Global Optical Lens Market to Grow at 8.8% CAGR, Expected to Surpass USD 32.68 Billion by 2030

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Fortune Business Insights, a leading publisher that delivers market research reports and custom services, published a report on, "Optical Lens Market Size, Share & COVID-19 Impact Analysis, By Type, By Application, and Regional Forecasts, 2023-2030". According to the report, 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.

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.

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
  • Increasing Demand for Optical Lenses from Smartphone Manufacturers Drives Growth

Discover the Leading Players Featured in the Report: 

Companies leading the Optical Lens Market Are 

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.

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. 

Click here to read the report titled, "Optical Lens Market Size, Share & COVID-19 Impact Analysis, By Type, By Application, and Regional Forecasts, 2023-2030".