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.
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Next Generation of Products in Adaptive Optics Market to Benefit Astronomers
Adaptive optics are a remarkable technological advancement in ground-based telescopes used by astronomers in viewing celestial objects. They are characterized by overcoming the optical distortions arising due to atmospheric factors and help in obtaining sharp images of images of celestial objects. Advancements made in sensors and computing technologies used with adaptive optics have led to the advent of high-performance telescopes for astronomers. Strides made in astronomy and rise in demand for high-end imaging technologies to view celestial events have shaped the evolution trajectories in the adaptive optics market. A key trend opening new avenues for manufacturer is the declining cost of wavefront sensors. Further, the continuing miniaturization of these sensors have boosted the development of better systems in the market. The adaptive optics market is witnessing favorable demand dynamics on the back of rising interest of astronomers in witnessing extrasolar planets and stars. Investments in observatory in Europe has also boosted the prospect of advanced telescopes equipped with adaptive optics. In this direction, numerous industry and academic collaborations have imparted a robust impetus to the market prospects of adaptive optics. In recent years, optics manufacturers have come out with innovative designs to meet the functional requirement of modern astronomy.
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