The quantum cascade laser market is expected to grow by USD 81.05 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Quantum Cascade Laser Market 2020-2024 (Graphic: Business Wire)
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Quantum cascade lasers (QCLs) are widely used in gas sensing and chemical detection owing to their ability to detect even small traces of gas or chemical leaks. This is increasing their use in industries such as oil and gas, healthcare, and chemicals that have high chances of gas or chemical leaks that may be caused due to broken pipes or poor quality infrastructure. Besides, the rise in the number of terrorist attacks and the increasing use of biological weapons has further increased the use of QCLs across the world. Moreover, since QCLs can be used at different wavelengths, they are also used by bomb squads to detect explosive chemicals from a safe location. These factors are contributing to the growth of the global quantum cascade laser market.
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As per Technavio, the increasing number of patents to commercialize QCLs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Quantum Cascade Laser Market: Increasing Number of Patents to Commercialize QCLs
QCL is an emerging technology. However, the high cost of manufacturing and technological issues were the major challenges faced for high-volume production of QCLs. This has led to the issuance of several patents toward the development of highly-efficient and cost-effective QCLs. For instance, in March 2017, Daylight Solutions was issued a patent for the spectral imaging of a sample using a plurality of discrete mid-infrared wavelengths. From January 2016 until July 2017, Daylight Solutions was issued nine patents. Such patents are a clear indication that the vendors are focusing on the development of newer QCLs with the latest technologies. This trend is expected to have a positive impact on the growth of the global quantum cascade laser market during the forecast period.
“The growing demand for mid-infrared spectroscopy and increasing investments across various verticals to develop new types of weapons and defense systems will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Quantum Cascade Laser Market: Segmentation Analysis
This market research report segments the quantum cascade laser market by Product (DFB lasers, FP lasers, and EC lasers), Geography (North America, Europe, APAC, MEA, and South America), and End-user (Military and defense, Oil and gas, Healthcare, and Others).
The North American region led the quantum cascade laser market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the presence of major aerospace and defense firms in the US.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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