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Optical Remote Receivers Market Report
Optical Remote Receivers Market Trends, Dynamics & Market Insights
The Optical Remote Receivers Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of xx% during the forecast period.
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An optical remote control system enables one to manage a drone within the road of sight. This control method becomes useful when a communication system is broken. The optical communication signal can not be disturbed by a third-party emitter projecting signals from a distinct direction. An IR control may be a handless and wireless device that's accustomed operate audio, video, and other equipment within an area using light signals within the IR range.
Key players operating in the optical remote receivers market-
Rising product adoption in defense and military purposes as well as wide product usage in marine, air traffic, and meteorological monitoring, and aircraft anti-collision systems are some of the key factors augmenting the product demand. Also, significant technological developments for product innovation are likely to create immense opportunities for the market players. The growing threat of international tourism along with increased military spending further boosts the market growth in the coming years.
Based on application, the Optical Remote Receivers market is categorized into passenger vessels, cargo vessels, naval vessels, fishing vessels, scientific research ships, and others. The naval vessels segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the rising adoption of a naval vessel in defense and security applications as well as the presence of highly automated digital indicator systems. Moreover, the growing demand for network-centric warfare, survivability, situational awareness, and qualitative naval superiority, further bolsters the segment growth.
By region, the European market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to increasing marine scientific exploration activities as well rising military expenditure in the region. Also, the strong shipbuilding sector in the Nordic countries coupled with strong scientific marine exploration in Western Europe further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the optical remote receivers industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The end-user of underwater exploration robots such as defense & security and scientific exploration was adversely affected by the temporary shutdown of defense activities, thus affecting the market growth amid the pandemic.
Here is the list of the group of customers that the optical remote receivers market hopes to have the greatest opportunity to convert-
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Optical remote receivers vendors, Optical remote receivers retailers, Navy ship companies, Cargo ship companies are the target audience in the optical remote receivers market.
Everlight Electronics (Taiwan), Panasonic (Japan), Rohm (Japan), Sharp (Japan), Vishay (US), OSRAM Hangzhou Huatai Optic Tech (China), Finisar Avago (China), and Sumitomo (Japan) are among the key players in the optical remote receivers market.
The naval vessels segment is expected to register a healthy CAGR in the optical remote receivers market in the coming years.
Europe is expected to grow at a substantial CAGR in the optical remote receivers market during the next five years.
Rising product adoption in defense and military purposes as well as wide product usage in marine, air traffic, and meteorological monitoring, and aircraft anti-collision systems are the factors driving the growth of optical remote receivers market.
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