The global quantum cascade lasers market size is likely to be valued at US$ 404.7 million in 2023. The increasing application of quantum cascade lasers in the healthcare sector in medical imaging and diagnostics such as spectroscopy, blood glucose monitoring, and breath analysis is driving the market growth. The market is estimated to garner US$ 627.4 million in 2033, recording a CAGR of 4.5% from 2023 to 2033
The rapid development of the end-use application sectors such as healthcare, industrial, telecommunication, military & defense is expected to boost quantum cascade lasers sales in the forecast period. The increasing application in molecular gas analysis such as sensing, biomedical, detecting very small concentrations of pollutants in the air, and security like detecting off-explosives in defense and research and development activities boost the quantum cascade lasers market growth.
The continuous wave quantum cascade lasers are used in a wide range of applications such as chemical sensing, environmental monitoring, and medical diagnostics. The continuous wave segment is expected to gain traction during the forecast period. Increasing applications in the telecommunication sectors have created opportunities for market growth. Quantum cascade lasers are used in telecommunication in the development of free-space optical communication systems. Quantum cascade lasers are best suited for this system as they emit narrow bandwidth beams and emit high power
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Key Takeaways from the Market Study
- From 2018 to 2022, the market demand expanded at a CAGR of 6.1%
- Based on packaging type, the C-mount segment accounts for a CAGR of 5.1%
- By operation mode, the continuous wave segment is expected to expand at a CAGR of 4.7% during the forecast period
- North America to emerge as a promising market, capturing a CAGR of 4.4%
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 4.5% during the forecast period.
“Growing technological innovation in healthcare, as well as the military and defense industry, is expected to drive the market in the forecast period. The increasing demand from the industrial sector globally is projected to play a vital role in strengthening the market”.
Competitive landscape
Prominent players in the quantum cascade lasers market are Emerson Electric Company; Newport Corporation; Hamamatsu Photonics KK, Edmund Optics, Inc., and Block Engineering, among others. Some notable developments are as follows:
- In April 2023- Hamamatsu Photonics will construct a new factory building at its Miyakoda Factory site located in Shinmiyakoda, Kita-ku, Hamamatsu City, Japan. This new manufacturing space will increase the production capacity to respond to expanded market needs for semiconductor lasers essential in LiDAR* applications.
- In April 2023 – Edmund Opticsa leading provider of optical components for various applications, partnered with ISP Optics to offer global access to their extensive range of recognized high-quality optical components in over 15 infrared (IR) materials
- Wenhao Optoelectronic company that specializes in the development and production of QCLs for industrial and environmental applications. The company’s QCLs are used in gas sensing, process control, and environmental monitoring.
Know More about What the Quantum Cascade Lasers Market Report Covers
Future Market Insights offers an unbiased analysis of the global quantum cascade lasers market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the quantum cascade lasers market, the market is segmented based on the packaging type, operation mode, fabrication technology, and end-use across five major regions.
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Key Segments Covered in the Quantum Cascade Lasers Industry Analysis
By Packaging Type:
- C-Mount
- HHL & VHL Package
- TO3 Package
By Operation Mode:
- Continuous Wave
- Pulsed
By Fabrication Technology:
- Distributed Feedback
- Tunable External Cavities
- Fabry-Perot
By End Use:
- Industrial
- Healthcare
- Telecommunications
- Military & Defense
- Other End Uses
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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