Although the laser market has steadily increased since the 1970s, innovation and revenue growth have slowed over the past decade. But the sector may now be on the cusp of a new age of innovation in which lasers are increasingly combined with optics and sensors to enable even more sophisticated applications. These integrated devices, many of which are still in development in a number of industries, could not only put the laser market back on a high-growth trajectory but also become the main source of value. To help photonics-industry stakeholders evaluate the opportunities ahead, McKinsey & Co. assessed recent developments and focused on the unique capabilities these integrated technologies can provide. Nick Santhanam, formerly a senior partner at McKinsey and an author of the study, will provide new data for these hard-to-quantify markets, and will show that industry stakeholders have are recognizing these advantages and are quickly moving to broaden the technological capabilities of their companies through mergers, acquisitions, and strategic partnerships. Investors too are taking heed.
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