For the forecast period, 2019 to 2024, the global ultrafast variants market including femtosecond and picosecond was valued at USD 3.37 billion in 2018 and it is expected to reach a value of USD 12.82 billion in 2024 at a CAGR of 25.02%. These variants are in use in medical applications. Q-switched lasers are being replaced by the femtosecond and picosecond lasers. Even non-laser techniques including surgical scalpels and mechanical saws are also using these ultrafast variants for easy to handle options.
The key trend of the report shows that these lasers are gaining popularity in the medical equipment and military equipment. For example stents, catheters, and laser tattoo removal pens are being made using femtosecond and picosecond lasers. While femtosecond lasers are known for marking the glass and other volatile material in military equipment, picosecond lasers are being used on the steel metal surface and picosecond laser pen.
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The Asia Pacific is shaping the future of the ultrafast laser market. The research funding agencies are investing mostly in new collaboration and facilities in the Asia Pacific. Many companies are collaborating in the Asia Pacific region for creating a huge opportunity. Vendors in the global market are involved in new product rollouts with significant R&D investment. In addition, technological investment of companies is also growing the ultrafast laser market. The automobile sector is also showing its interest in laster technology, as several governments around the world have banned the CO2 emissions in vehicles.