Ultrafast Laser Market Size, Share, Opportunities, Growth Drivers, Top Players, Future Prospects, Demand and Impact of COVID

Global Ultrafast Laser Market Highlights

The global Ultrafast Laser Market is projected to be valued at USD 3521.2 million by the end of 2027, registering a CAGR of over 16.9% during the forecast period.

Ultrafast lasers emit ultrashort pulses of light with an electromagnetic pulse, whose time duration is of a picosecond or less. These pulses have a broad optical range and can be produced by mode-locked oscillators. The ultrafast lasers are commonly referred to as ultrafast events with the amplification of ultra-short pulses, which always require high pulse amplification to prevent damage to the amplifier’s gain medium.

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The various factors driving the growth of the global ultrafast laser market are the adoption of terahertz spectroscopy, the growing quality requirement in industrial projects, and the increasing demand for consumer electronics. Terahertz (THz) spectroscopy is a rapidly evolving spectroscopic method that detects and controls properties of matter with electromagnetic fields created using THz waves ranging from 1011 to 1013 Hz. Rapid advancements in technology have proven the capability of THz spectroscopy in fields of physics, chemistry, materials science, medicine, pharmacy, and biology. It has proven to be a promising detection technology for many applications such as medical imaging, pharmaceutical quality control, protein characterization, cancer detection, security, scientific imaging (chemistry, biochemistry, and astronomy), communications, and manufacturing.

Furthermore, the need for high bandwidth and high data transfer capabilities creates growth opportunities for the market players during the forecast period.

COVID-19 Impact Analysis

The manufacturing industry, which contributes approximately 17% to the global GDP, is one of the severely impacted industries throughout the COVID-19 pandemic. China is the epicenter of this pandemic and is also the hub for most raw material suppliers that provide raw materials and components to several manufacturing units across the world. The global lockdown has restricted the production of these manufacturing facilities, derailing the entire supply chain. Approximate 82% of the manufacturing industries have their component suppliers based in China. This has directly impacted the global FDI inflows, and thus, several economies across the world have faced a significant downturn.

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Segment Analysis

The global ultrafast laser market has been segmented on the basis of type, pulse duration, average power, repetition rate, application, and region.

On the basis of type, the global ultrafast laser market has been segmented into titanium sapphire, diode-pumped, mode-locked, and fiber laser. The fiber lasers segment held the largest market share in 2019 and is expected to register a CAGR of 18.6% during the forecast period. These lasers possess high pointing stability, offer consistent beam quality, and provide a wide variety of wavelengths. Most of the femtosecond fiber lasers are used in performing eye surgeries

By pulse duration, the ultrafast laser market has been categorized into femtosecond and picosecond. Femtosecond ultrafast lasers emit light pulse duration below one ps, also known as ultrashort pulse. Picosecond ultrafast lasers emit light pulse duration between 1 ps and tens of picoseconds.

By average power, the ultrafast laser market has been categorized into 120mW–500mW, 500mW