Optical Lenses Market Size, Share, Growth, and Industry Growth by Type (Resin Lens and Optical Glass Lens) By Application (Mobile Phones, Cameras, Instruments, and Other) Regional Forecast To 2028

REPORT OVERVIEW

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The global optical lenses market size is USD 5.6628 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with optical lenses market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to USD 7.0784 billion in 2028, exhibiting a CAGR of 3.2 % during the forecast period. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The transmissive optical device for dispersing the light beam by refraction is the optical lens. The major components of the optical lens are silicon, acrylate, hydrogel, fluro-silicon hydrogel, and PMM. The primary purpose of an optical lens is to enhance an object's accuracy and effectiveness through superior optical performance. Among many other applications, the optical lens is essential for microscopy, contact lens, laser processing, and binocular imaging. Given that a sizable portion of the population prefers contact lenses over spectacles, the optical lens among these has the most significant use in contact lenses. With contact lenses, which are appropriate for all ages, a larger field of vision is maintained when playing or engaging in other activities. Additionally, a variety of alternatives based on the material and colour of the lens are readily accessible in both online and offline retailers. Additionally, numerous laboratory instruments like microscopes, laser machines, etc. employ a variety of lenses.

Modern lenses are scrape resistant and anti-burst due to technical advancement and shifting customer demands. Convex and concave variations are available to accommodate various fundamentals. Additionally, these optical lenses are used in medical devices and equipment like ENT equipment, dental equipment, and ophthalmic equipment. The use of social media and the internet has increased demand for cameras with better lenses and image quality. As a result, a number of current cameras are equipped with lenses that produce flawless, clear images. These applications of optical lenses in many industries will cause the market to expand in the future years.

COVID-19 Impact: Halt on Demand, Supply, and Manufacturing Operations to Impede Market Growth

The optical lenses market has been affected by COVID-19. To stop the virus from spreading, the majority of nations have imposed limitations on supplies and travel. Due of the pandemic's terrible effects, several of the nations are on lockdown. As a result, there is a limited supply of both completed goods and raw materials in the high-demand sectors. The high production expenses that optical lens producers are dealing with have driven up the cost of finished goods. In addition, a lot of content producers alternate between using cameras and the image-clicking features on their phones. The present demand has decreased as a result of this. Additionally, as fewer businesses are able to increase sales, investments in the optical lenses industry have fallen recently.

LATEST TRENDS

"Growing demands have compelled lens manufacturing companies to develop sustainable alternatives"

Companies have been developing premium lenses recently to fulfil the market's expectations for optical lenses. With changing and rising demand from a larger consumer base, Nikon Corporation has created a wide range of optical lenses. The See Series optical lenses, which are a premium brand of ophthalmic lens and coatings, are manufactured by Nikon Corporation. The firm has also created progressive lenses, single vision lenses, extendable focus lenses, and other innovations. Cosina Ltd., another significant manufacturer, has created high-end optical lenses for use in cameras.

The trend of improving visual attractiveness has increased demand for premium lenses. Businesses are putting their attention on technologies to fulfil demand while also assuring adherence to environmental regulations. Products that are environmentally safe are in demand. Consequently, optical lens manufacturers are able to increase their market share. The optical lenses market growth is anticipated to be aided by the increase in demand for cameras and fashionable eyewear

SEGMENTATION

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• By type

Depending on optical lenses given are types: resin lens and optical glass lens. The optical glass lens type will capture the maximum market share through 2028.

• By Application

The market is divided in mobile phones, cameras, instruments and other based on application. The global optical lenses market players in cover segment like mobile phones and cameras will dominate the market share during 2022-2028.

DRIVING FACTORS

"Availability of Technology Enables the Creation of Individualised Optical Lenses"

It is anticipated that younger populations would use ophthalmologic lenses more frequently, which will help fuel the expansion of the optical lenses industry. This is due to the significant growth of the photography industry, the abundance of accessible cameras, and the strong demand for HD films and photographs. As the number of people working in industries like blogging, video production, and content creation has expanded, so has the need for optical lenses. Additionally, the quality of smartphone cameras has improved, contributing to the rise in demand for optical lenses. Due to a rise in visual impairments and careers involving photography, investments in the market for optical lenses have improved.

"Increasing Demand for Contact Lenses and Microscopes are resulting in Increased Market size"

Optical lenses are widely utilised in cameras as well as other applications like eyesight correction. The rising need for weekly disposable contact lenses is one of the factors driving the optical lenses market growth. Younger generations are replacing their glasses more frequently due to shifting trends. Increased demand from growing and developing economies brought on by an increase in visual impairment is another motivating reason. Additionally, the need for optical lens-based microscopes has increased as science and research have advanced. Science and scientific research advancements might be seen as secondary motivators. The desire for inexpensive gadgets has risen as video and photography have become more popular in the social media age. Because so many people are turning to photography as a full-time profession, have contributed to increased optical lenses market share.

RESTRAINING FACTORS

"Strategies for Waste Reduction that Raise the Price of Optical Lenses and have an Influence on the Market"

Most glasses, cameras, microscopes, telescopes, and other devices employ optical lenses. Despite its greater usage and rising demand, businesses frequently have difficulties ensuring sustainability across the whole production cycle. Since the government and international organisations place a strong emphasis on environmental preservation, businesses struggle to comply with rules since there aren't enough effective systems in place. Additionally, traditional glassmaking techniques are still used today, which are labor-intensive, expensive, and time-consuming. As a result, it is priced more, which affects the demand for optical lenses market size.

REGIONAL INSIGHTS

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"Asia Pacific Is Anticipated to Dominate the Worldwide Market for Optical Lenses in the Coming Years"

China led the Asia Pacific optical lens market in 2022. The nation produces a lot of optical lenses. The least expensive lens on the market is Chinese. Therefore, the availability of inexpensive lens is the main factor driving the market in China. Leading market participants in China are Yudi Optics and Phenix Optical. Due to the increasing demand for optical lenses in the country's camera and contact lens sectors, the market in India is anticipated to expand quickly over the projected period.

In the next years, North America is anticipated to lead the worldwide optical lens market. Throughout the projection period, the market in the area is anticipated to expand moderately. In 2022, the U.S. had a sizable portion of the market in North America. Due to the existence of a sizable eyewear customer base, the nation is anticipated to lead the market in the area throughout the projected period. In the upcoming years, it is probable that the Canadian market will expand quickly.

Germany had a sizable portion of the European optical lens market in 2022. The country's market for eyeglasses is being driven by a large consumer base. Given that the markets in Germany and France are already mostly saturated, the U.K. market is anticipated to expand quickly in the near future. During the predicted period, Spain and Italy would collectively make about one-fifth of the European lens market. The market in these nations is fueled by the widespread use of eyeglasses by consumers.

KEY INDUSTRY 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 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

• Largan Precision (Taiwan)
• Canon (Japan)
• Sunny Optical (China)
• GSEO (U.K.)
• Kinko (Taiwan)
• Hoya (Japan)
• AOET (Taiwan)
• Asia Optical (Taiwan)
• Tamron (Japan)
• Phenix Optical (China)
• Lida Optical (China)
• Nikon (Japan)
• Kinik (Japan)
• Yudi Optics (China)
• ML Optic (China)
• Schott (Germany)
• Lensel Optics (India)
• Edmund Optics (U.S.)
• Thorlabs (U.S.)
• Esco Optics (U.S.)
• Ross Optical (U.S.)
• Knight Optical (U.K.)

REPORT COVERAGE

This study examines a report with broad studies that describe the businesses in the market that have an impact on the forecasting period. By considering aspects including segmentation prospects, industrial advances, trends, growth size share, restrictions, and others, it provides a thorough analysis based on in-depth research. If the relevant market dynamics or important players change, this study may need to be modified.