Liquid Lenses Market Size, Share, Growth, and Industry Analysis by Type (Electrowetting-Based Liquid Lenses, and Liquid Crystal Lenses) By Application (Code Reader, Camera, and Medical Imaging) Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

LIQUID LENSES MARKET REPORT OVERVIEW

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The global liquid lenses market size was USD 28.4 million in 2022 and the market is expected to reach USD 46.46 million in 2028, with a growing compound annual growth rate (CAGR) of 8.55% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with liquid lenses experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Variable mirrors called reflective liquid lenses are employed in reflector telescopes in place of conventional glass mirrors. The reflective concavity that is produced when a fluid container is spun by the centripetal force is ideal for telescopic applications. Two unmixable liquids with differing refractive indices are used in transmissive liquid lenses. Different refractive indices enable the development of 10 micron variable focus lenses with outstanding optical quality. One of the two liquids an aqueous solution is electrically conductive, while the other an oil is not.

With the aid of one or more fluids, liquid lenses can produce indefinitely changeable lenses. Controlling the fluid's surface allows for the creation of an indefinitely changeable lens without the need for any moving parts. There are two different types of liquid lenses: transmissive and reflecting. Such liquid lenses differ greatly from liquid formed lenses, which are made by dropping an epoxy or a drop of plastic onto a surface and allowing it to set into the shape of a lens.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

COVID-19, which was largely unknown until this global epidemic, has quickly evolved from a localized emergency to a pandemic. The World Health Organization (WHO) classified COVID-19 as a pandemic it has resulted in supply chain disruptions, an increase in commodity prices, and economic penalties against some nations. These effects have caused inflation in the pricing of products and services and have had a significant impact on global liquid lenses market growth.

LATEST TRENDS

"Numerous Benefits in Several Fields to Boost Market Growth"

The main benefits and traits of liquid lenses are their robustness, superior optical quality, lower power requirements, small size, and quick response times. By removing the need to open the reader and touch the lens, liquid lenses also guarantee easy setup, maintenance, and installation. In comparison to other auto sensors, it has a wide range of applications for reading distances that vary from component to part. Over traditional lens technology, liquid lens technology is strongly preferred. Liquid lenses feature an ideal amount of power consumption and no moving parts. Conventional lens technology, unlike liquid lenses, requires mechanical modifications to focus or magnify the images being taken. Additionally, liquid lenses are 85% lower in size than conventional camera lenses, making them highly useful in optical and mobile devices where weight and size economies are crucial.

LIQUID LENSES MARKET SEGMENTATION

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• By Type Analysis

As per the type, the market is classified as follows: Electrowetting-Based Liquid Lenses, and Liquid Crystal Lenses. Electrowetting-based liquid lenses hold the major liquid lenses market share.

• By Application Analysis

Based on application, the market is segmented as follows: Code Reader, Camera, and Medical Imaging. The camera segment dominates the liquid lenses market share.

DRIVING FACTORS

"Growing Demand for Photography to Facilitate Market Development"

Due to the growing demand for photography and high-quality photos, particularly among the youthful population worldwide, the camera category accounts for the largest proportion of the global liquid lenses market. Liquid lenses offer lightweight technology, outstanding image quality, and quick response times. Due to the growing use of liquid lenses during laparoscopic procedures, the medical sector is also ranked second in the world for liquid lenses. Additionally, a significant market driver for liquid lenses is the increase in demand for high-performance and energy-efficient lenses. In addition, the growing demand for pro-HD cameras, which are essential for extreme sports, and the popularity of photography are significant growth drivers for the liquid lenses market.

"Various Applications of Liquid Lenses to Promote Industry Progress"

Liquid lenses are energy-efficient and come in a variety of sizes, all of which are expected to increase demand for liquid lenses over time and propel the expansion of the global liquid lenses market. Over the projected period, the expansion of the global market is anticipated to be aided by an increase in the utilization of liquid lenses in a variety of applications, including telescopes, cameras, optical devices, and mobile devices. In addition, a significant driver projected to spur liquid lenses market expansion is the increased demand for liquid lenses, particularly in professional-grade high-definition cameras.

RESTRAINING FACTORS

"High Cost of Production to Hinder Market Growth"

One major aspect that may constrain the expansion of the global liquid lenses market over the projection period is the high cost of producing liquid lenses. A significant issue for the optical instrument and lens sector has always been the rising cost of optical instruments like telescopes and microscopes. The price of the finished product will rise due to the increased cost of optical tools like telescopes, binoculars, and microscopes. For instance, a refractor telescope can cost anywhere between $200 and $1,500. A catadioptric telescope can be purchased for up to $5,000 on the market nowadays. The expensive price of optical instruments prevents them from being widely used in research labs and institutions with little funding. The high cost of making liquid lenses is expected to restrain the global liquid lenses market's expansion.

LIQUID LENSES MARKET REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

Due to the region's growing acceptance of liquid lenses in the photography industry, the North American liquid lenses market now holds the largest revenue share in the global market. The main reasons boosting the growth of the liquid lenses market in North America are the growing applications of liquid lenses in scientific, medical, mobile, and optical devices as well as photography, videography, and other industries.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Optilux (Argentina)
• Edmund Optics (U.S.)
• Optotune (Switzerland)
• Varioptic (France)
• Opticon (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.