Owing to benefits such as improved accuracy, lower cost of operation, and minimal wastage of energy, the global ultrafast lasers market is expected to witness significant growth during the forecast period 2021-20031. The ultrafast lasers market has been experiencing a rapid rate of adoption recently.
The need for ultrafast lasers in various applications such as materials processing, biomedical, spectroscopy and imaging, science, and research is also expected to drive the market during the forecast period. Furthermore, increasing investments in research and development activities related to laser technologies to improve their performance across different industry verticals are also expected to fuel the demand for ultrafast lasers in the near future.
During the forecast period, it is predicted that the rapid application of ultrafast lasers in sectors including material processing, biomedical, spectroscopy and imaging, science, and research will propel market expansion. The market consistently undergoes a series of developments in order to provide better services. Furthermore, these lasers possess an extremely short pulse duration which allows for precise control of laser cutting and welding processes. Finally, these lasers can be used for a wide range of applications such as micro-machining and micrometer-level precision.
Advantages such as improved accuracy, reduced processing time, and higher power output are some of the advantages that the ultrafast laser market has to offer. In addition, these lasers require less energy to operate than traditional lasers, resulting in lower operating costs.
Considering these factors, it is reasonable to say that the global ultrafast laser market is growing at an appreciable compound annual growth rate (CAGR) of 8.9%. It is expected that the market might acquire a size of USD 6.09 billion during the period of forecast, that is, 2021-31.
The term "ultrafast lasers" refers to lasers that generate light pulses with an ultrashort pulse length, such as femtoseconds (10–15 seconds) or even attoseconds (10-18 seconds). The pulse width produced by conventional lasers, which can range from nanoseconds (10-9 seconds) to picoseconds, is substantially longer than this duration (10-12 seconds). Numerous applications, such as laser cutting, microscopy, and spectroscopy, make use of ultrafast lasers. The rise in demand for precise manufacturing techniques across a variety of industries, including the automotive and electronics sectors, is the main factor driving the growth of the worldwide ultrafast lasers market. In addition to this rising demand for medical device fabrication also propels the growth of this market.
A significant rise in the demand for high-speed processes is responsible for the gaining popularity of ultrafast lasers across the world. Ultrafast lasers are lasers that generate pulses of light with a duration ranging from femtoseconds (10-15 seconds) to picoseconds (10-12 seconds). These lasers offer several advantages as compared to traditional lasers such as higher accuracy, increased speed and reliability, better beam quality, and improved efficiency.
However, drawbacks such as the high initial cost for the equipment, high maintenance costs due to its highly specialized nature, and potential safety risks associated with its use are restraining the growth of the UHF Inlays market. Additionally, the ultrafast laser market is still relatively new and there is limited knowledge about its long-term performance or reliability. In spite of such limitations, the growing demand for applications such as micro-machining and micrometer-level precision is a major factor driving the growth of the ultrafast lasers market.
The key players in the ultrafast lasers market are Toptica Photonics AG (Germany), Coherent, Inc. (US), Newport Corporation (US), Ltd (China), Amplitude Systèmes SA (France), Laser Quantum Ltd. (UK), Beijing Real Light Technology Co., Menlo Systems GmbH (Germany), JDSU Corporation (US) and Omicron Laserage Laserprodukte Gmbh.(Germany) among others. These players compete with each other in the market and each of them aims to earn higher profits and acquire a position above that of their competitors in the market.
Titanium-Sapphire Laser Type to Remain the Most Lucrative Segment
On the basis of type, the global ultrafast lasers market has been segmented into titanium-sapphire lasers, diode-pumped lasers, fiber lasers, mode-locked diode lasers, and others. Among these, titanium-sapphire lasers are expected to hold the largest share of the global ultrafast lasers market during the forecast period. Titanium-sapphire lasers are used for a wide range of applications such as spectroscopy, material processing, and imaging.
Biomedical Segment to Ensure Maximum Revenue
The global ultrafast lasers market has been divided into the following application categories: material processing, biomedical, spectroscopy and imaging, science and research, and others. Biomedical is anticipated to experience the fastest rate of growth in this group of applications for ultrafast lasers throughout the course of the forecast. This market's expansion is anticipated to be fueled by rising demand for biomedical applications such as laser surgery and biophotonics.
Asia Pacific Region is Expected to Yield Ample Investment Avenues
The global market for ultrafast lasers has been split into regions based on geography: North America, Europe, Asia Pacific, Middle East and Africa, and South America. In this list, Asia Pacific is anticipated to see the market for ultrafast lasers' quickest growth during the time of forecasting. This might be attributable to rising laser research and development expenditures as well as regional technology developments.
Covid-19 Impact and Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the global ultrafast lasers market. The market is expected to witness a decline in demand due to the lockdown measures implemented by various governments across the world to contain the spread of the virus. This has led to a slowdown in manufacturing activities and disrupted the supply chain of ultrafast lasers. Moreover, the closure of educational institutes and research laboratories has hampered the growth of the market as these are some of the major end-users of ultrafast lasers. The market recovered to some extent in 2021 as the lockdown measures were lifted and economic activities resumed. The growing adoption of ultrafast lasers for applications such as material processing, biomedical, spectroscopy, and imaging is expected to drive market growth during the forecast period. Furthermore, the rising investments in R&D activities and technological advancements are expected to create new opportunities for the ultrafast lasers market.
Latest Innovations in the Global Ultrafast Lasers Market: a Snapshot
• In December 2022, Fastlite, a French high-technology business with expertise in ultrafast pulse shaping, characterization, and optical parametric amplifiers, has been acquired by Amplitude, a maker of ultrafast lasers. The completion of the acquisition is anticipated for early 2023, subject to regulatory reviews and permissions.
• Researchers have created a brand-new, high-power yellow ultrafast laser that is predicted to greatly aid biomedical applications.
Ultrafast Lasers Market scope
|Revenue forecast in 2031
|USD 6.09 billion
|CAGR of 8.9 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Toptica Photonics AG (Germany), Coherent, Inc. (US), Newport Corporation (US), Ltd (China), Amplitude Systèmes SA (France), Laser Quantum Ltd. (UK), Beijing Real Light Technology Co., Menlo Systems GmbH (Germany), JDSU Corporation (US) and Omicron Laserage Laserprodukte Gmbh.(Germany) among others
Key Segments of the Ultrafast Lasers Market
By Type Overview, 2021-2031 (USD Billion)
• Titanium-sapphire Lasers
• Diode-pumped Lasers
• Fiber Lasers
• Mode-locked Diode Lasers
By Application Overview, 2021-2031 (USD Billion)
• Material Processing
• Spectroscopy and Imaging
• Science and Research
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa