The ultrafast lasers market is projected to expand significantly, increasing from approximately US$ 1,467.50 million in 2021 to around US$ 3,048.68 million by 2028. This growth represents a compound annual growth rate (CAGR) of 11.0% over the period from 2021 to 2028.
In 2020, the COVID-19 pandemic had a negative impact on the market's growth trajectory, primarily due to disruptions in supply and demand that affected the revenue and expansion of companies within the sector. Consequently, there was a noticeable decline in the year-over-year growth rate during that year. However, as demand from industrial sectors in emerging regions such as Asia-Pacific, Middle East and Africa (MEA), and South America (SAM) is anticipated to rise, the market is expected to stabilize and resume its growth in the latter half of 2021, continuing at a consistent pace throughout the forecast period.
To accelerate advancements in laser technology, numerous research and development (R&D) centers are being established. Significant investments in R&D focused on high-intensity lasers have been made by government institutions in various European and Asian countries. For instance, in India, the International Advanced Centre for Powder Metallurgy & New Materials (ARCI), which operates under the Department of Science and Technology (DST), has pioneered ultrafast laser surface texturing technology aimed at enhancing the fuel efficiency of internal combustion engines. Additionally, the Indian Institute of Technology (IIT) in Kanpur has established the Center for Lasers and Photonics (CELP), an interdisciplinary center that merges advanced engineering technologies with theoretical scientific advancements to explore new frontiers in photonics science and engineering.
In China, the Xi'an Institute of Optics and Precision Mechanics (XIOPM) has collaborated with the American Association for the Advancement of Science (AAAS) to launch a journal titled Ultrafast Science in 2020. This publication focuses on high-quality research and emerging topics within the ultrafast science domain. Such initiatives from both governmental and independent institutions are significantly contributing to the growth of the ultrafast lasers market.
The overall size of the ultrafast lasers market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach not only provides a comprehensive overview and forecast of the ultrafast lasers market across various segments but also offers insights into the global market based on five key regions: North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Furthermore, primary interviews with industry participants and experts were conducted to validate the data and obtain deeper analytical insights. The interviewees included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the ultrafast lasers market.
Several prominent players in the global ultrafast lasers market include Amplitude Laser, Coherent, Inc., NKT Photonics A/S, Spark Lasers, Fluence, Wuhan Huaray Precision Laser Co., Ltd., Jenoptik AG, KMLabs, Laser Quantum, and Clark-MXR, Inc., all of which are featured in this report. These companies are concentrating on product innovation and development. For example, in 2020, Coherent Inc. entered into a supply agreement with II-VI Incorporated to facilitate quicker process development and more efficient production services for automotive laser welding applications. This strategy is mirrored by other leading players in the market, enabling them to maintain their competitive edge globally. In addition to the ten companies highlighted in this report, numerous other global, regional, and local entities within the ultrafast lasers market ecosystem were examined to provide a comprehensive understanding of the market size and growth trends. Some of these additional players include AMS Technologies, EKSPLA, IPG Photonics Corporation, Lumentum Operations LLC, and MKS Instruments, Inc..