Global Precision Optics Market to Reach $60.03 Billion by 2031 - Exclusive DeepTech M-A-P™ Analysis by BIS Research
Based on end users, the transmissive segment is expected to dominate the market on the back of its wide range of applications in consumer electronics, biomedical, and semiconductors and accounted for around 78.7% of the total market.
FREMONT, Calif., March 7, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Precision Optics Market - A Global and Regional Analysis.
According to this study, the global precision optics market was valued at $23.24 billion in 2022 and is projected to reach $60.03 billion by 2031.
The following factors are responsible for the increase in demand for precision optics:
- Growing demand in life and health sciences instruments
- Increasing adoption of precision optics in advanced manufacturing
- Rising uses of precision optics due to high demand for consumer electronics
The detailed study is a compilation of 98 market data tables and 25 figures spread through 215 pages.
Check out the detailed table of content here à
https://bisresearch.com/requestsample?id=1445&type=toc
Analyst's Take on the Market Projection
According to Sachin Singh, Lead Analyst, BIS Research, "Ordinary optics differ from precision optics in terms of manufacturing accuracy (external dimensions, flatness, sphericity, cylindricity, i.e., geometric parameters, and also by the presence of special coatings). The precision optics market is highly fragmented owing to the presence of many small and medium-scale enterprises in the market. The manufacturing base is concentrated in regions such as North America, Europe, China, and Asia-Pacific."
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Consumer Electronics to be the Leading End User Segment in the Precision Optics Market
Based on end users, the consumer electronics segment dominated the precision optics market in 2021 and was the largest segment due to the rising sales of smart electronic devices, including smartphones, tablets, laptops, cameras, and augmented and virtual reality devices.
According to BIS Research's study, this trend is expected to continue during the forecast period 2021-2031. This is largely due to the rising sales of consumer electronics, which is leading to the need for precision optical components for continuous operation with high precision.
Major Existing Industry Leaders in the Precision Optics Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- ZEISS International
- Optics & Allied Engineering Pvt. Ltd.
- Corning Incorporated
- Newport Corporation
- Rochester Precision Optics, LLC
- PFG Optics
- Shanghai Optics
- Precision Optics Corporation, Inc.
- Sierra Precision Optics
- Panasonic Holdings Corporation
- Nikon Corporation
- Solaris Optics
- Momentum Optics
- WayRay AG
Recent Developments in the Global Precision Optics Market
- In December 2022, Precision Optics Corporation, Inc. announced the receipt of a follow-on production order totaling approximately $2.6 million for optical assembly from one of the major U.S. defense contractors. In addition, the order is expected to be completed over the next 12 to 18 months.
- In October 2021, Precision Optics Corporation, Inc. made an announcement for a strategic merger with a privately held company, Lighthouse Imaging LLC. Through this merger with a leader in medical optics and digital imaging, the company would help its customers by leveraging next-generation micro-optics capabilities with Lighthouse Imaging LLC's leading-edge optical imaging electronics.
- In August 2021, Edmund Optics Inc. made an announcement for the relocation of its regional South Korea office to a larger facility in the Mapo district of Seoul, aiming to facilitate internal and external collaboration and communication, enhanced services, a lab for specialized technical support, and easy access for visits.
Want to learn more about the latest trends in precision optics? Speak to our analysts
Exclusive DeepTech MAPTM Analysis for Advanced Materials by BIS Research:
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