The outbreak of COVID-19 has interrupted the fast growth of end-use segments such as automotive, consumer electronics, and other industrial activities. It is expected that the closure of production facilities will impact demand for ultrafast lasers. The ultrafast laser market is expected to gain traction in the medical field for X-rays, cancer treatment, and many other surgical processes. Moreover, there is rising application in military equipment manufacturing as industries have transitioned from laser cutting to ultrafast laser processing precision technology that improves process accuracy and reduces total production line time and running costs.
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High-dimensional precision achieved with ultrafast lasers drives their adoption in the manufacturing sector, thereby driving growth of the ultrafast laser market. Furthermore, discovery of comprehensive ultrafast laser applications in the medical field and many surgical processes will provide players in the ultrafast laser industry with strong growth opportunities. As such, the global ultrafast laser market is projected to expand at an impressive CAGR of 14% through 2030.
Key Takeaways from Ultrafast Laser Market Study
- Under the impact of Covid-19, the global ultrafast laser market is expected to reach a market valuation of US$ 5.4 Bn by the end of 2030.
- The fiber ultrafast laser segment is foreseen to grow 3.5X by 2030. On the other hand, titanium-sapphire lasers will account for 26% market share of all ultrafast lasers during the forecast period.
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- The micromachining application segment is projected to create an absolute $ opportunity of US$ 1.2 Bn during the forecast period.
- By end use, consumer electronics is projected to account for 29% of the total sales in 2020, anticipated to create an absolute $ opportunity of more than US$ 1. Bn during the forecast period.
- By region, East Asia is expected to emerge as the fastest-growing ultrafast laser market, and is projected to surpass a market valuation of US$ 1.6 Bn by the end of 2030.
“The COVID-19 pandemic has hit the ultrafast laser market adversely on the demand side, causing a decline in sales. Post COVID-19, increase in demand in the medical industry and automotive industries is predicted to open new applications for the growth of the ultrafast laser market,” says a Fact.MR analyst.
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Industry Players Focusing on Product Launches to Stimulate Growth
Key players in the ultrafast laser market are Coherent Inc., NKT Photonics A/S, Viavi Solutions, Jenoptik AG, Laser Quantum Ltd. (Novanta Inc.), MKS Instruments Inc., and IPG Photonics Corporation, among others. Prominent manufacturers are focusing on the introducing new products to broaden their customer base and gain a competitive edge over other players.
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For instance,
- In February 2019, MKS, introduced Spectra-Physics IceFyre 355-30, a high power, industrial UV picosecond hybrid fiber laser designed for micromachining applications in high throughput manufacturing.
- March 2019 – Trumpf’s new disk laser TruDisk Pulse 421 generates laser light in the green spectrum at 515 nanometers. It operates in the pulsed mode at mean power of 400 watts and solves problems found when using infrared lasers to weld copper.
- June 2019, Tangor 300 – a brand-new high-performance laser with pulse width less than 500 femtoseconds and power reaching 300 W was launched by Amplitude Laser.
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