Press release
Precision Optics Market Report- Expansive Coverage on the Profit Sources
The Global Precision Optics Market Size is valued at 24.30 billion in 2022 and is predicted to reach 59.74 billion by the year 2031 at a 10.73% CAGR during the forecast period for 2023-2031.
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The prominent market players in industry includes:
• Materion Corporation
• ZEISS International
• Optics & Allied Engineering Pvt. Ltd.
• Edmund Optics Inc.
• Corning Incorporated
• Newport Corporation
• Rochester Precision Optics, LLC
• PFG Optics
• Shanghai Optics
• Precision Optics Corporation, Inc.
• Sierra Precision Optics
• Precision Optical
• Panasonic Holdings Corporation
• Nikon Corporation
• Solaris Optics
• Syntec Optics
• WayRay AG
• Momentum Optics
• Astro Optics Pvt. Ltd.
• Opto Precision Pte. Ltd.
• CLZ Precision Optics
• Zuend Grou
Market Report on Precision Optics: Report Scope and Attribute Specifications
• Market size value in 2022 USD 24.30 Bn
• Forecast revenue for 2031: USD 59.74 billion
• CAGR growth rate of 10.73% from 2023 to 2031
• Quantitative unitsRevenue in US$ Billions, Volume (Units), and CAGR from 2023 to 2031
• The Historic Years 2019 through 2022
• Predicted Years 2023-2031
• Document coverageThe revenue forecast, the company's standing, the competitive market statistics, growth prospects, and emerging trends.
• Segments addressedUser And Subcomponent
• Regional scopeNorth America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
• Country rangeThe United States, Canada, the United Kingdom, Germany, China, India, Japan, Brazil, Mexico, the United Kingdom, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, South Korea, Southeast Asia
• Adaptive optics were initially developed for the defense industry and are now utilized in a variety of defense applications worldwide, such as wall imaging systems and missile defense systems. With its considerable defense budgets and well-developed industrial defense complex, the United States continues to develop high-energy laser systems and other applications using adaptive optics.
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• Universities and research institutions conduct ongoing research on the healthcare applications of optical systems. Fiber optic sensors monitor pressure, temperature, and oxygen content in the medical industry. In medical equipment, fiber optic cables can be utilized in a variety of applications, including remote spectrophotometry, endoscopic imaging, and pressure and position sensors. In addition, the medical industry has recently prioritized the development of intelligent disease-detection equipment and intelligent medical wearables utilizing precision optical components such as lenses, windows, and filters.
Market Dynamics:
• The primary applications for photonics devices are fiber optic transmission, optical data storage, displays, and laser printing. Photonics-enabled products are more energy-efficient, have a longer product lifecycle, are more accurate, and operate more quickly. Consequently, photonics-enabled devices are gaining popularity among consumers. Photonics innovations including LiDAR and additive manufacturing are garnering momentum. Photonics devices are used for multi-channel wavelength transmission and optical communication with a high bandwidth.
• Space optics are difficult to implement due to the complexity of constructing and optimizing resilient optics systems. Several factors must be considered for material optimization, such as the space environment's thermal conditions, frigid background, operating variances, and varying temperature gradients.
• In addition, the market for adaptive optics is hampered by the extensive computations necessary for current optical system models and the difficulty of detecting non-common path aberrations (NCPA).
• Using an adaptive optics system to generate modified images in a celestial instrument typically results in non-common path aberrations (NCPA). Introducing an offset in the Wavefront Sensor (WFS) signals corresponding to the corrected aberration is the most common method for correcting NCPA.
• Regional Trends: Due to the continued expansion of consumer electronics and biomedical equipment, as well as the presence of manufacturers in China and Japan, the North American Precision Optics Market is anticipated to account for a sizable share of the market in terms of revenue, and to grow at a high CAGR in the near future.
• In addition, the expansion of smart city initiatives and the advancement of telecommunications will stimulate market growth during the forecast period. In addition, the European market is anticipated to expand swiftly throughout the forecast period. European market expansion will likely be driven by the semiconductor, healthcare, automotive, and manufacturing industries in the United Kingdom, Germany, and France.
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The Key developments
• In Feb 2023, Precision Optics Corporation, Inc. stated that it had signed a manufacturing and technology licence deal with a medical device manufacturer. The agreement specifies the terms under which POC will produce the product or receive royalties if the client or a third party manufactures the product. Under the terms of the agreement, POC has received a one-time payment of $600,000 in advance for these technological rights.
• In Dec 2022,3M stated that its acquisition of Corning Precision Lens Inc., a manufacturer of lens systems for rear-projection TVs, had been completed. The Cincinnati-based firm will operate under the name 3M Precision Optics Inc. as a subsidiary of the 3M Optical Systems Division.
• In December 2022, Precision Optics Corporation, Inc. announced the acquisition of a follow-on production order for optical assembly totalling approximately $2.6 million from one of the major US defense contractors. Furthermore, the order is expected to be fulfilled within 12 to 18 months.
• In Dec 2022, Precision Optics Corporation, Inc. revealed the receipt of an initial product development order for a next-generation single-use urology programme totalling approximately $750,000 from an established medical device company utilising the Company's specialisation in micro-optics, medical systems, and digital imaging. This launch signifies that the Company's development pipeline has moved past the proof-of-concept phase as Precision Optics increases its focus on this fast-expanding section of the medical device industry.
• In June 2021, with its new state-of-the-art lens-centring equipment, PFG Precision Optics will build on its well-established market reputation. While fewer than 30 arc-second variations are often regarded as "high precision" in the industry, PFG's new capabilities will reach extreme centring precision of fewer than ten arc-second deviations for a variety of lens geometries. These capabilities expand a well-known advantage in the lens-making industry, which has been developed over many years of refining the craft.
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Market Segments
Global Precision Optics Market, by End-user, 2023-2031 ((Value US$ Bn) & Volume (Units))
• Consumer Electronics
• Aerospace and Defense
• Semiconductor
• Automotive
• Biomedical
• Manufacturing
• Others
Global Precision Optics Market, by Component, 2023-2031 ((Value US$ Bn) & Volume (Units))
• Transmissive
o Filters
o Prisms
o Lenses
o Windows
o Polarizers
o Beamsplitters
o Others
• Reflective
o Mirrors
o Retroreflectors
o Others
Global Precision Optics Market, by Region, 2023-2031 ((Value US$ Bn) & Volume (Units))
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Precision Optics Market, by Country, 2023-2031 ((Value US$ Bn) & Volume (Units))
• U.S.
• Canada
Europe Precision Optics Market, by Country, 2023-2031 ((Value US$ Bn) & Volume (Units))
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Precision Optics Market, by Country, 2023-2031 ((Value US$ Bn) & Volume (Units))
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Precision Optics Market, by Country, 2023-2031 ((Value US$ Bn) & Volume (Units))
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Precision Optics Market, by Country, 2023-2031 ((Value US$ Bn) & Volume (Units))
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
> To receive a comprehensive analysis of the prospects for the Precision Optics Market
> To receive an industry overview and future trends of the Precision Optics Market
> To analyze the Global Precision Optics Market drivers and challenges
> To get information on the Global Precision Optics Market size ((Value US$ Mn) & Volume (Units)) forecast to 2031
> Significant investments, mergers & acquisitions in the Global Precision Optics Market industry
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