At an estimated yearly revenue growth of just-under 7.5% over 2018, the global diffractive optical elements market is likely to cross the value of US$ 500 million in 2019.
As indicated by a recent market research intelligence presented by Persistence Market Research, diffractive optical elements (DOEs) are constantly encountering profitable opportunities of adoption in recent years, owing to the widening base of applicability of DOEs across verticals such as ICT and telecommunication.
Top Three Players Account for a Majority of Global Market Revenue
The report highlights that around 60% share of the total market value of global diffractive optical elements landscape belongs to the top three companies actively performing in the diffractive optical elements marketplace.
Jenoptic AG, Broadcom Inc., and SUSS MicroTec SE are the top performers, which according to the report are emphasizing constant product innovations as their key developmental strategy. Moreover, the market leaders are investing in strategic acquisitions and long-term contractual agreements with potential business partners.
Strong digital marketing is entering the key strategic arsenal of leading market players, whereas a number of companies are focusing on unique product designs and competitive pricing.
While Jenoptic is augmenting R&D investments across Asia and the Americas owing to their high growth potential for optical elements suppliers, the company is also consistently taking efforts to stretch the expertise for improved market positioning.
“Jenoptic recently uncovered an extensive range of LIDAR applications at the Vehicle & Transportations Technology Innovation Meetings (VTM) 2018. The company has been one of the prominent suppliers of optoelectronic components to automotive and industrial consumers. The newly presented application expertise has already placed the company as a Tier 2 supplier of refractive/diffractive optical elements exclusively for the automotive and transportation sector,” updates a senior market research analyst at PMR.
Besides the three market leaders in diffractive optical elements landscape, the PMR report offers exhaustive competitive profiles of some other prominent players operating in the global marketplace such as LightTrans GmbH, Sintec Optronics Pte Ltd., and Laser Optical Engineering Ltd.
Looking at the growing number of micro-optic businesses at a global level, research underscores rapid emergence of a number of entry-level market players – expanding the Tier 3 space.
For in-depth competition analysis and strategic evaluation of diffractive optical elements market, request full report.
Swelling R&D Investments Encourage Adoption
Escalating application of optoelectronic components in the healthcare sector continues to sustain adoption of diffractive optical elements in coming years. As a number of developing regional governments are augmenting healthcare and medicine investments, it is more likely that the sales of diffractive optical elements will maintain steady pace in coming years.
More market opportunities are likely to emerge with the improving investment scenario in R&D, says the report. In recent years, a number of universities and their spinoffs are receiving R&D grants for micro-optics, reportedly pushing the performance of diffractive optical elements market.
Other than elevating adoption of micro-optics in a range of vital applications – predominantly in ophthalmology and biomedical devices, increasing investments of venture capitalists in DOEs is likely to create opportunistic spaces for diffractive optical elements manufacturers.
According to the report, the print-optical technology is serving a pivotal role in shaping the overall demand pattern of diffractive optical elements, as the growing use of 3D printed micro-optics is enabling manufacturers to deliver innovative customized micro-optic products.
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Europe & North America Remain Top Ranking Markets
Examining the regional outlook of global diffractive optical elements market, the analyst says, “With strong presence of a majority of leading companies, Europe’s diffractive optical elements market continues to extend the lion’s share in the global landscape. Together, Europe and North America account for more than 45% share of the total market revenue, whereas China and SEAP contribute over 30% share to the global value”. Adding to it further, the analyst explains, “The latter two of the aforementioned are rapidly progressing towards being substantial revenue shareholders in the diffractive optical elements market, attributed to dramatically improving revenue growth scenario for consumer electronics manufacturers”.
The report positions MEA and Latin America as untapped high potential markets for penetration of diffractive optical elements and related products.
Segmental Insights at a Glance
Owing to sustained popularity and adoption across healthcare sector, beam splitter remains the top selling type of diffractive optical element, covering more than 50% share in the market value at present.
By end use industry, the report projects continued dominance of healthcare industry, accounting for more than 1/4th market value share, followed by telecom and ICT.
The report points to biomedical devices as the most sought after application of diffractive optical elements. However, lithography and holographic lighting, and laser material processing are likely to demonstrate faster growth in coming years, according to the report.