NEW YORK, Jan. 28, 2022 /PRNewswire/ -- According to Persistence Market Research analysis, adoption of diffractive optical elements reached a valuation of US$ 647 Mn in 2021, and is set to register a CAGR of 6.4% from 2021-2031.
Diffractive optical elements are rapidly finding their way into many practical optical systems, and this has given rise to a spurt of research & developmental activities in this area. Reduction of the volume of optical elements alongside an increase in their effective efficiency has led to a new direction of research, leading to many practical applications. Multilevel diffractive optical elements are necessary for achieving high-efficiency performance. Diffractive optical elements help in the development of a wide variety of functions with minimal loss of light.
For example, the homogenization of light and beam conversion can be easily created using the micro-optical procedure, which could not be achieved in the past. This has been possible due to the small optics that have brought it down to a new level of light manipulation. Thus, increasing efficiency of diffractive optical elements is set to fuel global market growth over the coming years.
Market players are resorting to product launches, partnerships, acquisitions, and expansion to increase their sales and profits.
In February 2019, HOLOEYE entered into a partnership with LASER COMPONENTS USA for the distribution of Spatial Light Modulator (SLM) products in North America.
In July 2021, NIL Technology a launched flat, multifunctional optics platform for 3D sensing and LIDAR applications.
In June 2021, II-VI Incorporated, a leading provider of wafer-level diffractive optics, unveiled its high-efficiency multifunctional meta lenses based on a II-VI proprietary platform.
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Key Takeaways from Market Study
By product type, beam splitters are anticipated to account for a market leading share. The beam shapers segment is estimated to expand at a robust CAGR of 9.1% through 2031.
Biomedical devices will be a dominating segment and expand at a CAGR of nearly 7.7% from 2021 to 2031.
Europe is expected to lead the market followed by North America. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market from 2021 to 2031.
The market in India is expected to progress at a CAGR of 11.1% through 2031.
In South Africa, sales are expected to increase at a CAGR of 10.2% over the next ten years.
"Increasing demand for high optical resolution has brought researchers to explore the use of beam shaping diffractive optical elements (DOEs) for improving performance across various industry verticals," says a Persistence Market Research analyst.
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Adoption of Micro-Optic in Decisive Applications Fueling Market Expansion
Micro-optics help in the development of a wide variety of functions with minimal loss of light. Micro-optics is a key technology for various products and applications. The most apt examples are diffractive light-shaping elements used in high-end DUV lithography steppers.
Highly efficient refractive and diffractive micro-optical elements are utilized for precise beam and pupil shaping. Micro-optics also have a huge impact on the reduction of aberrations and diffraction effects in projection lithography. Micro-optics also play an important part in medical devices (endoscopes and ophthalmology) as well as in all laser-based devices.
Thus, rising adoption of micro-optics in decisive applications is expected to drive demand for diffractive optical elements over the coming years.
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More Valuable Insights on Offer
Persistence Market Research's report on the diffractive optical elements industry research is segmented into five major sections –type (beam shapers, (low power, high power), beam splitters, and homogenizers (beam diffusers)), application (laser material processing (laser marking, laser welding, and laser cutting), biomedical devices, LiDAR, lithographic and holographic lighting, optical sensors, communication, and others), industry (telecommunication, healthcare, electronics and semiconductors, energy, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa.
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