Allied Market Research published a report stating that the global ultrafast lasers industry generated $1.47 billion in 2020 and is expected to garner $5.18 billion by 2030, witnessing a CAGR of 15.0% from 2021 to 2030. The report "Ultrafast Lasers Market: Opportunity Analysis and Industry Forecast, 2021–2030” cover key segments which include by Type (Titanium Sapphire Lasers, Fiber Lasers, Mode-locked Lasers, and Others), Pulse Duration (Picosecond and Femtosecond), Application (Micromachining, Bio-Imaging, Scientific Research, Medical Device Fabrication, Cardiovascular Stent Manufacturing, and Others), and End User (Consumer Electronics, Medical, Automotive, Aerospace & Defense, Industrial, and Others).
Drivers, Restraints, and Opportunities
High dimensional accuracy micromachining of ultrafast lasers, compatibility with a broad range of materials, and increase in demand for compact-sized consumer electronics drive the global ultrafast lasers market. However, the high cost of technology hinders the market growth. On the other hand, an increase in demand for precision engineering in the defense sector creates new opportunities in the coming years.
Manufacturing activities of ultrafast lasers have been stopped due to lockdown implemented in many countries. Moreover, disruptions in the supply chain led to a shortage of raw materials and presented challenges in manufacturing.
The demand from end-use industries such as consumer electronics, aerospace & defense, automotive, industrial, and others lowered down considerably due to a halt in daily operations during the lockdown. However, the demand from the medical sector rose considerably.
The demand from various end-use industries is expected to rise steadily post-lockdown as daily operations begin with bans being lifted off from import-export activities and lockdown measures.
The Fiber Lasers segment to maintain its lead position during the forecast period.
Based on type, the fiber lasers segment accounted for the highest share in 2020, contributing to around two-fifths of the global ultrafast lasers market, and is estimated to maintain its lead position during the forecast period. This is due to its benefits such as the potential of all-fiber format, excellent beam quality, superior power scalability, and high single-pass gain that led to the adoption in widespread applications in high-field science, precision metrology, laser machining, optical communication, microscopy, spectroscopy, and modern ophthalmology. However, the mode-locked lasers segment is expected to manifest the highest CAGR of 16.7% from 2021 to 2030. This is due to short-duration pulses produced by these lasers that can be utilized in various applications such as the measurement of time-resolved instruments.
The Bio-Imaging segment to continue its leadership status during the forecast period
Based on application, the bio-imaging segment held the highest share in 2020, accounting for more than one-fourth of the global ultrafast lasers market, and is projected to continue its leadership status during the forecast period. This is due to its broad range of applications in biology and medicine. However, the micromachining segment is estimated to witness the largest CAGR of 17.5% from 2021 to 2030. This is attributed to machine-advanced engineering materials used in lasers of different wavelengths.
North America to grow at the fastest CAGR
Based on region, North America is projected to witness the fastest CAGR of 17.0% during the forecast period, owing to government plans to develop smart cities with massive investments. However, Asia-Pacific contributed to the highest market share in terms of revenue in 2020, holding nearly half of the global ultrafast lasers market, and is estimated to maintain its dominant share by 2030. This is due to deployment across various industry verticals such as electronics, automotive, healthcare, and others.
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