April 20, 2022 10:22 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global advanced optics market size was USD 242.45 billion in 2020. The market is expected to grow from USD 250.93 billion in 2021 to USD 477.42 billion by 2028, exhibiting a CAGR of 9.62% during the forecast period. The rising awareness regarding the lenses’ benefits and the incorporation of artificial intelligence technology is expected to boost market development. Fortune Business Insights™ presents this information in its report titled “Advanced Optics Market, 2021-2028.”
Advanced optics are made using several optical components such as optical material, prism, optical lenses, and optical mirrors. It provides high efficiency, low power consumption, excellent flexibility, high bandwidth, low weight, and secure communication. The rising awareness regarding the product’s benefits is expected to boost market development. Further, increasing applications from drone components, ophthalmology and retinal imaging, spacecraft system, security, and surveillance system, security, and surveillance system, lighting solutions, metrology devices, imaging system, medical equipment, windows, displays, electro-optical/infrared (EO/IR) system, lithography system, gyroscope, and high-resolution microscopy are expected to boost market development.
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List of Key Players Profiled in the Report:
Supply Chain Disruptions to Hinder Industry Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the disruptions in the supply chain. The sudden spike in cases led to the imposition of lockdown, thereby affecting the market development. Further, the halt on transport leads to the lack of raw materials required to produce the lenses. However, the adoption of technologically advanced production, sanitization, and social distancing may enable manufacturers to recover losses and satisfy consumers.
By technology, the market is segmented into quantum, wave, and ray. Based on application, it is classified into 3D scanner, metrology devices, camera, medical equipment, intelligence, surveillance & reconnaissance (ISR), optical communication, lighting solution, LiDAR, and others. As per end-use industry, it is categorized into space, automotive, aviation (drone), medical, defense, industrial, commercial, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, and the rest of the world.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints Robust Demand for Photonics Powered Equipment and Rising R&D Investments to Fuel Market Development The rising demand for photonics-powered equipment is expected to boost advanced optics adoption. The rising adoption of advanced optics in several defense applications is expected to bolster market development. Higher efficiency of photonics, precision, long lifespan, and faster operation is expected to foster market development. Furthermore, rising research and development activities and investments are likely to foster industry growth. Moreover, the presence of a well-developed industrial sector may propel optic adoption. In addition, rising defense budgets may drive the advanced optics market growth.
However, optimization of space solutions and complex design may hinder market development.
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Presence of Several OEMs to Bolster Industry Progress in Asia Pacific
Asia Pacific is expected to dominate the advanced optics market share due to the presence of several OEMs. The market in Asia Pacific stood at USD 96.98 billion in 2020 and is expected to gain a huge market share during the upcoming years. In addition, rising investments in the development of telecommunication services and smart city solutions are expected to boost market progress.
In North America, the rising adoption of technologically advanced optics in industrial, commercial, aviation, and defense sectors is expected to bolster product demand. Additionally, several key players and rising spending expenditures are expected to bolster market development.
In Europe, increasing adoption of optics in the manufacturing, automotive, healthcare, and semiconductor industries is expected to fuel adoption. This factor may propel market progress in the region.
Companies Engage in Strategic Collaborations to Boost Brand Image
The prominent companies operating in the market engage in strategic collaborations to boost their brand image. For example, Nikon Corporation entered into a strategic collaboration with Aeva in August 2021. The companies shall develop Frequency Modulated Continuous Wave (FMCW) 4D LiDAR powered with unique micron-level measurement capability to offer excellent industrial automation precision. Further, the adoption of research and development may enable companies to develop better quality products and enhance their annual revenues.
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