ALBANY, New York, November 9, 2016 /PRNewswire/ --
The global market for adaptive optics has seen significant traction in the past few years and is expected to continue expansion at an astounding pace in the next few years. The market is chiefly driven by the increasing demand for this technology across different sectors, such as defense and security, biomedical. Moreover, with advancement of technology, various adaptive optics components are being developed at low cost and are anticipated to fuel the demand for adaptive optics.
Smaller and low cost wavefront sensors are likely to facilitate entry and growth of adaptive optics technology in the smaller observatory market, and ultimately the market for amateur astronomers. In addition, with advent of technology, sensitive detectors are expected to be developed in the future with faster closed-loop correction, which in turn, would make adaptive optics effective at progressively smaller wavelengths. Owing to these factors, the global market for adaptive optics is expected to witness significant traction during the next few years.
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According to Transparency Market Research, global adaptive optics market will exhibit a staggering 83.9% CAGR over the period between 2016 and 2024, in terms of revenue. Expanding at this astounding pace, the market, which had a valuation of US$458.3 mn in 2015, will rise to US$109,685.9 mn by 2024.
Technological Advancements and Low-cost Components to Drive Market
The vast rise in the use of adaptive optics in a continuously rising number of application areas is one of the key factors attributed to the excellent future growth prospects of the global adaptive optics market. Adaptive optics systems are gaining traction across several high-turnover industries such as defense and security, astronomy, and biomedicine, allowing the influx of vast funds for research and development of advanced technologies. Advancement of technology is, in turn, leading to the vast scope of developing various adaptive optics components at low cost, which is further fueling the overall demand for adaptive optics across several industries.
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Regulatory Issues could Hamper Market Expansion
The adaptive optics technology involves aiming high frequency lasers into earth's lower atmosphere for correcting atmospheric distortions. A number of regulatory issues pertaining to the use of powerful lasers have been established by a number of countries, chiefly for security purposes. For example, there has been an increase in number of restrictions imposed by the American Air Force on the use of lasers in order to protect approaching satellites and spacecrafts.
The process of approval is at times quite lengthy, thereby limiting the ability of astronomers to respond to unexpected events, such as supernova or gamma ray bursts among others. Moreover, these regulations also act as a liability shield for observatories, in case of a satellite damage and other unlikely events. Considering this factor, these regulatory issues are likely to hinder the growth of adaptive optics market to a certain extent in the next few years.
The global adaptive optics market features a highly fragmented competitive landscape, with a large number of multinationals and local companies vying, amid intense competition, for a larger share in the pie, observes a recent report by Transparency Market Research. The top four companies in the market, namely Northrop Grumman Corporation, Olympus Corp., Canon Inc., and Carl Zeiss Meditec AG, collectively held a mere 24% in the market in 2015.
To stay ahead of the competition, product innovation and development is a key strategy adopted by most leading players in the market. The development of new product varieties and differentiation of products is crucial to deal with the stiff competition in the market. Increased focus on the development of advanced astronomical devices and research activities aimed at the improved use of adaptive optics in retinal microscopy and treatment of retinal disorders are expected to grant market players sustainable incremental growth opportunities in the next few years.
For the study, the market has been segmented into:
Global Adaptive Optics Market, By Material
- Wavefront Modulator
- Wavefront Sensor
- Control System
Global Adaptive Optics Market, By Application
- Defense & Security
- Consumer Devices
Global Adaptive Optics Market, By Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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