Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global optical lens market size was valued at USD 16.88 billion in 2022 and is projected to reach USD 32.68 billion by 2030, exhibiting a CAGR of 8.8% during the forecast period. Fortune Business Insights presents this information in their latest report titled, “Optical Lens Market Forecast, 2023–2030.”
Optical lenses are transparent components with curved surfaces that transmit light. They find applications in correcting optical aberrations, magnification, image projection, and focusing. The industry is thriving due to the growing demand for consumer electronics such as smartphones, digital cameras, and diagnostic medical imaging.
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Key Industry Development
April 2023: Canon Inc. established a multi-year partnership with Getty Images. The collaboration involves the supply of various Canon EOS system cameras, such as the EOS R5 camera and EOS R3 camera, along with an extensive selection of RF lenses.
Key Takeaways:
- Supply Chain Disruptions Coupled with Low R&D Investment during Pandemic Hampered Market Growth
- Rising Adoption of Machine Vision across Various Industries to Fuel Market Growth
- Increasing Demand for Various Consumer Electronics Products Fuel Market Growth
- ncreasing Demand for Optical Lenses from Smartphone Manufacturers Drives Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Optical Lens Market Are Ltd. (Japan), Canon Inc. (Japan), Largan Precision Co., Ltd. (Taiwan), FUJIFILM Corporation (Japan), Nikon Corporation (Japan), Genius Electronic Optical (Taiwan), ZEISS International (Germany), SONY ELECTRONICS INC. (Japan), SIGMA CORPORATION (Japan)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.8% |
| 2030 Value Projection | USD 32.68 Billion |
| Base Year | 2022 |
| Optical Lens Market Size in 2022 | USD 16.88 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Type, Application and Geography |
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Drivers and Restraints
Specialized Imaging Lenses, Innovations, and AR/VR Applications Propel Industry Growth
The market is driven by increasing consumer demand for specialized imaging lenses, technological innovations in lens manufacturing, and the growing adoption of lenses in AR and VR headsets. Leading players in the market are launching advanced lenses for digital cameras, such as Nikon's NIKKOR Z 70-180mm f/2.8, for enhanced photography experience. These factors are expected to fuel the growth of the optical lens industry.
However, scarcity of raw materials, such as high-quality sand and soda ash, used in glass manufacturing may hinder the optical lens market growth.
Segmentation
By Type
- Converging
- Diverging
By Application
- AR/VR/Headsets or Mounted Display
- Camera
- Automotive
- Smartphones
- Medical Surgery
- Others (Education/Research, Gaming)
By Region
- North America (US and Canada)
- Europe (UK, Germany, France, Italy, and Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, South East Asia and Rest of Asia Pacific)
- The Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
- Latin America (Mexico, Brazil and Rest of Latin America)
Regional Insights
Asia Pacific Dominates as Major Players and Manufacturing Hubs Fuel Market Growth
Asia Pacific is anticipated to hold the largest optical lens market share, primarily due to the presence of major players in the region. China and Japan, as major manufacturing hubs for optical-lenses, are home to some of the biggest and most renowned lens manufacturers globally.
The North America market is propelled by factors such as the growing prevalence of vision disorders, increasing adoption of AR/VR headsets, and the rising integration of ADAS in vehicles.
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Competitive Landscape
Consolidation and Growth Driven by Leading Players' Strategic Expansion
The global market for optical lens is dominated by leading players who are expanding their operations through strategies such as acquisitions, mergers, collaborations, product launches, and partnerships. These key players contribute significantly to the market's consolidation and growth.
FAQ’s
How big is the Optical Lens Market?
Optical Lens Market size was USD 16.88 billion in 2022.
How fast is the Optical Lens Market growing?
The Optical Lens Market will exhibit a CAGR of 8.8 % during the forecast period, 2023-2030
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