ID: MRFR/SEM/8937-CR | February 2021 | Region: Global | 106 pages
Tunable Laser Market is expected to grow at an 8.19% CAGR, witnessing substantial growth during the forecast period. The Tunable Laser Market was valued at USD 814 Million in 2019; it is expected to reach USD 1,353.5 Million by 2026.
The tunable laser market is growing rapidly across the world. The major factors helping boost the Tunable Laser Market include developments across photonics and measurement instruments, increasing network congestion and traffic, and adoption of spectroscopy in healthcare and other related applications. The need for obtaining quick results at a low cost is the major factor driving the growth of the Tunable Laser Market across the globe. Furthermore, the rise in the demand for tunable lasers from the environmental screening vertical and their rising adoption in the pharmaceutical and other industries also drive demand of Tunable Laser Market. There is also increased demand for tunable lasers for real-time analysis of substances using spectroscopy. The optical and infrared spectroscopy is undergoing a major transformation akin to the computer industry. These lasers help to analyze toxins and poisons in compounds, even with a small sample set.
In 2019, the market was led by Asia-Pacific, with a 44.2% share, followed by Europe with shares of 27.6%. The study reveals that tunable laser is trending in North America and Asia region. The automotive sector in North America and Europe region have increased the use of tunable lasers for their multi-cylinder engines that help reduce carbon dioxide emissions and comply with the emission norms. While automotive sees an increase in the deployment of tunable lasers, the major growing verticals include manufacturing, including auto manufacturing.
Tunable Laser Market, By Application (2019 Vs 2026)
Source: MRFR Analysis
Tunable Laser Market is segmented into frequency, application, and vertical. By frequency, the Market is segmented into 0.77um–0.91um (Ultra-Narrow Linewidth), 1.26um–1.36um (O-Band), 1.36um–1.46um (E-Band), 1.46um–1.53um (S-Band), 1.53um–1.57um (C-Band), 1.57um–1.63um (L-Band), 1.63um–1.68um (U-Band), and 2um. Among these, the 1.57um–1.63um (L-Band) holds the largest market share in 2019, while 1.46um–1.53um (S-Band) holds the highest CAGR during the forecast period. By vertical, the Market has been segmented into telecommunication & networking, healthcare, aerospace & defense, manufacturing, semiconductor, energy & utilities, and others. Among these, the manufacturing holds the largest market share in 2019, while telecom and networking hold the highest CAGR during the forecast period. Based on application, the Tunable Laser Market has been segmented into spectroscopy, metrology, optical fiber communication, laser cooling, and others. Among these, the spectroscopy holds the largest market share in 2019 and also is growing with the highest CAGR during the forecast period.
The major factors boosting the growth of the Tunable Laser Market include rising need for high bandwidth and high data transfer capabilities, growing quality requirement in industrial projects, and increasing demand for consumer electronics. Also, increasing adoption of tetra hertz spectroscopy is expected to create several opportunities in the adoption of Tunable Laser across regions. However, lack of technical expertise might result in the slow growth of this Market.
Tunable Laser Market, by region, has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Central & South America. In 2019, Asia-Pacific accounted for the largest market value of USD 341.3 million, whereas North America registered the highest CAGR of 10.47%.
The key players of the tunable laser market are Yokogawa Electric Corp (Japan), Mettler Toledo (US), Toptica Photonics (Germany), Hubner GmbH & Co KG (Germany), Agilent Technologies Inc. (US), Focused Photonics Inc. (China), Luna (US), NEC Corporation (Japan), NeoPhotonics Corporation (US), and Santec Corporation (Japan) among others.
Key Questions Addressed by the Report