According to the new research report titled “Ultrafast Lasers Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,048.68 million by 2028, registering a CAGR of 11.0% from 2021 to 2028.
Technological innovation and implementation of ultrafast lasers in various industries and government initiative in promoting the adoption of ultrafast lasers is a major factor driving the growth of the ultrafast lasers market. Countries in various regions, such as Asia Pacific, Europe, North America, Middle East & Africa, and South America, are heavily investing in research and development to develop the most advance and highly capable ultrafast laser. Ultrafast laser is now being significantly used in various application area including medical device manufacturing, surgeries, metal processing, consumer electronic manufacturing, automotive component manufacturing, among others.
Although the ultrafast laser offers several benefits such as enhanced dimensional accuracy and tighter tolerances, reduced collateral damage, and elimination of post-processing steps, however, due to the high cost of procurement, its adoption in small and medium-sized manufacturing enterprises is low. Nevertheless, the ultrafast laser manufacturers are working hard to lower the overall cost of procuring ultrafast laser machines. Also, the cost per watt of output power has reduced substantially with the emergence of new entrants in the market, and there has been significant market consolidation through acquisitions. Therefore, these collective efforts by the market players are expected to remarkably reduce the overall impact of the restraint on the market during the forecast period. This will lead to the higher adoption of ultrafast laser system in various applications, such as marking, wielding, cutting, and surgeries.
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Laser pumping has significant importance owing to the development of high-power diode lasers that are available in several wavelength. Diode pumped laser can be categorized into four categories—single stripe, diode array, diode bar, and diode stack. Single stripe diode laser produces less than 100mW of power. However, diode array has the capability to achieve higher output power. In addition, with the small size and its long life, this type of ultrafast laser has highest level of wall-plug efficiency with any known laser source. Some of the companies offering diode-pumped laser are Coherent Inc. and IPG Photonics. The diode-pumped lasers are widely used in medical and industrial application areas. These high-performance lasers have output power of as high as 20 W, and therefore offer several performance benefits specifically for precision application including disk texturing, marking, and resister trimming.
The ultrafast lasers market is segmented on the bases of type, pulse duration, application, and geography. Based on type, the market is segmented into diode-pumped lasers, mode-locked diode lasers, titanium-sapphire lasers, and fiber lasers. In 2020 the fiber lasers segment accounted for the largest market share. In terms of pulse duration, the market is bifurcated into picosecond and femtosecond. In 2020, the femtosecond segment accounted for a larger share in the market. Based on application, the market is segmented into consumer electronics, industrial, automotive, and medical & scientific. In 2020, the industrial segment accounted for the largest market share. Geographically, the global ultrafast lasers market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the market.
The key players in the global ultrafast lasers market include Amplitude Laser, Coherent, Inc., NKT Photonics A/S, Spark Lasers, Fluence, Wuhan Huaray Precision Laser Co.,Ltd., Jenoptik AG, KMLabs, Laser Quantum, and Clark-MXR, Inc. which were profiled in this report. The players in the market are focused on product development and innovations. For instance, in 2020, Coherent Inc., announced a supply agreement with II‐VI Incorporated to enable faster process development and streamlined production services for automotive laser welding applications. Similar strategy is followed by other key players in the market that has helped them to remain in the top position in the global market.
Most of the market initiatives were observed in North America, which have a high potential of ultrafast lasers providers.
Few of the important market initiatives and product developments from the industry are mentioned below:
- In 2021 Amplitude Systemes and Amplitude Technologies merge
- In 2021 COHERENT SIGNS REVISED MERGER AGREEMENT WITH LUMENTUM
- In 2021 Jenoptik and 4JET jointly launch innovative laser prototyping technology.
- In 2020 Jenoptik has successfully completed acquisition of TRIOPTICS GmbH.