Ultrafast lasers are very short pulses of light that have electromagnetic pulse whose time duration is in the order of a picosecond or even less. Increasing demand for semiconducting and material processing is expected to drive the growth of the global ultrafast laser market in the coming years of the forecast period. Growing application across several end-user industries such as medical care, consumer electronics, communication and technology, and automotive are further expected to fuel the development of the market in the near future.
Wide Range of Application Range to Drive Market Development
Ultrafast fiber lasers is the most prominent segment of the global ultrafast laser market. The fiber laser segment is projected to account for over quarter of the share of the global market in the coming years. These ultrafast fiber lasers have made great progress because of their intrinsic value such as high power scalability, high single pass gains, superior potential as full fiber format, and excellent beam efficiency. Such wide range of advantages have opened the large number of growth opportunities for the market in the fields of spectroscopy, microscopy, optical communication, accuracy metrology, laser machining, and high field research among others.
On the other hand, in recent years, the segment of titanium sapphire of the global ultrafast laser market has also been growing rapidly. The segment is projected to witness a high rate of growth in the coming years of the forecast period. These titanium sapphire lasers are primarily used in research and development activities. These lasers are highly tunable and have the capacity of ultra short pulses from a few picoseconds to tens of attoseconds in terms of duration. Because of their tenability and the ability to produce such ultra short pulses, they are preferred for high level scientific research activities.
In terms of application, the micromachining segment of the global ultrafast laser market is expected to witness a highly promising rate of growth in the coming years of the forecast period. The end user industries have migrated to the new age ultrafast laser technology from the traditional laser cut technology. Improvements in the process precision help in reducing the overall operating cost and overall time for the production. This is the key reason behind the increasing adoption of ultrafast lasers in the material processing and micromachining applications.
Market Players to Focus on Developing New Products and Forging New Partnerships
Based on the geographical segmentation, there are five key regions of the global ultrafast laser market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, Asia Pacific, East Asia in particular accounts for over a quarter of the overall market share of the global ultrafast laser market. Increasing population in the region and growing number of medical applications such as dermatology and dentistry among others are some of the key factors that are helping to drive the overall development of the regional market.
Some of the key companies in the global ultrafast laser market include names such as MKS Instruments Inc.,NKT Photonics A/S, Viavi Solutions, Jenoptik AG, Laser Quantum Ltd. (Novanta Inc.), and IPG Photonics Corporation, among others. Market players are focused on new product rollouts with large R&D and collaboration investments that substantially improve their growth. In addition to technological investments, market players are focusing on expanding through partnerships and acquisitions in order to gain a competitive advantage. In February 2019, EKSPLA, a manufacturer of solid-state lasers, laser systems, and optoelectronics for basic research and industrial applications, released its product FemtoLux green, which is a lightweight femtosecond fiber laser.