ALBANY, New York, December 17, 2018 /PRNewswire/ --
The global adaptive optics market is projected to expand at monumental CAGR of 83.9% during 2016-2024, vis-a-vis revenue. The opportunities in the global market will surge from US$458.3 million in 2015 to reach a worth of US$109,685.9 million by the end of 2024.
The competitive landscape of the global adaptive optics market is characterized by a high degree of fragmentation, finds Transparency Market Research (TMR). This is mainly on account of a large number of optics technology companies and vendors in the global adaptive optics market. However, the leading four players held a combined share of 24.0% in the global market in 2015. These companies are Northorp Grumman Corporation, Carl Zeiss Meditech AG., Olympus Corp, and Canon Inc.
TMR observes that numerous vendors and developers of adaptive optics technology are focusing on bringing advancement by incorporating sophisticated, sensitive detectors in their offerings that can boost the product performance. A growing number of players are also aiming to bring down the cost of their products by adopting low-cost adaptive technology components and cost-effective adaptive optics imaging solution. In the coming years, this will help them consolidate their footprints in the adaptive optics technology market.
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Of the various technologies used, wavefront sensor led the global adaptive optics market and contributed a sizeable share of 45.0% in 2015. The segment is likely to retain its dominance throughout the assessment period on account of its application in precision wavefront control devices, mainly to correct real-time image distortions.
Regionally, North America held the sway in the global adaptive optics market in 2015 by accounting for more than 40.0% share. The region is expected to maintain its dominating position in the next few years. The growth is driven by the extensive demand for adaptive optics technologies in areas such as defense, ophthalmology, and astronomy.
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Rising Use of Sophisticated Optical Imaging Solutions in End-use Industries accentuates Market
The drive for adaptive optics stems from the substantial need for advanced optical systems, especially in applications such as beam shaping, laser communications, retinal imaging, and microscopy. The ability of adaptive optics to correct wavefront distortion effect in real-time is the key proposition underpinning the attractiveness of the technology. The global adaptive optics market is also driven by the rising demand for high-resolution microscopy for biological research. The rising worldwide demand for advanced optical systems among astronomers is also boosting the market.
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The global adaptive optics market has witnessed a robust fillip from the rising demand for optics imaging solutions in military applications, primarily for long-distance target identification purposes. The rising use of free-space laser communication technologies in various end-use industries is a notable trend bolstering the uptake of adaptive optics.
Substantial Development Efforts to integrate Adaptive Optics with Imaging Applications creates New Prospects
The staggering rise in use of adaptive optics technology notwithstanding, few factors tend to hamper the prospects of the market. The massive cost of developing optical systems with adaptive optics is one of the key factors likely to hinder the rate of uptake. Moreover, the lack of commercialization of complex product designing techniques is also a significant bottleneck.
However, rapid advances being made by professional astronomy are likely to bolster the demand for advanced optical systems, thus fueling the adaptive optics market growth. Moreover, in recent years, there has been rise in research and development efforts by manufacturers of optical systems to integrate the technology in a wide spectrum of applications for end-use industries, world over. This is expected to unlock lucrative prospects for various companies in the adaptive optics market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Adaptive Optics Market (Technology - Wavefront Modulator, Wavefront Sensor, and Control System; Application - Biomedical, Defense and Security, Astronomy, Manufacturing, Consumer Devices, and Communication) - Global Industry Analysis, Trend, Size, Share and Forecast 2016-2024."
The global adaptive optics market is segmented based on:
- Wavefront Modulator
- Wavefront Sensor
- Control System
- Defense and Security
- Consumer Devices
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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SOURCE Transparency Market Research