Not a particularly earth-shaking figure, a recent research report predicts the quantum cascade laser market will grow from $302.9 million in 2016 to $374.8 million by 2022 at a CAGR of 3.9% between 2017 and 2022. A gain of 71.9 million is not as impressive as gains exhibited in related markets, however, the market is expected to be driven by the gas sensing and chemical detection devices. QCL also has a high demand for breath analyzing applications.
As per the report, the industrial sector holds the largest share of the QCL market and is expected to witness substantial growth from 2017 to 2022. The QCL market is being driven by the industrial sector due to its application in gas sensing. Manufacturing companies adopt QCL for gas sensing to detect hazardous gases in manufacturing units. This trend is expected to grow even more in the near future as emerging economies, such as China and India, would further witness expansion of the industrial base. This is propelling the demand for QCL devices. Download a PDF Brochure at http://www.marketsandmarkets.com/pdfdownload.asp