6% during the forecast period. These lasers possess high pointing stability, offer consistent beam quality, and provide a wide variety of wavelengths. Most of the femtosecond fiber lasers are used in performing eye surgeries
By pulse duration, the ultrafast laser market has been categorized into femtosecond and picosecond. Femtosecond ultrafast lasers emit light pulse duration below one ps, also known as ultrashort pulse. Picosecond ultrafast lasers emit light pulse duration between 1 ps and tens of picoseconds.
By average power, the ultrafast laser market has been categorized into 120mW–500mW, 500mW, and 0.5mW–120mW. In 2019, the 120mW–500mW segment accounted for market value of USD 512.7 million.
By repetition rate, the ultrafast laser market has been categorized into 80MHz–100MHz, 40MHz–80MHz, and 0.5 MHz–40MHz. In 2019, the 40MHz–80MHz segment was valued at USD 428.0 million.
By application, the ultrafast laser market is divided into biomedical, material processing, spectroscopy imaging, science research, and others. In 2019, the biomedical segment was valuedat USD 463.7 million,while in the same year, the materials processing segment was valued at USD 274.3 million.
Key Findings of the Study:
- The global ultrafast laser market is projected to reach a value of USD 3521.2millionby 2027, registering a CAGR of 16.9% during the forecast period from 2021 to 2027.
- North America accounted for the largest market share in 2019 due to the large-scale adoption of diode-pumped and fiber lasers across various industry verticals such as medical and biopharma, industrial manufacturing, scientific research, and consumer electronics.
- Asia-Pacificis expected to be the second-fastest-growing regional market registering a CAGR of over 17.7%.
- Europeis likely to register significant growth due to the rapid deployment of ultrafast lasers in various industrial and research applications, including quality control, process control, surface inspection, and thermal management.
- The need for high bandwidth and high data transfer capabilitiescreates lucrative growth opportunities for the players operating in this market.