Transparency Market Research (TMR) has observed that the competitive landscape present in the global adaptive optics market is quite fragmented. The presence of several players in the global market has led to cutthroat competition. Presently, several local players are trying to make their mark in the market. Product innovation and research and development are some of the key strategies being adopted by players in the global market. The report identified Olympus Corp., Northrop Grumman Corporation, Carl Zeiss Meditec AG, and Canon Inc. as the leading companies in the global adaptive optics market. As of 2015, these companies held a share of 24%in the overall market. To stay ahead of the competition, players are expected to focus on development of advanced astronomical devices.
According to Transparency Market Research, the global adaptive optics market is expected to be worth US$109,685.9 mn by the end of 2024 from US$458.3 mn in 2015. During the forecast period of 2016 and 2024, the global market is projected to surge ahead at a CAGR of 83.9% due to widening applications of this technology in various sectors.
U.S. to Drive North America Adaptive Optics Market during Forecast Period
In terms of technology, the global adaptive optics market is segmented into wavefront sensor, wavefront modulator, and control system. Of these, the wavefront sensor segment held a share of 45% in the global market in 2015. The segment is projected to dominate the global market in the coming years as well. From a geographic point of view, the North America adaptive optics market is estimated to lead the global market as it held a share of about 40% in the global market in terms of revenue in 2015. The U.S. is expected to put North America in the lead as the country has a higher acceptance of technology in areas such as defense, security, astronomy, and other medical procedures.
The global adaptive optics market is expected to garner stupendous pace in the coming years due to widening applications of this technology. Various industries that are predominantly operating on a large scale such as security and defense, biomedicine, and astronomy are expected to be key end users of the adaptive optics in the near future. The growing investments in research and development of advanced technologies have also played an instrumental role in bolstering the growth of the overall market. Analysts project that rapid technological developments have allowed development of various adaptive optics components at cheaper costs, which has had a positive influence on the revenue earnings of the overall market.
Regulatory Reforms to Hinder Market Growth
On the other hand, the global adaptive optics market is likely to be hampered by the stringent regulations governing the details pertaining to usage of high frequency lasers. These powerful lasers are used for rectifying atmospheric distortions. However, restrictions such as the ones laid down by American Air Force about the usage of lasers to protect approaching spacecrafts and satellites are likely to hamper market growth. The market is also likely to suffer due to the delay in approvals, which prevents astronomers from quick responses to phenomenon such as gamma ray or supernova bursts.
This review is based on Transparency Market Research’s report, 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.”
For the study, the market has been segmented into:
Global Adaptive Optics Market, By Technology
Global Adaptive Optics Market, By Application
Global Adaptive Optics Market, By Geography
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