The acousto-optic device market was valued at US$407.034 million in 2019 and is projected to expand at a CAGR of 7.41% over the forecast period to reach US$671.251 million by 2026.
Acousto-optic refers to the interaction between optical waves and acoustic waves. These devices are used to adjust the wavelength of light and maintain selectivity. The use of the acousto-optic device is growing on account of the increasing demand for laser applications in various life science, scientific research, and manufacturing verticals. The rise in the need for acousto-optic modulators in these verticals is expected to drive market growth for acousto-optic devices. In addition, acousto-optic modulators are widely used in applications of optics and spectroscopy, which is further expected to propel market growth. The demand for acousto-optic devices has increased over the years due to the extensive research conducted in fields such as imaging cytometry, photoacoustic imaging, optical coherence tomography, and multiphoton microscopy in biomedical imaging and scanning. Also, acousto- optic devices have important applications in the Aerospace and Defense forces. These devices facilitate the development of defensive systems and reduce operational costs. Applications such as satellite surveillance can be improved using RF-based optical networks in the satellites. Furthermore, in the medical and healthcare sector, acousto-optic devices are increasingly used for procedures such as medical screening, surgery, vision correction, endoscopy, remote medicine, angioplasty, tumour therapy, and skin and dental dermatology. According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by the year 2020, which is further expected to fuel the market growth for acousto-optic devices.
Geographically, the Asia-Pacific region is expected to witness significant growth during the forecast period. The key drivers for the growth of the market in these regions are the rapidly increasing population, increasing urbanization, huge investments for the development of optics technologies, intensive research and development activities, and the shift in the focus for laser applications, especially for the industrial and telecom sectors. For instance, in developing countries, the healthcare sector has been witnessing a rise in the need for laser-based surgeries. The cost for laser-based surgeries such as LASIK surgery, in these countries, is decreasing which is further expected to propel the market growth.
The Acousto-Optic Device Market is segmented on the basis of Type, Application, Industry Vertical, and Geography.
The increasing demand for acousto-optic devices for laser applications in the medical and healthcare vertical for procedures such as wrinkle reduction, tattoo removal, skin resurfacing, optical coherence tomography, LASIK surgery, hair removal, body contouring, etc. has expected to drive the growth of the market. The use of advanced materials in acousto-optic devices helps the devices to modulate and control high wavelength laser beams for diverse uses and increase their demand for large laser applications. According to Semiconductor Equipment and Materials International (SEMI), Silicon Manufacturers Group (SMG), the global silicon wafer area shipments increased by 2.7% in the first quarter of 2020, compared to the fourth quarter of 2019, but dropped by 4.3% year-over-year. The surge in the number of shipments indicates the increase in demand for expanding manufacturing capacities, especially for the use of laser-based machines.
Different acousto-optic materials are used for diverse applications depending on the laser parameters such as laser wavelength, divergence, and power density. The use of advanced acousto-optic materials makes it easy to fabricate multichannel acousto-optic devices with a wide range of bandwidth. These devices play a vital role in the application of optical matrix processing. These materials further increase the capabilities of acousto-optic system designs for designing real-time ambiguity function generation for radar signals. The increasing implementation of advanced acousto-optic materials will thus result in using the materials for wide-ranging applications, which in turn will increase the acousto-optic device market.
The initial cost associated with acousto-optic devices to design and manufacture the advanced components for the materials is high. The expenses related to the requirement-specific research and development process are also high. The implementation of acousto-optic devices in diverse industries further requires significant investment, which makes the initial cost of implementation high. This is a major restraining factor for the market growth of acousto-optic devices.
The novel coronavirus pandemic has positively impacted the adoption of acousto-optic devices as the pandemic has resulted in supply chain disruptions, to overcome such challenges these devices are widely being implemented in diverse industries. Also, the governments of many countries such as India and the United States want to stop their dependency on China- and Taiwan-based companies for electronic components, which will further increase the manufacturing of electronics in their own country, which will further expand the market for acousto-optic devices.
Prominent/major key market players in the Acousto-Optic Device Market include Isomet Corporation, Gooch & Housego PLC., AMS Technologies AG, Brimrose Corporation of America, IntraAction Corp., Lightcomm Technology Co., Ltd., and L3Harris Technologies. The players in the Acousto-Optic Device Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For instance, in 2019, the major defense companies, Harris Corporation and L3 Technologies merged together to form L3Harris Technologies, which is expected to be the sixth-largest defence company in the United States. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Acousto-Optic Device Market.
|Market size value in 2019||US$407.034 million|
|Market size value in 2026||US$671.251 million|
|Growth Rate||CAGR of 7.41% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Application, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Isomet Corporation, Gooch & Housego PLC., AMS Technologies AG, Brimrose Corporation of America, IntraAction Corp., Lightcomm Technology Co.Ltd., L3Harris Technologies|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the acousto-optic device market size by 2026?
A1. The global acousto-optic device market is projected to reach a market size of US$671.251 million by 2026.
Q2. What is the size of the global acousto-optic device market?
A2. Acousto-Optic Devices Market was valued at US$407.034 million in 2019.
Q3. What are the growth prospects for the acousto-optic device market?
A3. The acousto-optic device market is projected to expand at a CAGR of 7.41% over the forecast period.
Q4. What factors are anticipated to drive the acousto-optic device market growth?
A4. The use of the acousto-optic device is growing on account of the increasing demand for laser applications in various life science, scientific research, and manufacturing verticals.
Q5. Which region holds the maximum market share of the acousto-optic device market?
A5. Geographically, the Asia-Pacific region is expected to witness significant growth in the acousto-optic device market during the forecast period.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Power of Buyers
4.3.3.The threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Acousto-Optic Device Market Analysis, By Type
6.Acousto-Optic Device Market Analysis, By Application
7.Acousto-Optic Device Market Analysis, By Industry Vertical
7.4.Aerospace & Defense
8.Acousto-Optic Device Market Analysis, By Geography
8.2.1.North America Acousto-Optic Device Market Analysis, By Type, 2020 to 2026
8.2.2.North America Acousto-Optic Device Market Analysis, By Application, 2020 to 2026
8.2.3.North America Acousto-Optic Device Market Analysis, By Industry Vertical, 2020 to 2026
8.3.1.South America Acousto-Optic Device Market Analysis, By Type, 2020 to 2026
8.3.2.South America Acousto-Optic Device Market Analysis, By Application, 2020 to 2026
8.3.3.South America Acousto-Optic Device Market Analysis, By Industry Vertical, 2020 to 2026
8.4.1.Europe Acousto-Optic Device Market Analysis, By Type, 2020 to 2026
8.4.2.Europe Acousto-Optic Device Market Analysis, By Application, 2020 to 2026
8.4.3.Europe Acousto-Optic Device Market Analysis, By Industry Vertical, 2020 to 2026
8.5.The Middle East and Africa
8.5.1.Middle East and Africa Acousto-Optic Device Market Analysis, By Type, 2020 to 2026
8.5.2.Middle East and Africa Acousto-Optic Device Market Analysis, By Application, 2020 to 2026
8.5.3.Middle East and Africa Acousto-Optic Device Market Analysis, By Industry Vertical, 2020 to 2026
8.6.1.Asia Pacific Acousto-Optic Device Market Analysis, By Type, 2020 to 2026
8.6.2.Asia Pacific Acousto-Optic Device Market Analysis, By Application, 2020 to 2026
8.6.3.Asia Pacific Acousto-Optic Device Market Analysis, By Industry Vertical, 2020 to 2026
9.1. Competitive Benchmarking and Analysis
9.2. Recent Investment and Deals
9.3. Strategies of Key Players
10. Company Profiles
10.1. Isomet Corporation
10.2. Gooch & Housego PLC.
10.3. AMS Technologies AG
10.4. Brimrose Corporation of America
10.5. IntraAction Corp.
10.6. Lightcomm Technology Co., Ltd.
10.7. L3Harris Technologies
Gooch & Housego PLC.,
Brimrose Corporation of America,
Lightcomm Technology Co.Ltd.
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