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
Albany, NY -- (SBWIRE) -- 03/07/2017 -- 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.
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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.
North America to Retain Dominance thanks to Increased Use in Defense
According to Transparency Market Research, in terms of revenue, global adaptive optics market was valued at US$458.3 mn in 2015, and is expected to reach US$109,685.9 mn by 2024. Over this period, the market will exhibit a staggering 83.9% CAGR.
From a geographical perspective, the North America market for adaptive optics dominated the global market in terms of revenue, holding a more than 40% share in 2015. The U.S. is projected to be the most attractive regional market adaptive optics in North America owing to the extensive utilization of this technology in astronomy, defense and security, ophthalmology and laser eye surgery. In terms of technology, the segment of wavefront sensor accounted for the dominant 45% share in the global adaptive optics market in 2015.
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.