Mid- infrared Lasers Market: Snapshot
Mid-infrared spectrum and sources find major applications in the field of defense and security in explosive detection; nuclear and narcotic material detection; combat identification; precision marking; targeting air, land, and naval countermeasures; and free space communication among others globally. Developed as well as developing economies are increasing research and development spending on aerospace and defense to strengthen defense capabilities and incorporate advanced counter measures to safeguard defense infrastructure and vessels from enemy threats. This is anticipated to drive the mid-infrared lasers market during the forecast period, as they offer superior solutions in defense and aerospace applications. The mid-infrared lasers market is expected to reach US$ 1763.0 Mn in 2026, expanding at a CAGR of 11.4% during the forecast period.
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Demand for mid-infrared lasers has been increasing from the health care, environmental monitoring, and communication sectors. In recent times, there has been a rise in demand for laser-spectroscopic systems in laboratories for various applications in areas ranging from environmental and industrial to medical and forensic fields. Additionally, increasing demand for mid IR laser-based devices across various end-use application sectors such as aerospace & defense and research & development among others is projected to boost the mid-infrared lasers market. Mid-IR laser technology is not fully developed, and its applications are still in the research stage. The scope of research includes spectroscopy, environmental sensing, life sciences, free space communication, and medical diagnostics. Rise in terrorism activities around the globe has led to increased military spending. This is expected to drive the mid-IR laser market as these lasers are very useful in various military applications, particularly in bomb detection. Further more, health care is also one of the rapidly expanding segments in terms of application. Use of mid-IR laser in dentistry is one of the most popular applications. Moreover, the traditional surgery for removing tissues is now being replaced by laser surgery. Laser surgery helps to minimize scars on the tissues. In the coming years, rise in adoption of mid IR lasers in the health care industry is anticipated to propel demand for them. Mid-infrared (MIR) spectroscopy is a dominant tool for chemical sensing applications. As a result, MIR spectroscopy is widely used in industrial and environmental monitoring as well as medical and biochemical diagnostics. Rapid technological developments in the field of chemical and environmental research are expected to drive demand for mid infrared lasers in the near future.
The global mid IR lasers market is fragmented, with a large number of companies operating in it. Leading players are currently focusing on providing technologically enhanced products to customers. Increasing demand for mid –IR laser based devices and decreasing cost in the long run are expected to encourage various investors to invest in this new technology. Moreover, as part of their strategy, companies are engaging in various strategic partnerships and acquisitions and are focusing on expanding their businesses through new service additions and geographical presence.
Prominent players as identified in the mid IR lasers market and profiled in the study include Hamamatsu Photonics Kk, IPG Photonics Corp, Photonics Industries International Inc, Genia Photonics Inc, Block Engineering, Alpes Lasers S.A, AMS Technologies AG, Boston Electronics Corporation, ELUXI Ltd, EQ Photonics Gmbh, Genia Photonics, Physical Sciences Inc, Polaronyx Laser, Power Technology Inc, Powerlase Photonics, Pranalytica Inc, Quanta System Spa, Sacher Lasertechnik Group, SOLAR Laser Systems, Soliton Laser- und Messtechnik GmbH, Spectra-Physics, and ThermoFisher Scientific Inc. Companies are focusing on expanding their businesses through strategic acquisitions and partnerships with several end-use industries.
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Heightening Applications across Various End-Users to Increase the Growth Rate of the Mid-Infrared Lasers Market
The increasing demand for mid-infrared lasers across diverse applications mainly healthcare, research, aerospace, defense, chemical, and others will bring extensive growth opportunities for the global mid-infrared lasers market during the assessment period of 2018-2026.
- The escalating number of terrorism activities has led the governments of various countries to spend extensively on the military. Technological advancements have increased exponentially. The growing influence of technology across the mid-infrared lasers market will further invite considerable growth opportunities.
- The properties of mid-infrared lasers such as robustness and compactness will add extra stars of growth. Other beneficial properties will also invite considerable growth. The ongoing research and development activities by the players in the mid-infrared lasers market will also invite promising growth. Strategic collaborations such as mergers, acquisitions, and joint ventures will help in increasing the influence of the players, eventually increasing the growth rate.
- The healthcare industry is observing phenomenal growth over the years. The heightening use of mid-infrared lasers across the dentistry sector will serve as growth multipliers. Traditional surgeries are being replaced by laser surgeries for scar-minimization. Thus, all these aspects prove to be growth generators. Escalating investments by various firms and conglomerates are also helping in increasing the growth rate.
- The coronavirus outbreak has led to a change in growth projections across many industries and sectors worldwide. The mid-infrared lasers market is no exception. The closure of manufacturing facilities and production units led to a decline in production and the demand for mid-infrared lasers. The border restrictions also led to immense losses. They resulted in disruptions in logistics and supply chain disruptions.
- However, the relaxations introduced by numerous countries may help in reviving the growth of the mid-infrared lasers market. The resuming of operations has further improved the growth prospects. The post-lockdown era will be a deciding factor in terms of the growth of the mid-infrared lasers market.