The global market for adaptive optics is of a highly fragmented nature due to the presence of several international as well as local companies. This has resulted into an intense competition in the market to gain larger share in the market. The top four players in the global adaptive optics market, namely Canon Inc., Carl Zeiss Meditech AG., Olympus Corp, and Northorp Grumman Corporation, cumulatively accounted for only 24% of the overall market share in the year 2015.
In order to stay ahead of the pack, the key strategies adopted by majority of the top players in the market involve product development and product innovation. The development of new varieties and differentiation of product is vital to tackle the stiff market competition. Growing focus on the developing advanced astronomical gadgets and research activities focusing on the enhanced usage of adaptive optics in treatment of retinal diseases and retinal microscopy are projected to allow leading players in the global adaptive optics market to leverage significant opportunities of growth over the course of the given forecast period.
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According to the recent report published by Transparency Market Research, the global adaptive optics market stood at an overall valuation of US$0.458 bn in the year 2015. This valuation is expected to rise and reach a figure worth US$10.968 bn over the course of the given forecast period of 2016 to 2024. This growth is expected to be achieved with the help of a staggering CAGR of 83.9% over the same period of forecast.
From geographical standpoint, the adaptive optics market in North America is expected to continue its domination in the international market in terms of generation of revenue, with accounting over 40% of overall market share in 2015. With respect to technology, the wavefront sensor segmented accounted for 45% of overall market share in the global market in the year 2015.
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Increasing Popularity of Adaptive Optics in High Turnover Industries to Augment Market Growth
There are numerous factors responsible for driving the growth of the global adaptive optics market. One of the chief factors for driving the growth of the market is the increasing scope of applications of adaptive optics. Adaptive optics systems are acquiring increasing popularity across numerous industries with high turnovers such as astronomy, biomedicine, and defense and security which has permitted the influx of huge sums of money for the activities of research and development of cutting edge technologies.
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Technological advancements are thus, in turn, leading to a wide range of scope of developing several components of adaptive optics at lower prices. This is also expected to considerably drive the overall growth of the global adaptive optics market in the near future. This will also augment the demand for adaptive optics across a wide range of industries in the market.
Complex Regulatory Restriction to Impede Market Development
The technology of adaptive optics consists of aiming high frequency laser beams into the earth’s lower atmosphere to correct the distortions in the atmosphere. Numerous rules and regulatory issue connected to the usage of strong laser have been set by various nations, mainly for the purpose of security. These restrictions are expected to act as a big impeding factor in the growth of the global adaptive optics market.
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