Rising Adoption of Quantum Cascade Lasers Market to Fuel Revenue Growth Through 2029
The global market for quantum cascade lasers reached $5.6 billion in 2015. This market is expected to increase from $6.1 billion in 2016 to $9.7 billion in 2021 at a compound annual growth rate (CAGR) of 9.7% for 2016-2021.
This report represents an in-depth analysis of the global quantum cascade laser market by technology, application and region. The report discusses the differentiation between quantum cascade lasers to derive specific market estimations. The report presents a comparative study between conventional and emerging lasers and the importance of the advances in quantum cascade lasers. Emerging trends such as the commercialization of photonic biochemical sensors and green photonics are also discussed in the report. The report also discusses the strategies adopted by major players in the global quantum cascade laser market. A patent analysis provides a snapshot of technological trends in the global market over time as well as geographically—namely for the U.S., Europe and Japan. The global quantum cascade laser market is segmented based on type of quantum cascade laser: Fabry-Perot lasers, distributed feedback lasers and external cavity lasers.
Get More Information sample: https://www.trendsmarketresearch.com/report/sample/12031
– An overview of the global markets for quantum cascade lasers.
– Analyses of global market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021.
– Breakdown of the market by type, by application, and by geography.
– Information on key application areas, such as healthcare and industrial automation, diagnostics, communication, life sciences, and defense.
– Evaluation of the market dynamics, including its current and future trends, key driving factors, restraints, and opportunities.
– Analyses of the market sizes, revenue forecasts, product trends, and the competitive landscape.
– Profiles of major players and their key developments in the industry.
Quantum cascade lasers (QCLs) increase operational efficiency by providing highly accurate sensing and detection functions in harsh environments. Conventional lasers cannot work at extremely high temperatures; however, QCLs work in temperatures of up to 200°C. Due to these and many other factors the QCL market is expected to grow at a compound annual growth rate (CAGR) of 9.7% between 2016 and 2021 to attain a market value of $9.7 billion. The estimation of the quantum cascade laser market is calculated considering that most of the lasers available on the market are integrated into one device. Many alternatives to conventional lasers can be considered as failed technologies; it follows, then, that the need for better safety and security of the workforce and resulting growth laser technology are the key drivers of the market.
However, the growth of the quantum cascade laser market is limited by factors such as lack of industrial standards of operations and non-interoperability of technologies as well as the high cost as compared with conventional lasers. If the quantum cascade laser market were at a different stage of its evolution, these restraints could act as a hindrance to market growth. However, it is expected that further technological advances will bring cost corrections and that standards of operation will improve. The key opportunities for the market are the adoption of photonics technology by small- and medium-size enterprises and superior growth potential in emerging economies. Once the cost of QCLs is reduced, small and medium sized enterprises (SMEs) and emerging economies are forecast to deploy these devices in various industrial sectors in big numbers.
Request for Discount : https://www.trendsmarketresearch.com/report/discount/12031
The types of quantum cascade lasers available on the market include Fabry-Perot lasers, distributed feedback lasers and external cavity lasers. Currently, Fabry-Perot lasers are the most commonly used; therefore, they have the largest revenue share at nearly $2.7 billion in 2015. However, technological developments in Fabry-Perot lasers will propel the growth of these lasers with revenues forecast at $4.5 billion by 2021. Distributed feedback lasers are expected to have the highest CAGR of 10.4% over the period of 2016 through 2021.
Geographically, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World (ROW) regions. North America had the highest revenues in the market in 2015 at $2.1 billion and it is expected to continue to dominate market with a value of nearly $3.6 billion in 2021. Because North America is a technologically advanced region, photonics technology initially formed a strong base in the region. However, the Asia-Pacific region is expected to have the greatest market potential to grow at a CAGR of 10.5% during 2016 through 2021. The emerging nations in this region are undergoing heavy industrialization; therefore, the market has high growth potential.