Ultrafast Laser Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Titanium-Sapphire Lasers, Fiber Lasers, Diode-Pumped Lasers, Mode-Locked Diode Lasers), By Pulse Duration (Femtosecond Lasers, Picosecond Lasers) By Application (Healthcare, Automotive, Aerospace and Defense, Electronics, Research and Development), By Region & Competition, 2019-2029F

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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 1.56 Billion

Market Size (2029)

USD 4.26 Billion

CAGR (2024-2029)

18.03%

Fastest Growing Segment

Picosecond Lasers

Largest Market

North America

Market Overview

Global Ultrafast Laser market was valued at USD 1.56 Billion in 2023 and is projected to register a compound annual growth rate of 18.03% during the forecast period. The Global Ultrafast Laser market is seeing remarkable growth, fueled by advancements in technology and its widening applications across industries. These lasers, known for their precision and efficiency due to their extremely short pulse durations, have become essential across various sectors. One major driver of market expansion is the increasing demand for ultrafast lasers in materials processing, especially in semiconductor, electronics, and automotive industries. Their ability to perform precise micromachining, drilling, cutting, and surface modification is enhancing manufacturing processes and product quality. Ultrafast lasers also play a vital role in scientific research, particularly in areas like biophotonics, spectroscopy, and nonlinear optics, facilitating significant breakthroughs and driving technology advancement. In healthcare, the adoption of ultrafast lasers for medical procedures such as ophthalmology, dermatology, and minimally invasive surgeries is growing. Their precision and minimal thermal impact meet the demanding requirements of delicate medical procedures, further boosting market growth.

Key Market Driver

Technological Advancements and Precision in Material Processing

A key driver propelling the Ultrafast Laser Market is the continuous stream of technological advancements that enhance the precision and efficacy of material processing across various industries. Ultrafast lasers, particularly femtosecond and picosecond lasers, have revolutionized the landscape of material processing by enabling unprecedented levels of precision at the microscopic and even nanoscopic scales. These lasers can deliver pulses of light with durations in the femtosecond and picosecond ranges, facilitating minimal heat generation and allowing for intricate and highly controlled material ablation. This capability is particularly valuable in industries such as healthcare, where ultrafast lasers are instrumental in precision surgery, eye surgery, and dental procedures. In electronics manufacturing, ultrafast lasers enable micromachining and the production of miniaturized components with exceptional accuracy. The constant evolution of ultrafast laser technologies, coupled with advancements in pulse shaping and beam control, continues to drive innovation in material processing, positioning ultrafast lasers as indispensable tools for achieving micron-level precision in a diverse range of industrial applications.

Rising Demand in Biomedical Applications and Medical Research

The Ultrafast Laser Market experiences significant growth propelled by the escalating demand for ultrafast lasers in biomedical applications and medical research. The unique characteristics of ultrafast lasers, particularly femtosecond lasers, make them invaluable tools in the field of healthcare. In medical procedures, such as laser eye surgery (LASIK) and cataract surgery, femtosecond lasers enable precise tissue ablation with minimal thermal damage, enhancing patient outcomes and recovery times. Additionally, ultrafast lasers play a crucial role in biomedical research, facilitating techniques like two-photon microscopy for detailed imaging of living tissues. The demand for ultrafast lasers in medical research extends to areas such as optogenetics, where these lasers are used to manipulate and study cellular activities with exceptional temporal precision. The continuous exploration of new applications in medicine, coupled with the drive for improved diagnostic and therapeutic techniques, fuels the demand for ultrafast lasers in the healthcare sector. As medical technology advances, the Ultrafast Laser Market remains at the forefront, offering solutions that contribute to breakthroughs in biomedical science and the evolution of innovative medical procedures.


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Key Market Challenges

Cost Barriers and Capital Investment Challenges

A substantial challenge facing the Ultrafast Laser Market revolves around the cost barriers and capital investment challenges associated with the acquisition and implementation of ultrafast laser systems. The sophisticated technology inherent in ultrafast lasers, particularly femtosecond and picosecond lasers, contributes to their high manufacturing and procurement costs. The intricate design, precision optics, and advanced control systems necessary for generating ultra-short pulses of light add to the overall complexity and expense of these laser systems. For businesses and research institutions looking to adopt ultrafast laser technology, the initial capital investment can be a formidable obstacle. The cost of acquiring, installing, and maintaining ultrafast laser systems requires a substantial financial commitment, which may pose challenges for smaller enterprises or organizations with limited budgets. Furthermore, the need for specialized training and expertise in operating and maintaining ultrafast lasers adds to the overall cost of ownership. Mitigating these cost barriers requires strategic planning, government incentives, and industry collaborations to foster accessibility and affordability. As the Ultrafast Laser Market addresses these challenges, there is a potential for increased market penetration, enabling a broader range of industries and research sectors to leverage the transformative capabilities of ultrafast lasers for precision applications.

Key Market Trends

 Emergence of Sustainable and Solar-Powered Solutions

A prominent trend reshaping the Ultrafast Laser Market is the emergence of sustainable and solar-powered solutions. Cities are increasingly embracing environmentally conscious practices, driving the adoption of Ultrafast Laser powered by solar energy. Solar-powered street lights leverage photovoltaic panels to harness energy from the sun during the day, storing it in integrated batteries for nighttime illumination. This trend aligns with global efforts to reduce carbon footprints, enhance energy efficiency, and create eco-friendly urban environments. The integration of solar-powered solutions into the Ultrafast Laser Market not only addresses sustainability goals but also offers cost-effective alternatives by reducing reliance on conventional power sources. As the emphasis on green initiatives continues to grow, the integration of sustainable and solar-powered technologies represents a transformative trend, shaping the future landscape of intelligent urban lighting systems.

Implementation of Edge Computing for Real-Time Processing

An evolving trend in the Ultrafast Laser Market is the implementation of edge computing for real-time data processing. As Ultrafast Laser generate an increasing volume of data from sensors, cameras, and connected devices, the need for instantaneous analysis and decision-making becomes crucial. Edge computing involves processing data at or near the source of generation rather than relying solely on centralized cloud servers. This trend enables Ultrafast Laser to respond swiftly to changing conditions, such as traffic patterns, emergencies, or adaptive lighting requirements. By reducing latency and enhancing responsiveness, edge computing contributes to the overall efficiency and effectiveness of smart street lighting systems. As cities strive for enhanced situational awareness and data-driven decision-making, the integration of edge computing technologies into Ultrafast Laser represents a forward-looking trend, fostering more intelligent and dynamic urban infrastructures.

Segmental Insights

By Type Insights

In 2023, the Titanium-Sapphire Lasers segment emerged as the dominant force in the Ultrafast Laser Market, and its supremacy is anticipated to endure throughout the forecast period. Titanium-Sapphire Lasers exhibit exceptional characteristics, including broad tunability, high power, and ultrashort pulse durations in the femtosecond range, making them highly versatile for a wide array of applications. These lasers find extensive use in scientific research, biomedical imaging, and materials processing, owing to their ability to generate ultrafast pulses with precision. The dominance of Titanium-Sapphire Lasers in 2023 is attributed to their established track record in research environments and the robust demand for femtosecond pulse capabilities in applications such as two-photon microscopy and ultrafast spectroscopy. The continuous advancements in Titanium-Sapphire Laser technology, including improvements in stability and tunability, further contribute to their sustained dominance in the market. While Fiber Lasers, Diode-Pumped Lasers, and Mode-Locked Diode Lasers offer unique advantages in specific applications, the broad applicability and proven performance of Titanium-Sapphire Lasers position them as the frontrunners, driving innovation and shaping the trajectory of the Ultrafast Laser Market in the coming years.


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Regional Insights

In 2023, North America emerged as the dominant region in the Ultrafast Laser Market, and this dominance is anticipated to endure throughout the forecast period. North America's supremacy in the market can be attributed to several factors, including a robust technological landscape, extensive research and development activities, and a high level of adoption of advanced laser technologies across various industries. The region's well-established healthcare sector has been a major contributor to the demand for ultrafast lasers, particularly in precision surgeries and medical research. Additionally, the presence of key players and leading research institutions specializing in laser technologies further bolsters North America's position as a frontrunner in the Ultrafast Laser Market. The aerospace and semiconductor industries in the region also contribute to the significant demand for ultrafast lasers in materials processing and manufacturing applications. As North America continues to prioritize technological innovation and invest in cutting-edge research, its dominance in the Ultrafast Laser Market is expected to persist. Furthermore, collaborations between academia, industry, and government initiatives supporting technological advancements contribute to the region's leadership in adopting and driving the evolution of ultrafast laser technologies. As the market continues to evolve, with a focus on applications such as micromachining, scientific research, and medical advancements, North America is poised to maintain its dominant position, shaping the trajectory of the Ultrafast Laser Market in the coming years.

Recent Developments

  • In January 2024, IPG Photonics Corporation unveiled advanced fiber laser solutions at Photonics West in San Francisco. Their exhibit, spanning 2,000 square feet, showcased a wide range of laser sources, integrated systems, industry-specific solutions, and application samples.

Key Market Players

  • Coherent, Inc.
  • MKS Instruments, Inc
  • MERIEUX EQUITY PARTNERS SAS
  • Clark-MXR, Inc
  • IMRA America, Inc.
  • KMLabs, Inc.
  • NKT Photonics A/S
  • Calmar Laser, Inc
  • one.five GmbH
  • Lumentum Holdings Inc.

By Type 

By Pulse Duration

By Application

By Region
  • Titanium-Sapphire Lasers
  • Fiber Lasers
  • Diode-Pumped Lasers
  • Mode-Locked Diode Lasers
  • Femtosecond Lasers
  • Picosecond Lasers
  • Healthcare
  • Automotive
  • Aerospace and Defense
  • Electronics
  • Research and Development
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the Global Ultrafast Laser Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Ultrafast Laser Market, By Type:

o   Titanium-Sapphire Lasers

o   Fiber Lasers

o   Diode-Pumped Lasers

o   Mode-Locked Diode Lasers

  • Ultrafast Laser Market, By Pulse Duration:

o   Femtosecond Lasers

o   Picosecond Lasers

  • Ultrafast Laser Market, By Application:

o   Healthcare

o   Automotive

o   Aerospace and Defense

o   Electronics

o   Research and Development

  • Ultrafast Laser Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Ultrafast Laser Market.

Available Customizations:

Global Ultrafast Laser Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Ultrafast Laser Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Formulation of the Scope

2.4.  Assumptions and Limitations

2.5.  Types of Research

2.5.1.    Secondary Research

2.5.2.    Primary Research

2.6.  Approach for the Market Study

2.6.1.    The Bottom-Up Approach

2.6.2.    The Top-Down Approach

2.7.  Methodology Followed for Calculation of Market Size & Market Shares

2.8.  Forecasting Methodology

2.8.1.    Data Triangulation & Validation

3.    Executive Summary

4.    Voice of Customer

5.    Global Ultrafast Laser Market Overview

6.    Global Ultrafast Laser Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type (Titanium-Sapphire Lasers, Fiber Lasers, Diode-Pumped Lasers, Mode-Locked Diode Lasers)

6.2.2.    By Pulse Duration (Femtosecond Lasers, Picosecond Lasers)

6.2.3.    By Application (Healthcare, Automotive, Aerospace and Defense, Electronics, Research and Development)

6.2.4.    By Region

6.3.  By Company (2023)

6.4.  Market Map

7.    North America Ultrafast Laser Market Outlook

7.1.  Market Size & Forecast      

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type  

7.2.2.    By Pulse Duration

7.2.3.    By Application

7.2.4.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Ultrafast Laser Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type  

7.3.1.2.2.           By Pulse Duration

7.3.1.2.3.           By Application

7.3.2.    Canada Ultrafast Laser Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type  

7.3.2.2.2.           By Pulse Duration

7.3.2.2.3.           By Application

7.3.3.    Mexico Ultrafast Laser Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type  

7.3.3.2.2.           By Pulse Duration

7.3.3.2.3.           By Application

8.    Europe Ultrafast Laser Market Outlook

8.1.  Market Size & Forecast      

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type  

8.2.2.    By Pulse Duration

8.2.3.    By Application

8.2.4.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Ultrafast Laser Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type  

8.3.1.2.2.           By Pulse Duration

8.3.1.2.3.           By Application

8.3.2.    United Kingdom Ultrafast Laser Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type  

8.3.2.2.2.           By Pulse Duration

8.3.2.2.3.           By Application

8.3.3.    Italy Ultrafast Laser Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type  

8.3.3.2.2.           By Pulse Duration

8.3.3.2.3.           By Application

8.3.4.    France Ultrafast Laser Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type  

8.3.4.2.2.           By Pulse Duration

8.3.4.2.3.           By Application

8.3.5.    Spain Ultrafast Laser Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type  

8.3.5.2.2.           By Pulse Duration

8.3.5.2.3.           By Application

9.    Asia-Pacific Ultrafast Laser Market Outlook

9.1.  Market Size & Forecast      

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type  

9.2.2.    By Pulse Duration

9.2.3.    By Application

9.2.4.    By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.    China Ultrafast Laser Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type  

9.3.1.2.2.           By Pulse Duration

9.3.1.2.3.           By Application

9.3.2.    India Ultrafast Laser Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type  

9.3.2.2.2.           By Pulse Duration

9.3.2.2.3.           By Application

9.3.3.    Japan Ultrafast Laser Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type  

9.3.3.2.2.           By Pulse Duration

9.3.3.2.3.           By Application

9.3.4.    South Korea Ultrafast Laser Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type  

9.3.4.2.2.           By Pulse Duration

9.3.4.2.3.           By Application

9.3.5.    Australia Ultrafast Laser Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Type  

9.3.5.2.2.           By Pulse Duration

9.3.5.2.3.           By Application

10. South America Ultrafast Laser Market Outlook

10.1.            Market Size & Forecast        

10.1.1. By Value

10.2.            Market Share & Forecast

10.2.1. By Type  

10.2.2. By Pulse Duration

10.2.3. By Application

10.2.4. By Country

10.3.            South America: Country Analysis

10.3.1. Brazil Ultrafast Laser Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type  

10.3.1.2.2.         By Pulse Duration

10.3.1.2.3.         By Application

10.3.2. Argentina Ultrafast Laser Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Pulse Duration

10.3.2.2.3.         By Application

10.3.3. Colombia Ultrafast Laser Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Pulse Duration

10.3.3.2.3.         By Application

11. Middle East and Africa Ultrafast Laser Market Outlook

11.1.            Market Size & Forecast        

11.1.1. By Value

11.2.            Market Share & Forecast

11.2.1. By Type

11.2.2. By Pulse Duration

11.2.3. By Application

11.2.4. By Country

11.3.            MEA: Country Analysis

11.3.1. South Africa Ultrafast Laser Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Type

11.3.1.2.2.         By Pulse Duration

11.3.1.2.3.         By Application

11.3.2. Saudi Arabia Ultrafast Laser Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Type

11.3.2.2.2.         By Pulse Duration

11.3.2.2.3.         By Application

11.3.3. UAE Ultrafast Laser Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Type

11.3.3.2.2.         By Pulse Duration

11.3.3.2.3.         By Application

11.3.4. Kuwait Ultrafast Laser Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Type

11.3.4.2.2.         By Pulse Duration

11.3.4.2.3.         By Application

11.3.5. Turkey Ultrafast Laser Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Type

11.3.5.2.2.         By Pulse Duration

11.3.5.2.3.         By Application

11.3.6. Egypt Ultrafast Laser Market Outlook

11.3.6.1.     Market Size & Forecast

11.3.6.1.1.         By Value

11.3.6.2.     Market Share & Forecast

11.3.6.2.1.         By Type

11.3.6.2.2.         By Pulse Duration

11.3.6.2.3.         By Application

12. Market Dynamics

12.1.            Drivers

12.2.            Challenges

13. Market Trends & Developments

14. Company Profiles

14.1.            Coherent, Inc.

14.1.1.            Business Overview

14.1.2.            Key Revenue and Financials 

14.1.3.            Recent Developments

14.1.4.            Key Personnel/Key Contact Person

14.1.5.            Key Product/Services Offered

14.2.            MKS Instruments, Inc

14.2.1.            Business Overview

14.2.2.            Key Revenue and Financials 

14.2.3.            Recent Developments

14.2.4.            Key Personnel/Key Contact Person

14.2.5.            Key Product/Services Offered

14.3.            MERIEUX EQUITY PARTNERS SAS

14.3.1.            Business Overview

14.3.2.            Key Revenue and Financials 

14.3.3.            Recent Developments

14.3.4.            Key Personnel/Key Contact Person

14.3.5.            Key Product/Services Offered

14.4.            Clark-MXR, Inc.

14.4.1.            Business Overview

14.4.2.            Key Revenue and Financials 

14.4.3.            Recent Developments

14.4.4.            Key Personnel/Key Contact Person

14.4.5.            Key Product/Services Offered

14.5.            IMRA America, Inc.

14.5.1.            Business Overview

14.5.2.            Key Revenue and Financials 

14.5.3.            Recent Developments

14.5.4.            Key Personnel/Key Contact Person

14.5.5.            Key Product/Services Offered

14.6.            KMLabs, Inc.

14.6.1.            Business Overview

14.6.2.            Key Revenue and Financials 

14.6.3.            Recent Developments

14.6.4.            Key Personnel/Key Contact Person

14.6.5.            Key Product/Services Offered

14.7.            NKT Photonics A/S

14.7.1.            Business Overview

14.7.2.            Key Revenue and Financials 

14.7.3.            Recent Developments

14.7.4.            Key Personnel/Key Contact Person

14.7.5.            Key Product/Services Offered

14.8.            Calmar Laser, Inc.

14.8.1.            Business Overview

14.8.2.            Key Revenue and Financials 

14.8.3.            Recent Developments

14.8.4.            Key Personnel/Key Contact Person

14.8.5.            Key Product/Services Offered

14.9.            one.five GmbH

14.9.1.            Business Overview

14.9.2.            Key Revenue and Financials 

14.9.3.            Recent Developments

14.9.4.            Key Personnel/Key Contact Person

14.9.5.            Key Product/Services Offered

14.10.         Lumentum Holdings Inc.

14.10.1.         Business Overview

14.10.2.         Key Revenue and Financials 

14.10.3.         Recent Developments

14.10.4.         Key Personnel/Key Contact Person

14.10.5.         Key Product/Services Offered

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Ultrafast Laser Market was USD 1.56 Billion in 2023.

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In 2023, Femtosecond Lasers emerged as the dominant segment in the Global Ultrafast Laser Market due to their unparalleled precision and versatility across various applications.

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In 2023, North America emerged as the dominant region in the Global Ultrafast Laser Market due to extensive technological advancements and high demand across diverse industries.

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The major drivers for the global ultrafast laser market are increasing demand from material processing applications, rising adoption in biomedical applications, and technological advancements enabling miniaturization and higher performance.

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Sakshi Bajaal

Business Consultant
Press Release

Ultrafast Laser Market is expected to register a CAGR of 18.03% during the forecast period

Sep, 2024

Ultrafast Laser is increasing due to rising demand from material processing industries, greater adoption in biomedical applications and continuous technological advancements in the forecast period, 2

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