The global optical lenses market is growing rapidly. The market growth attributes to rising optical lens applications in eyeglasses & contact lenses, astronomical telescopes, binoculars, magnifying glasses, and microscopes. Besides, advances in laser technology and the rising trend of miniaturization of these lenses (micro-lenses) drive the market growth, allowing customized shapes and optical properties suitable for cameras, solar cells, and microscopes. Moreover, extensive uses of microlenses in advanced smartphone cameras to increase sensitivity and imaging speed in low-light conditions, escalate the market growth.
According to Market Research Future (MRFR), the global Optical Lenses Market is projected to grow over USD 6 BN by 2023, registering a 7% CAGR during the forecast period (2017 – 2023). Increasing production and sale of smartphones is a key driving force behind the growth of the global optical lenses market. Advancements in ophthalmology is another key growth propeller of the market. Also, the rapid adoption of ophthalmologic lenses by the young population accelerates the growth of the market.
Additionally, the rise in popularity of photography as a hobby and full-time carrier and increasing availability of a range of cost-competitive professional digital cameras bolster the growth of the market.
Furthermore, augmenting demand for high definition (HD) videos and images that are shot by using high-quality optical lenses boost the market growth, majorly.
Increased production of optical lenses and increased investments by key manufacturers in the development of advanced optical lenses foster the growth of the market.
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Optical Lenses Market – Segmentation
The report is segmented into four dynamics:
- By Type : Converging and Diverging.
- By Application: Microscopy, Laser Processing, Imaging, Ophthalmic, and others.
- By Vertical: Healthcare, Life Sciences, Defense, Manufacturing, Consumer Electronics, and others.
- By Regions: Asia Pacific, Europe, Americas, and the Rest-of-the-World.
The prominent players in the optical lenses market are- Nikon Corporation (Japan), Schott (Germany), Olympus Corporation Of The Americas (U.S.), Bausch + Lomb (U.S.), Menicon Co. Ltd. (Japan), Cosina Co., Ltd. (Japan), Carl Zeiss Ag (German), Cyberoptics Corporation (Ticker: CYBE) (U.S.), Meade Instruments (U.S.) and others.
Global Optical Lenses Market – Regional Analysis
North America dominates the global optical lenses market.
The largest market share attributes to the presence of several key players and the adoption of advanced lens technology. Besides, the increasing government support for research & development activities in biotechnology and life science drives the regional market. The US and Canada contribute to the optical lenses market in the region, majorly.
The North American optical lenses market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global optical lenses market. The market growth is driven by the rapid adoption of ophthalmologic lenses by the younger generation and the rising popularity of photography as a hobby and full-time carrier option. Additionally, the increasing availability of a range of cost-competitive professional digital cameras and the huge demand for high definition videos & images influence the growth of the optical lenses market.
The European optical lenses market is expected to grow at a considerable CAGR during the projected period.
The Asia Pacific optical lenses market is emerging as a promising market globally. Factors such as the presence of numerous small and large-scale lens manufacturers and constant government support for R&D activities required for the development of microscopes positively impact the growth of the regional market. Furthermore, significant advancements in biotechnology and the rise in demand for high-quality optical lenses at affordable prices foster the growth of the regional market. Also, the increased production of optical lenses due to the strong presence of key manufacturers and increased investments made in the development of advanced optical lenses that can capture micro-details of a subject fuel the regional market growth.
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