Innovations in Laser Technology Make It Appealing Across a Wide Array of Sectors
Many applications can look forward to more flexibility from a new wave of innovative laser technology.
It is not far-fetched to say laser technology can innovate and eventually eliminate conventional drilling methods. According to recent data, there is an upsurge in the number of mining and construction activities in emerging nations and as a result, growth in demand for innovative mining equipment and technology. APEC member economies produce and consume roughly 70 percent of all mining output, including the majority of the world’s copper, bauxite, iron, silver, nickel, tin, and zinc.
These resources are used in a variety of applications ranging from home construction to transportation and digital infrastructure, food production, and healthcare.
Thing About Lasers
One example of innovative mining tech are lasers. According to mining.com utilising lasers to drill blast holes in open pits, or for spalling (breaking) rock underground, lasers will eliminate conventional methods of drilling and blasting.
Preliminary test work indicates substantial savings can be realized in time, material costs, and operating costs. Sidney Resources Corporation, Laser Photonics Corporation, IPG Photonics Corporation, Raytheon Technologies Corporation, nLIGHT, Incorporated.
The laser technology market on its own is also very divers. For example, solid lasers are the most extensively used laser type which find applications across verticals such as medical where they are used for biomedical imaging, spectroscopy, and multiphoton microscopy and for material processing applications in industrial and automotive verticals.
Solid state lasers on the other hand, especially fiber lasers, are extensively used in laser-based weapon technology, thereby promoting their adoption in the defense sector. Overall, the laser technology market size is expected to grow from US$16.7 billion in 2022 to US$25.6 billion by 2027, registering a CAGR of 8.9 percent in the forecast period.
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