LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global adaptive optics market to grow to USD 3.45 billion by 2021, at a CAGR of close to 44% over the forecast period, according to their latest report.
The research study by Technavio on the global adaptive optics market for 2017-2021 provides a detailed industry analysis based on application (military and defense and biomedical) and geography (the Americas, APAC, and EMEA).
The military and defense segment is the leading revenue generator of the adaptive optics market as it is used for a variety of applications. It is majorly used for optical imaging systems in satellite surveillance and in large-size telescopes for both ground-based and space-based high-power laser energy projection.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global adaptive optics market:
- Continuous investments in the military segment
- Increasing installation of CCTV cameras for surveillance
- Advances in satellite imaging technology
Continuous investments in the military segment
In 2014, the worldwide military expenditure was USD 1.76 trillion. Many countries have been increasing their budget towards procurement of new systems since then. Many devices such as guns and other precision devices in the defense segment adopt adaptive optics, providing a steady source of income to the market.
“China, Turkey, India, and Israel were the top investors into the military segment in 2016. These countries allocate a large part of their budgets towards the strengthening of their military forces, which is a crucial driver impacting the growth of the adaptive optics market,” says Sunil Kumar Singh, a lead analyst at Technavio for lighting research.
Increasing installation of CCTV cameras for surveillance
The global adoption of CCTV cameras is increasing, with end-users providing more importance to safety and security. Also, the adoption of networked systems and the Internet of Things (IoT) is creating a high level of demand for IP video technologies, where adaptive optics technology plays a major role. CCTV cameras are widely adopted in the consumer and private sectors; retail and industrial locations; public, civic, and government buildings; and civilian and military applications for intruder alert or general crime prevention. With such a wide array of applications, this segment creates a high level of demand for adaptive optics, thereby driving the growth of the global market.
Advances in satellite imaging technology
Images provided by satellites are processed and analyzed to gather crucial data which is needed by organizations involved in defense, mining, meteorology, and agriculture sectors. Advanced image-enhancing equipment, including high-resolution cameras and innovative remote-sensing technology, has greatly enhanced the quality of satellite-based Earth observation (EO) images.
“The technology used to capture satellite images has led vendors to increase their R&D efforts to develop innovative equipment, which includes superior lenses, which requires enhanced adaptive optics. The vendors are also developing innovative remote sensing technologies and high-resolution cameras, which boosts demand for adaptive optics,” says Sunil.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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