The global mid-infrared (mid-IR) laser market is expected to reach $742.6 million by 2019, growing at a compound annual growth rate (CAGR) of 8.2% during 2014–2019, according to a new report on mid-IR lasers by BCC Research (Wellesley, MA). The market is in the expansion phase with many novel technologies in development.
This anticipated increase is due to technological innovations made by mid-IR laser companies. These innovations, such as the capability to operate at room temperature and the cutback in size and weight, have directly influenced prices, leading to price reductions in the market. These factors have opened doors for a wide range of applications that were not feasible a few years ago.
Currently, the global market for mid-IR lasers is undergoing a significant shift, with increased adoption in varied industries ranging from research and health care to defense. The market was previously dominated by electrochemical devices and semiconductor sensors but mid-IR now plays a tremendous role in the market. This has resulted in a major shift not only with respect to prices and supply but also with respect to market dynamics, customer expectations and modus operandi.
Defense still highest revenue generator
"Industries such as defense and chemicals are the key contributors to the growth in the North American market for mid-IR lasers as these segments are anticipated to generate substantial revenue during the forecast period," says BCC Research analyst Pawan Kumar. "The defense industry is and will continue to be the highest revenue-generating segment with $191.4 million by 2019, with a CAGR of 3.7% during 2014 to 2019. The research and chemical segment is expected to exhibit the fastest growth with CAGRs of 12.1% and 9.2%, respectively."
Mid-IR sensors are used to detect and measure the chemical composition of various materials and gases. The efficiency of mid-IR in detecting elements is unmatched by any other technology and it is comparatively cost-effective as well. Mid-IR is used in various fields such as defense and commercial applications, including communication, the Internet of Things, medicine, healthcare and others.
The report
"Mid-Infrared Lasers: Technologies, Applications and Global Markets (PHO016A)" provides an analysis of the global mid-IR market by source type, application, end users, and region. It also discusses strategies adopted by major players in the global mid-IR laser market. A patent analysis provides technological trends in the global market across years as well as geographies -- namely, the U.S., Europe, and Japan.
For more info, see www.bccresearch.com, or contact the analyst, Steven Cumming, at [email protected].