The Ultrafast Lasers Market Growth impelled by expanding applications of laser technology, technological innovation and implementation of ultrafast laser in various industries and government initiative to promote the adoption of ultrafast lasers.
Pune, India., July 28, 2021 (GLOBE NEWSWIRE) -- Ultrafast Lasers Market: Key Insights
According to our new research study on “Ultrafast Lasers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Pulse Duration, Application, and Geography,” the Ultrafast Lasers Market Size is projected to reach US$ 3,048.68 million by 2028 from US$ 1,467.50 million in 2021; it is expected to grow at a CAGR of 11.0% during 2021–2028.
Ultrafast Lasers Market: Competitive Landscape and Key Developments
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. are among the key players in the global ultrafast lasers market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
Amplitude Systemes and Amplitude Technologies merged their operations in 2021, and the merger now operate under a unique name—Amplitude.
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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.
Ultrafast lasers are finding application in medical devices, metal processing plants, and defense products and operations. The laser technology is used in communications, directed energy, and remote sensing, among other applications. It is also used in the analysis of materials in challenging environments. This technology has become a key component of the manufacturing process. In the metal processing industry, laser technology is helpful in tasks such as heating for hardening, melting for welding, and cladding as well as in removing materials for drilling and cutting. In the medical industry, it is used for fabricating high-quality surgical stents. Additionally, many surgical procedures are based on high-intensity, ultrafast laser processing of tissue. For example, the Laser-Assisted In-Situ Keratomileusis (LASIK) uses ultrafast laser scalpels to make notches in the eyeball, as part of a laser sculpting protocol, to improve the eyesight. High power (PetaWatt) lasers are being used in the Stockpile Stewardship Program (SSP) missions of the US Department of Energy. SSP is developed for testing and maintenance of nuclear weapon. The high-intensity laser in SSP is used to deliver sharp penetrating high-energy X-rays for radiography of high energy density matter. Further, high-intensity short-pulse lasers can be used to create radiation (both photon and particle) that can be used to cross-examine systems and identify the presence of nuclear or chemical materials of concerns for proliferation or homeland security.
The COVID-19 pandemic adversely affected the global ultrafast lasers market, especially in the first three quarters of 2020. The pandemic has resulted in the temporary shutdown of all manufacturing processes across the world. The restrictions were imposed on human and goods movement to combat the spread of the virus and comply with the social distancing norms enacted by local and federal government bodies. Moreover, the shuttering of manufacturing units is resulting into logistic issues. However, as the manufacturing processes resumed from the Q3 of 2020, the ultrafast laser providers began witnessing the rise in demand for these lasers.
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Emergence of Start-Ups to Propel Ultrafast Lasers Market Growth in Coming Years:
With government support, a number of start-ups are entering the ultrafast lasers market. Supportive initiatives by the European Union (EU) have welcomed multiple start-up laser companies offering products enabled with the high-intensity laser technology. The availability of research funding and equipment purchase funding is a key factor supporting the start-up financials. For instance, joint university–industry research centers such as the Fraunhofer Institutes provided substantial government support for industry-directed projects. Such initiatives have contributed to the proliferation of companies such as OneFive (acquired by NKT Photonics), Class Photonics GmbH, Amplitude Systemes, Menlo Systems, and TRUMPF Scientific Lasers in the area of laser technology. Further, with the growing need for high-intensity lasers, the US government is expected to support small-scale manufacturers of high-power lasers, ultrafast CPA lasers, and related components. This would create conducive environment for various start-ups to enter the market. The country already houses significant number of start-ups that are active in the field of high-intensity laser technology. For instance, KMLabs 39, a small specialty research laser company, is focused on the development of terawatt-scale Ti:sapphire lasers. Similarly, Newport-Spectra Physics is focused on engineering improvements to existing Ti:sapphire products.
Ultrafast Lasers market: Pulse Duration
The global ultrafast lasers market, based on pulse duration, is segmented into picosecond and femtosecond. The femtosecond segment held the largest market share in 2020. A femtosecond ultrafast laser produces optical pulses below 1 ps. A femtosecond ultrafast laser acts as a prominent tool for various industrial and scientific applications that require very high peak intensity. Such pulses are generated by mode-locking and the output. A few of the key suppliers of femtosecond ultrafast lasers are Amplitude Laser, Coherent Inc., NKT Photonics A/S, IPG Photonics Corporation, and Spark Lasers.
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