Innovations in Laser Technology Make It Appealing Across a Wide Array of Sectors
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% of all mining output, including the majority of the world's copper, bauxite, iron, silver, nickel, tin, and zinc
FinancialBuzz.com News Commentary
NEW YORK, Oct. 12, 2022 /PRNewswire/ -- 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% 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. One example of innovative mining tech are lasers. According to mining.com utilizing 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 Corp. (OTC: SDRC), Laser Photonics Corporation (NASDAQ: LASE), IPG Photonics Corporation (NASDAQ: IPGP), Raytheon Technologies Corporation (NYSE: RTX), nLIGHT®, Inc. (NASDAQ: LASR).
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 USD 16.7 billion in 2022 to USD 25.6 billion by 2027, registering a CAGR of 8.9% in the forecast period.
Sidney Resources Corp. (OTC: SDRC) announced back in July that it has, "reached an agreement with the prestigious Colorado School of Mines for testing of our new laser mining technology.
