Wilmington, Delaware, United States , March 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global Mid-Infrared Laser Market is anticipated to expand at a CAGR of 9.6% from 2023 to 2031, and reach US$ 2.2 Bn by 2031. Substantial demand exists for compact mid-infrared laser instruments with a broad spectral range in high-end IR applications. Rise in usage of these instruments in several industrial and research applications has propelled revenue growth of companies.
Mid-IR laser has become a popular laser technology for effective and prompt detection of explosives. Prominent laser equipment manufacturers are keen on unveiling tunable lasers in order to tap into the abundant demand for lasers in biomedical and environmental gas sensing applications. R&D in mid-IR solid state lasers are expected to open up lucrative avenues for companies in the market. Development of mid-IR lasers to fulfil high-end applications in nonlinear and quantum optics, such as in scientific research, is expected to broaden the mid-infrared laser market outlook.
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Key Findings of Study
- Substantial Utilization of Mid-infrared Lasers in Healthcare Sector: Mid-infrared lasers are extensively utilized in several medical and biomedical applications, particularly ablation, tissue imaging, and non-invasive disease diagnosis. Increase in adoption of advanced lasers in the IR range in dermatology, dentistry, and ophthalmology is expected to accelerate the mid-infrared laser market development. Surge in demand for minimally invasive laser surgery is expected to generate attractive opportunities to companies in the market.
- Surge in Demand for Tunable Mid-infrared Lasers: Tunable mid-IR lasers are widely utilized in a range of spectroscopy and gas sensing applications in several commercial and research applications. The tunable mid-IR laser segment held major market share in 2022. Expanding at a CAGR of 10.1% from 2023 to 2031, this segment is anticipated to retain its lead in the market. Tunable mid-infrared lasers are useful in fast and precise spectroscopy applications.
- Extensive Applications in Spectroscopy: Extensive usage of IR laser spectroscopy in laboratories is propelling the commercialization of products in the mid-infrared laser market. R&D in infrared spectroscopy is likely to open up new application areas. Extensive usage of mid-IR laser spectroscopy in gas sensing applications has augmented the market value in the past few years. This could be ascribed to commercialization of laser spectroscopy systems in healthcare and environmental gas monitoring applications.
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Key Drivers
- Mid-infrared light sources are abundantly used in medical applications. Rise in demand for mid-infrared (IR) lasers in medical research and instrumentation is a key driver of the industry. Thus, the adoption of lasers in several medical specialties for disease treatment is expected to create lucrative avenues.
- An increase in utilization of mid-IR lasers in defense and aerospace industries is a key trend expected to impact mid-infrared laser market growth. High-power mid-IR sources are used by the military for optical warfare applications.
Regional Growth Dynamics
- North America held a major market share of 36.7% in 2022. Utilization of mid-IR by the military in the defense sector is expected to propel the market in North America. Significant presence of several OEMs in the defense sector is expected to fuel the regional market. Rise in adoption of mid-IR spectroscopy in environmental gas monitoring applications is likely to spur market development in North America.
- Asia Pacific accounted for significant share in the mid-infrared laser industry in 2022. Extensive demand for mid-IR lasers from chemical and healthcare industries is anticipated to drive the market in Asia Pacific. China, Taiwan, South Korea, and India are expected to offer significant revenue opportunities in the region in the next few years. The need to detect harmful pollutants emitted from several industrial sectors has spurred demand for mid-IR lasers.
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Competition Landscape
The market landscape is consolidated, as a few players hold the majority share. Key competitive strategies adopted by leading players are product portfolio expansion and merger and acquisition.
Key players operating in the market include
- Hamamatsu Photonics,
- Thermo Fisher Scientific,
- Boston Electronics,
- Genia Photonics,
- IPG Photonics,
- Photonics Industries,
- Menlo Systems,
- Soliton Technologies,
- Thorlabs, and HÜBNER Photonics.
Mid-infrared Laser Market Segmentation
Type
- Quantum Cascade Lasers
- Optical Parametric Oscillators
- Solid State Lasers
- Fiber Lasers
- Gas and Chemical Lasers
- Others
- Lead Salt Lasers
- Dope Insulator Bulk Laser
Wavelength
- Tunable Mid-IR Lasers
- Fixed Mid-IR Lasers
- Broadband Mid-IR Lasers
Application
- Missile Countermeasures
- Spectroscopy
- Remote Sensing
- Welding
- Non-invasive Medical Diagnosis
- LIDAR
- Laser Scalpels
- Others
- Line-of-Sight Communications
- Non-destructive Inspection
End-use Industry
- Healthcare and Life Science
- Aerospace and Defense
- IT & Telecom
- Automotive
- Industrial
- Chemical
- Others
- Oil & Gas
- Research and Academia
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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