Optical Lens Market
Growth Factors of Optical Lens Market
The optical lens market size was valued at USD 16.88 billion in 2022, and the market is now projected to grow from USD 18.09 billion in 2023 to USD 32.68 billion by 2030, exhibiting a CAGR of 8.8% during the forecast period of 2023-2030.
The COVID-19 occurrence strictly impacted the optical lens industry. The pandemic affected numerous challenges for supply chains regarding all phases, from manufacturing to distribution. During the early period of the occurrence, many optical stores and clinics worldwide were momentarily shut or functioned with partial capacity, due to social isolation and lockdown measures. This compact demand for prescription glasses and contact lenses, subsequent in lesser sales and revenue for this market.
There is a rising demand from customers for numerous imaging lenses such as ultra-wide-angle, macro lenses, and telephoto for improved photography experience. Exchangeable lenses are a vital part of digital cameras. Technological improvements in lens manufacturing have enhanced lens performance, image quality, and optical capabilities. These advancements are projected to surge the demand for optical lenses in digital camera applications. Moreover, the rising demand for lenses in AR and virtual reality (VR) receivers is a key optical lens market style which will upsurge the optical lens market growth.
Machine vision is a promptly developing technology that permits robots and other machines to see and recognize their environments. The technology uses one or more video cameras and image processing software to boost production speed and yield, automate production, and improve the quality of end products. Lenses play a vital role in machine vision systems by capturing and focusing light onto image sensors, allowing the analysis of visual data. AI-based machine vision increasingly adds value to the manufacturing industry, with numerous benefits such as enhanced accuracy, flexibility, and cost reduction.
Comprehensive Analysis of Optical Lens Market
The market can be segmented in various ways, depending on the focus of analysis such as by type, and by application. Based on type, the market is divided into converging and diverging. Based on application, the market is segmented into AR/VR/headsets or mounted display, camera, automotive, smartphones, medical surgery, and others.
Asia Pacific region is dominating the optical lens market share due to growing demand for customer electronics products and growing automotive production.
The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include 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) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In April 2023, SIGMA Corporation, a maker and provider of digital cameras, interchangeable lenses, and photographic accessories, broadcasted the inauguration of interchangeable lenses for the Nikon Z mount system.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019 - 2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023 – 2030
Historical Period 2019 - 2021
Growth Rate CAGR of 8.8% from 2023 to 2030
Unit Value (USD billion)
Segmentation By Type, Application, and Region
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 (By Type, By Application, and By Country)
South America (By Type, By Application, and By Country)
- Brazil
- Argentina
- Rest of South America
Europe (By Type, By Application, and By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Middle East & Africa (By Type, By Application, and By Country)
- Turkey
- Israel
- GCC
- South Africa
- North Africa
- Rest of Middle East & Africa
Asia Pacific (By Type, By Application, and By Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
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