The ultrafast lasers market is expected to grow from US$ 1,467.50 million in 2021 to US$ 3,048.68 million by 2028; it is estimated to grow at a CAGR of 11.0% from 2021 to 2028.

The COVID-19 outbreak adversely affected the overall growth rate of the market in 2020 to some extent due to decline in the revenue and growth of companies operating in the market, owing to supply and demand disruptions across the value chain. Thus, there was a decline in y-o-y growth rate during 2020. However, due to expected rise in demand from industrial sectors in developing regions such as APAC, MEA, and SAM, the market growth is expected to normalize from the second half of 2021 and continue to grow at a steady rate during the forecast period.

Several research and development (R&D) centers are being developed to fasten the advancement in the field of laser technology. Government institutions in countries located in Europe and Asia have made significant investment in R&D directed toward high intensity lasers. In Asia Pacific, in India, the International Advanced Centre for Powder Metallurgy & New Materials (ARCI), an independent research and development center of Department of Science and Technology (DST), has developed ultrafast laser surface texturing technology that will help in improving the fuel competence of internal combustion engines. Similarly, the Indian Institute of Technology (IIT), Kanpur (a city in UP, India), has a dedicated department, The Center for Lasers and Photonics (CELP) is an interdisciplinary center of excellence that combines advance technology from engineering and theoretical advances in science to create new horizons in the field of photonics science and engineering. In China, Xi'an Institute of Optics and Precision Mechanics (XIOPM) is yet another prominent institute partnered with the American Association for the Advancement of Science (AAAS) in 2020 to release a journal named Ultrafast Science. The journal talks about high-quality research cutting-edge and emerging topics in ultrafast science. Such initiatives by government and autonomous institutes are driving the ultrafast lasers market growth.

The overall ultrafast lasers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the ultrafast lasers market with respect to all the segments. It also provides the overview and forecast for the global ultrafast lasers market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the ultrafast lasers market.

A few key players in the global ultrafast lasers market are Amplitude Laser; Coherent, Inc.; NKT Photonics A/S; Spark Lasers; Fluence; Wuhan Huaray Precision Laser Co.,Ltd.; Jenoptik AG; KMLabs; Laser Quantum; and Clark-MXR, Inc., which were profiled in this report. The players in the market are focused on product developments and innovations. For instance, in 2020, Coherent Inc., announced a supply agreement with II?VI Incorporated to enable faster process development and streamlined production services for automotive laser welding applications. Similar strategy is followed by other key players in the market that has helped them remain in the top position in the global market. In addition to these ten players profiled in the report, there are several other global, regional, and local players in the ultrafast lasers market ecosystem/value chain that were studied and analyzed during this study to gain a holistic view of the global market size and growth trends. A few of these players include AMS Technologies, EKSPLA, IPG Photonics Corporation, Lumentum Operations LLC, and MKS Instruments, Inc.