A new report from Transparency Market Research has projected the global adaptive optics market will be worth $109.7bn by 2024 having continued growth at a CAGR of almost 84% from the start of its forecast period in 2015 when the market had a valuation of more than $458m.
Adaptive optics help reduce wavefront distortions in optical systems and have traditionally been utilized in high-power telescopes to help compensate for the atmospheric distortions of light. However, with the expansion of machine vision into so many new technologies, most notably defense optical systems which require the technology for long-distance target identification purposes, the market is set to surge in coming years.
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Outside of defense use-cases, a growth in the number of technologies which rely of high-accuracy machine vision such as laser communications, retinal imaging and the high-resolution microscopy needed in biological research, has led to a highly competitive and fragmented market landscape. The report believes this trend will continue to lower the technology's cost and further expand its potential applications.
However, the current cost of developing adaptive optics is still cited as one of the biggest hinderances to the market's growth and without significant commercialization – because the technology is so complex to design – the report outlined concerns that this may end up being a "significant bottleneck".