Sun. Dec 8th, 2019

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Refractive Optical Elements Market is expected to create an incremental opportunity of US$ 195.2 Million between 2018 and 2026

3 min read

Optical elements, surfaces, or interfaces change the behavior of light, or, in other words, change the basic properties of light. When these changes are brought about through the optical processes of refraction, these elements are known as Refractive Optical Elements (ROEs).

Market Segmentation: Microlens Array Subsegment Expected to Create the Highest Incremental Opportunity During the Forecast Period 

In this report, PMR has segmented the global refractive optical elements market on the basis of type, industry, application, and region. By type, the refractive optical elements market is segmented into refractive homogenizer and microlens array. The refractive homogenizer subsegment is expected to grow at a relatively higher CAGR in the refractive optical elements market due to the increasing usage of refractive elements like these in critical application areas, which include laser material processing. However, the microlens array subsegment of the refractive optical elements market is expected to capture the largest share of the global refractive optical elements market and is expected to create an incremental opportunity of US$ 195.2 Mn between 2018 and 2026.

New Developments and Opportunities in Industries such as Telecommunication, Electronics & Semiconductors, and Healthcare are Driving the Market

Continuous and increasing investments in the global telecommunication sector, which can be attributed to the demand for the best equipment, have been creating growth opportunities in the refractive optical elements market. Moreover, high spending on research & development by the electronics & semiconductors industry is creating potential growth opportunities for the refractive optical elements market.

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Technological Advancements in Semiconductor & Electronics and Continuously Increasing Expenditure on Healthcare are Creating Potential Growth Opportunities

Based on industry, the refractive optical elements market is subsegmented into healthcare, telecommunication, electronics & semiconductor, energy, and others. High spending on the research & development of laser treatment equipment and continuous innovations in the refractive optical elements market are some of the major factors promoting the growth of the healthcare industry subsegment of the refractive optical elements market. However, the electronics and semiconductor subsegment of the global refractive optical elements market is also expected grow at a relatively higher CAGR during the forecast period. In terms of value, the telecommunication subsegment of the refractive optical elements market is expected to create an incremental opportunity of US$ 64.0 Mn during the forecast period.

Regional Overview: Europe Expected to be the Most Attractive Region for the Refractive Optical Elements Market

On the basis of geography, the refractive optical elements market is subsegmented into North America, Latin America, Europe, Japan, China, SEA & others of APAC, and Middle East & Africa. The refractive optical elements market in Europe is expected to dominate the global refractive optical elements market owing to the presence of several venture capitalists that are investing in small and medium refractive optical elements companies. This has made it easy for these companies to prevail and expand the reach of the refractive optical elements market. Moreover, high spending on research & development by the governments of various countries in the region as well as the presence of major manufacturers of refractive optical elements in the region has also been an important factor driving the refractive optical elements market. SEA & other APAC and North America are also expected to capture a substantial market share in the global refractive optical elements market owing to major technological advancements in the semiconductor & electronics industry and the strong presence of Tier-1 manufacturers in the region. Moreover, the refractive optical elements market in Latin America and Middle East & Africa is expected to grow at a high CAGR owing to an increase in the reach of tier-1 manufacturers in these regions, increase in government spending as well as growth in the number of research activities.

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According to PMR analysis, long-term contracts with business partners are likely to increase revenue and new innovation strategies, which is expected to enable the manufacturers of refractive optical elements to reach new growth markets. Moreover, the acquisition of businesses, technologies, and products is also expected to help the manufacturers of refractive optical elements accelerate revenue growth and create value for shareholders. Some of the market participants in the global refractive optical elements market report include:

 

  • Fraunhofer IOF
  • Jenoptik AG
  • Broadcom Inc.
  • SÜSS MicroTec SE
  • Sintec Optronics Pte Ltd.
  • LightTrans GmbH
  • HOLO/OR LTD.
  • RPC Photonics
  • SILIOS Technologies

 

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