Global Adaptive Optics Market: Expanding Scope of Application into Defense and Security to Bolster Growth Prospects
Global Adaptive Optics Market: Snapshot
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.
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.
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Wavefront Sensor Technology Constitute Majority Share in Global Revenue
For
an in-depth analysis, the adaptive optics market is segmented on the
basis of technology, application and geography. In terms of technology,
the market is segmented into wavefront modulator, wavefront sensor, and
control system. Of these, the segment of wavefront sensor accounted for
the dominant 45% share in the global adaptive optics market in 2015 and
is expected to maintain its dominant position during the forecast period
as well.
Wavefront
sensors play an important role in evaluating the wavefront with enough
spatial resolution and suitable speed for real time compensation and the
market for the same is likely to witness strong growth in the next few
years. The segment of wavefront modulators, on the other hand, is
expected to gain traction in the global adaptive optics market due to
the user friendly characteristics of this technology. Wavefront
modulators held a substantial market share in 2015 and are expected to
embark upon a stable growth path during the forecast period as well. The
segment of control systems is expected to see a notable rise in its
share in the global adaptive optics market over the forecast period.
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Thanks to Vast Usage in Defense Sector, North America to Continue Dominance
In
terms of revenue, North America was the dominant regional market for
adaptive optics in 2015, accounting for over 40% of the global market.
The U.S. presently accounts for a lion’s share in the North America
adaptive optics market and is projected to be the most attractive market
for adaptive optics in the region in the next few years as well.
Dominance of the U.S. is attributed to the extensive utilization of this
technology in sectors such as astronomy, defense and security,
ophthalmology and laser eye surgery. Moreover, the technology has vast
usage in both, the U.S. airborne and ground-based missile defense
systems, and is expected to gain further traction in the near future
with the continuous rise in defense budgets of the country.
The
adaptive optics market in Asia Pacific is anticipated to outpace the
market in other key regional markets in terms of growth rate over the
forecast period. A vast rise in research and development activities and
technical improvements related to use of adaptive optic technology in a
number of applications are likely to fuel the market for adaptive optics
in Asia Pacific during the forecast period. Japan held the most
significant share in 2015 in terms of revenue, owing to wide usage of
this technology in optical imaging, biomedical imaging, and laser
precision manufacturing in the country.
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