The global advanced optics market share 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.
COVID-19 Impact:
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.
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.
Browse Summary
https://www.fortunebusinessinsights.com/advanced-optics-market-106605
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.
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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