Global Ultrafast Laser Market Clock Double Digit Growth—Projected to Reach USD 3,198.5 Million by 2027

Published | 30 July 2021

A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global ultrafast laser market was worth USD 1,435.3 million in 2020 and is further projected to reach USD 3,198.5 million by 2027 with a CAGR of 12.2% during the forecast period (2021-2027). Increasing demand for ultrafast lasers in micro-structuring is driving the market. Furthermore, the use of advanced ultrafast lasers as hybrid additives and in subtractive processes in manufacturing is also favoring the market growth. Also, its higher efficiency and precision in industrial drilling, cutting, and surface processing is contributing to the market's growth. Moreover, the growing demand for ultrafast laser for micromachining solutions and its use in biomedical applications for its features such as delivering high power without thermal damage is expected to drive the growth of the ultrafast laser market over the forecast period. Additionally, the increasing use of ultrafast lasers in spectroscopy & imaging, materials processing, automotive industry, biomedical industry, and the glass industry is expected to support the development of the global ultrafast laser market during the forecast period.

Growing demand from the automotive industry is expected to propel the growth of the global ultrafast laser market

Ultrafast lasers are increasingly being used in the automotive industry due to their versatile nature. Ultrafast lasers are used in a variety of applications in the automotive industry, from welding spark plugs to labeling many automotive parts, including backlit laser marking technology. The automotive industry employs a variety of materials including heat-absorbent fiber glass composites, protective coatings, industrial adhesive tapes, displays, membrane keypads, insulation mats, carbon fiber reinforced composites (CFRP), upholstery fabrics, and knitted spacer fabrics. Such materials are processed using lasers. The market for ultrafast lasers is expected to grow as electric vehicles become more and more complex and smaller, and this is expected to spur the growth of the global ultrafast laser market during the forecast period.

The high efficiency and precision of ultrafast lasers driving the growth of the global ultrafast laser market

The demand for compact and highly efficient tools is increasing day by day and ultrafast lasers play a major role in the processing of compact tools and parts. Today, lasers are used for cutting and processing materials like Plexiglas, Lucite, PMMA, steel, PVC, PVDF, EDFE, fiberglass, composites.Ultrafast lasers can also be used in the manufacture and processing of small objects due to their low sensitivity and minimal damage. LaserCube by IPG Photonics Corporation is one such ultrafast laser-based tool, which can be used for the processing of small tools and objects withpositioning accuracy of ±25 μm (0.001 in). Increasing consumer demand for compact gadgets is expected to drive the demand for these tools over the next few years. These trends are also expected to result in significant growth of the global ultrafast laser market.

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The Femtosecond segment accounted for the largest share in the global ultrafast laser market in 2020

Based on pulse duration, the global ultrafast laser market is divided into picosecond and femtosecond. In 2020, the Femtosecond pulse duration segment dominated the global ultrafast laser market due to its extensive application in eye surgeries and other medical procedures, such as all-laser LASIK. Another reason for the dominant market share of femtosecond lasers in the global ultrafast laser market is their versatility and compatibility with a wide range of polymers, including ETFE, PTFE, Nylon, Acrylics, and fluoropolymers.

Global Ultrafast Laser Market: Regional insights

Based on regions, the global ultrafast laser market is divided into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa. North America dominated the global ultrafast laser market in 2020 and accounted for the largest market share. The presence of global leaders, coupled with increased refractive surgeries conducted in 2020, and the growing demand for electric vehicles, as well as laser weapons from the military, have all contributed to the dominance of this region in the global ultrafast laser market. The Asia-Pacific region, on the other hand, is expected to register the highest CAGR during the forecast period owing to its booming automotive industry and the growing demand for electric vehicles in the region.

COVID-19 Impact on Global Ultrafast Laser Market

Globally, the COVID-19-induced pandemic had a negative impact on the ultrafast laser market with a drastic reduction in surgeries and automobile sales in 2020. A COVID-19 outbreak further impacted supply chains, which in turn impacted the ultrafast laser market. The European Automobile Manufacturers' Association (ACEA) reported a 23.7% drop in new vehicle registrations in the EU.  The number of laser-assisted surgeries also suffered in 2020 due to lockdown and travel restrictions imposed by the governments to curb the spread of the virus. However, the market is expected to recover quickly in 2021 as the automotive industry is witnessing increased sales of vehicles. As per the data of the European Automobile Manufacturers' Association (ACEA), passenger car registrationwent up by 25.2% in the first half of 2021 with a 10.4% increase in June. The global ultrafast laser market is expected to recover quickly by the end of 2021 as markets reopen and countries remove travel restrictions.

The Leading Players Operating in the Global Ultrafast Laser Market are Amplitude Systemes, Attodyne Inc., Coherent Inc., DPSS Lasers Inc., Fianium Ltd., Ekspla, Laser Quantum Ltd., Clark-MXR, Inc., Epilog Laser, Fluence Sp. z o.o., IPG Photonics, JENOPTIK Laser GmbH, JDS Uniphase Corporation, NKT Photonics A/S, Preco, Inc., Resonetics, Rofin-Sinar Laser GmbH, TRUMPF GmbH + Co. KG, Lumentum Operations LLC, and others. The companies operating in the global ultrafast laser market constantly strive to increase market share by raising awareness among people, launching new facilities, and enhancing existing technologies, or launching new methods and techniques.

Recent Developments

In April 2021,Resonetics announced that it had leased a new manufacturing facility in Costa Rica, doubling its production capacity. The leased space will be expanded and reconfigured to create a 45,000 ft² production site and will focus on high-volume component and sub-assembly production for export and the local medical device industry.

In March 2021, Coherent, Inc., a leading supplier of lasers, announced that it has accepted II-VI Incorporated’s USD 7 billion acquisition proposal. Coherent first agreed to an acquisition deal with Lumentum in January 2021 for USD 5.7 billion and since then the company has received a total of 10 acquisition offers from Lumentum, MKS Instruments, and II-VI Incorporated. 

Don’t miss the business opportunity of the global ultrafast laser market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global ultrafast laser market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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