Over 3/5th of Ultrafast Laser Applications Abound across Consumer Electronics Manufacturing, Investigates Fact.MR
Published : 10 Nov 2021 Industry: Industrial Goods
The worldwide ultrafast laser market is expected to be worth US$ 1.4 Bn in 2021. According to Fact.MR, the global market value will total US$ 5.2 Bn by 2031, expanding at an astounding 14% CAGR across the 2021-2031 forecast period. Ultrafast lasers have become critical across automotive, medical devices, and consumer electronics industries, due to imparting of enhanced dimensional precision.
The market experienced impressive growth during the historical period ranging from 2016 to 2020, registering a CAGR worth 10%. As manufacturing activities experienced major downturns during the height of COVID-19, sales of ultrafast lasers temporarily contracted. Fortunately, this was short-lived, with extensive vaccination drive implementation across major countries permitting a resumption of on-site production operations since Q4 2020.
Demand from the consumer electronics domain is expected to remain especially prominent. By 2023, it is likely that spending on consumer electronics will reach over 30% globally. Hence, players are introducing new product lines to tap this opportunity. For instance, in November 2020, TeraXion launched the PowerSpectrumTM TPSR-Xtended tunable pulse stretcher for high-energy ultrafast lasers, which increases stretching by up to 50%.
Key Takeaways from the Market Study
- China to account for 30% of the total ultrafast laser market share
- U.S. to generate absolute opportunity worth US$ 1.1 Bn across the forecast period
- Micromachining applications to expand fastest, growing at a 14% CAGR
- Ultrafast fiber laser to capture 42% of global revenue until 2031
- By end use, consumer electronics manufacturing to account for over 60% revenue
- Medical ultrafast lasers to clock a CAGR worth 13% from 2021 to 2031
- Global ultrafast laser industry to expand 3.7x across the assessment period
“Prominent end use industries are looking to streamline manufacturing operations, in an attempt to synchronize supply with demand, prompting the adoption of precision-based ultrafast laser cutting and shaping technologies,” says a Fact.MR analyst.
Prominent ultrafast laser providers are leveraging such expansion strategies as introducing new technologically enhanced lasers for specific end use industries, expanding their virtual footprint and forging collaborative and acquisition agreements with other manufacturers.
- EKSPLA, a developer of solid-state lasers, laser systems, and optoelectronics for fundamental research and industrial applications, unveiled the FemtoLux green, a lightweight femtosecond fiber laser, in February 2019. This ultrafast laser delivers 1.5 W at 515 nm or 3 W at 1030 nm of average power and up to 3 µJ femtosecond pulse energy
- In May 2021, Coherent Inc. announced the introduction of a new website aimed at strengthening existing customer relationships and forging new ones. This revamped websites includes new tabs detailing customer success stories, a new resources center, a direct link to its product catalogue, and improved accessibility for visitors with disabilities
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global ultrafast laser market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the ultrafast laser market on the basis of type (titanium-sapphire lasers, mode-locked diode-pumped bulk lasers, fiber lasers, mode-locked dye lasers, mode-locked diode lasers and others), pulse duration (picosecond and femtosecond), end use (consumer electronics, healthcare & life sciences, automotive, aerospace & defense, industrial and research & academics) and application (micromachining, medical, bio-imaging and scientific research) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Industrial Goods
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial goods market across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Industrial Goods