Global Optical Lens Market Size Study & Forecast, by Type (Converging, Diverging), By Application (AR/VR/Headsets or Mounted Display, Camera, Automotive, Smartphones, Medical Surgery, Others), and Regional Analysis, 2023-2030

Global Optical Lens Market Size Study & Forecast, by Type (Converging, Diverging), By Application (AR/VR/Headsets or Mounted Display, Camera, Automotive, Smartphones, Medical Surgery, Others), and Regional Analysis, 2023-2030

Global Optical Lens Market is valued at approximately USD 16.88 billion in 2022 and is anticipated to grow with a growth rate of more than 8.8% over the forecast period 2023-2030. An optical lens is a transparent optical component characterized by one or more curved surfaces, allowing it to transmit or manipulate light. It is used in its natural state or enhanced with an anti-reflective coating, finding application across a broad spectrum of functions such as rectifying optical aberrations, enabling magnification, facilitating image projection, and achieving precise image focusing. These versatile optical elements are typically crafted from transparent materials such as glass, polymers, acrylics, and minerals. The Optical Lens Market is expanding because of factors such as the rising demand for a variety of consumer electronic devices, notably smartphones and digital cameras, along with increased adoption in diagnostic medical imaging. Also, the rising disposable income in developing nations, rapid technological advancements, and the growing popularity of e-commerce platforms are some more factors that are exhibiting a positive influence on market growth. As per data from the International Telecommunication Union (ITU), a remarkable 73% of individuals aged 10 and above owned a mobile phone globally in 2022. Optical lenses play a pivotal role in enhancing smartphone capabilities, enabling the capture of high-quality images and videos.

In addition, the rising cases of optical disorders and the surging demand for vision correction are acting as catalyzing factors for market growth over the analysis period. According to the World Health Organization (WHO), in 2023, it was estimated that at least 2.2 billion people worldwide suffer from a near- or distance vision impairment. At least 1 billion of people have vision impairment that are either avoidable or have not yet been treated. The leading causes of distance vision impairment or blindness among these 1 billion people are cataracts (94 million cases), refractive error (88.4 million cases), age-related macular degeneration (8 million cases), glaucoma (7.7 million cases), and diabetic retinopathy (3.9 million cases). Also, presbyopia is accounted as the primary condition resulting in near vision impairment among 826 million individuals. People of all ages experience vision loss, however, the majority of those who experience blindness and visual loss are recorded as over 50. As per the United Nations, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Thus, these aforementioned factors are propelling the growth of the Optical Lens Market during the estimated period. Moreover, the rising inclination towards machine vision across various industries, as well as the increasing popularity of augmented reality (AR) and virtual reality (VR) devices present various lucrative opportunities over the forecast years. However, the high cost of optical lenses and the competition from other optical technologies are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Optical Lens Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the growing production of automobiles, as well as rising demand for consumer electronics products. Also, the rise in the prevalence of eye disorders and the increasing geriatric population in the region are also the key factors that are fostering the market demand during the estimated period. Whereas, North America is expected to grow at a significant CAGR over the forecast years. The rising integration of optical lenses in automotive and industrial applications, as well as the increasing prevalence of vision disorders are significantly propelling the market demand across the region.

Major market players included in this report are:
Sunny Optical Technology (Group) Company Limited (China)
Tamron Co., 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)

Recent Developments in the Market:
 In June 2023, Nikon Corporation- a manufacturer of optical instruments unveiled its plan to enhance the capacity of its optics factory in Japan, which manufactures lenses for cameras, microscopes, and semiconductor exposure equipment. The facility is expected to cost around USD 224 million, and it is projected to start operating in 2026.
 In June 2022, SIGMA Corporation announced the SIGMA 16-28mm F2.8 DG DN. These lenses are especially designed for landscape, wedding, and travel photography because of their sturdy and lightweight bodies.
 In May 2022, Tamron Co., Ltd. introduced compact 29mm machine-vision lenses compatible with models MA23F12V (focal length 12mm), MA23F16V (16mm), and MA23F50V (50mm). The aim of this launch is to meet the rising demand for megapixel cameras needed in substrate mounting equipment, test equipment, production equipment, and various engineering machines for inspection purposes.

Global Optical Lens Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Type, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Converging
Diverging

By Application:
AR/VR/Headsets or Mounted Display
Camera
Automotive
Smartphones
Medical Surgery
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Sunny Optical Technology (Group) Company Limited (China)
Tamron Co., 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)

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