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Advanced Optics Market Size Analysis, Growth, Trends & Segmentation Worth USD 477.42 Billion by 2028, At a CAGR of 9.62%
Advanced Optics Market
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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.
Segments
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.
Report Coverage
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.
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Regional Insights
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.
List of Key Players Profiled in the Report:
Signify N.V. (Netherlands)
Shin-Etsu Chemical Co. Ltd (Japan)
Nikon Corporation (Japan)
Cisco Systems Inc. (U.S.)
Corning Inc. (U.S.)
Hoya Corporation (Japan)
Schott AG (Germany)
II-VI Inc. (U.S.)
Competitive Landscape
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.
Industry Development
February 2021- Nikon Corporation launched a new ECLIPSE Si upright microscope, having features such as intelligent time-saving, an automatic shut-off mode, and an ergonomic design to reduce physical strain that can result from prolonged microscope use.
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