Optical Lens Market is Anticipated to Grow at a CAGR of 6.02% During the Forecas
As per the report "Optical Lens Market By Type ( Optical Glass Lens & Resin Lens ), By Application ( Mobile phones, Cameras, Instruments & Automotive ), Estimation & Forecast, 2017-2025" In 2017, the resin lens segment generated the highest revenue share in the global optical lens market. Among major regions, North America was the highest revenue generating market, holding nearly 40% of the market share, in 2017.
“Optical lens manufacturers are entering into joint ventures, partnerships, and associations with key market players from distinct industries in order to maintain a competitive edge over their competitors. Recently, Leica Camera entered into an association with Huawei to launch smartphones having camera lenses of 40MP size and 5X optical zoom clarity.”
Camera segment is expected to grow with an impressive CAGR of 6.08% during the forecast period
The expanding tourism sector is triggering the sales of cameras, which in turn is favoring the growth of optical lens market. Innovations in technology and changing customer preferences are revolutionizing the manufacturing and design of optical camera lens. The desire of millennials to capture/record everything with crystal clarity is propelling the manufacturers to enhance their product portfolio and incorporate high feature lenses in their cameras. Such a demand for high quality cameras is fuelling the growth of this segment.
Market players are earning huge contracts in the optical lens market, owing to the surging demand of such lenses
The rising awareness and necessity of optical lenses in various sectors is boosting the demand of optical lenses in the global market. Market players are being awarded with huge contracts in order to meet the demand for such lenses. In January 2018, ISP Optics Corporation was awarded with a $5 million contract for a variety of IR optical lens elements. Market players are recognized suitable for such mammoth contracts based on their manufacturing capacity, volume, persistence, and global service among few other parameters.
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North America garnered the highest revenue in the global market, owing to the presence of several market players
North America held nearly 40% market share, in terms of revenue, of the global market. It is anticipated to maintain its dominance in the long run and exhibit an impressive CAGR of 6.08% during the forecast period. In North America, especially in the United States, innovations in technology and changes in lifestyle have led to the prolonged exposure to devices like tablets and smartphones. Such prolonged exposures can cause strain on the eyes and further increase the chances of suffering from eyesight problems such as refractive errors and visual deficiencies. Therefore, increasing awareness about appropriate eye protection is supporting the sale of optical lens in the country.
ASIA-PACIFIC OPTICAL LENS MARKET SHARE, BY COUNTRY, 2017
KEY FINDINGS OF GLOBAL OPTICAL LENS MARKET, 2017-2025
• Mobile phones segment dominated the global optic lens market and is expected to grow with an impressive CAGR of 6.13% during the forecast period 2018-2025.
• Asia-Pacific is anticipated to offer lucrative growth opportunities and exhibit a high growth rate of 6.6% during the forecast period.
• North America led the global optical lens market in 2017, in terms of revenue, by holding nearly 40% of the total share.
Some key market players are Largan Precision, Canon, Sunny Optical, GSEO, Kinko, Hoya, AOET, Asia Optical, Tamron, Phenix Optical, Lida Optical, Nikon, Kinik, Yudi Optics, JOC, ML Optic, Schott, Lensel Optics, Edmund Optics, Thorlabs, Esco Optics, Ross Optical and Knight Optical. Detailed coverage on these market players with information on their revenue from optical lens, production volume, capacity, market share, gross margin and their growth strategies have also been provided in the report.
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