Find Out Why Mid-infrared Lasers Market is the Fastest Growing Industry With Key Players:- Block Engineering, Alpes Lasers S.A, AMS Technologies AG
According to a new market report on mid-infrared lasers market, published by Transparency Market Research. The global mid-infrared lasers market is expected to reach US$ 1,763.0 Mn by 2026, expanding at a CAGR of 11.4% from 2018 to 2026. According to the report, the global market will continue to be influenced by applications in defense and security in the form of explosive detection and nuclear and narcotic material detection, among others. Asia Pacific will continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of 12.9% through 2026.
Increased Demand from Health Care, Environment Monitoring, and Communication Sectors is driving the Global mid-infrared Lasers Market:
The penetration of mid-infrared lasers has risen over the past few years in applications ranging from free space communication to medical diagnostic, as mid-IR spectrum offers very high optical transmission with low scattering. Furthermore, in developing economies such as India and China, the impact of these factors is expected to be high owing to increased spending across the health care, IT, and communication industries.
Mid-infrared Lasers Market: Scope of the Report
The global mid-infrared lasers market can be segmented bybased on wavelength type, type, application, end-use industry, and region. byIn terms of wavelength type, the mid-infrared lasers market can be classified into tunable, fixed, and broadband. The tunable segment dominated the mid-infrared laser market in 2017 due to increased usage of tunable mid- IR lasers for various end-use applications in defense, and health care among others. byBased on type, the mid-infrared lasers market can be segmented into non-linear frequency, solid state, semiconductor, gas, free electron- based, and others.
The gas laser segment accounted for a share of 30.3% in 2017 of the global mid-infrared laser market. The segment is anticipated to expand at a CAGR of 11.1% in terms of value. byIn terms of application, the market can be segmented into spectroscopy, remote sensing, free space communication, laser scalpels, and non-invasive medical diagnostics. The spectroscopy segment accounts for a dominant market share owing to the rise in demand for laser-spectroscopic systems in laboratories for various applications, ranging from environmental and industrial to medical and forensic fields. Further, the segment is anticipated to expand at a CAGR of 11.7% during the forecast period from 2018 to 2026.
In terms of end-use industry, the market can be divided into defense & aerospace, health care, chemical, research, and others. The aerospace & defense segment is anticipated to expand at a CAGR of 9.7% during the forecast period from 2018 to 2026. The segment is expected to account for a prominent market share owing to wide use of mid- IR lasers in explosive detection and countermeasures against heat sinking missiles.
Asia Pacific dominated the global mid-infrared lasers market in 2017 with China contributing majority share of 40.9%. Asia Pacific is one of the major hubs for industrial and manufacturing industries. However, these industries emits a large amount of hazardous pollutants. Mid-infrared lasers are used in applications such as air quality monitoring, emission monitoring, and leak detectors among others.
This factor is also expected to offer lucrative expansion opportunities for the mid-infrared laser market across different parts of Asia Pacific. Apart from China, countries including India and Japan are also expected to contribute significantly to the mid-infrared lasers market in Asia Pacific. The market in China is expected to expand at a rapid CAGR of 14.1% during the forecast period. The market in North America and Europe collectively constituted 58.7% share of the global market in 2017.