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Global Optical Lens Market to reach USD 33.14 billion by the end of 2030

Global Optical Lens Market Size Study & Forecast, by Type (Converging, Diverging), By Application (AR/VR/Headsets or Mounted Display, Camera, Automotive, Smartphones, Medical Surgery, Others), and Regional Analysis, 2023-2030

Product Code: EESC-41253097
Publish Date: 15-11-2023
Page: 200

Global Optical Lens Market is valued at approximately USD 16.88 billion in 2022 and is anticipated to grow with a growth rate of more than 8.8% over the forecast period 2023-2030. An optical lens is a transparent optical component characterized by one or more curved surfaces, allowing it to transmit or manipulate light. It is used in its natural state or enhanced with an anti-reflective coating, finding application across a broad spectrum of functions such as rectifying optical aberrations, enabling magnification, facilitating image projection, and achieving precise image focusing. These versatile optical elements are typically crafted from transparent materials such as glass, polymers, acrylics, and minerals. The Optical Lens Market is expanding because of factors such as the rising demand for a variety of consumer electronic devices, notably smartphones and digital cameras, along with increased adoption in diagnostic medical imaging. Also, the rising disposable income in developing nations, rapid technological advancements, and the growing popularity of e-commerce platforms are some more factors that are exhibiting a positive influence on market growth. As per data from the International Telecommunication Union (ITU), a remarkable 73% of individuals aged 10 and above owned a mobile phone globally in 2022. Optical lenses play a pivotal role in enhancing smartphone capabilities, enabling the capture of high-quality images and videos.

In addition, the rising cases of optical disorders and the surging demand for vision correction are acting as catalyzing factors for market growth over the analysis period. According to the World Health Organization (WHO), in 2023, it was estimated that at least 2.2 billion people worldwide suffer from a near- or distance vision impairment. At least 1 billion of people have vision impairment that are either avoidable or have not yet been treated. The leading causes of distance vision impairment or blindness among these 1 billion people are cataracts (94 million cases), refractive error (88.4 million cases), age-related macular degeneration (8 million cases), glaucoma (7.7 million cases), and diabetic retinopathy (3.9 million cases). Also, presbyopia is accounted as the primary condition resulting in near vision impairment among 826 million individuals. People of all ages experience vision loss, however, the majority of those who experience blindness and visual loss are recorded as over 50. As per the United Nations, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Thus, these aforementioned factors are propelling the growth of the Optical Lens Market during the estimated period. Moreover, the rising inclination towards machine vision across various industries, as well as the increasing popularity of augmented reality (AR) and virtual reality (VR) devices present various lucrative opportunities over the forecast years. However, the high cost of optical lenses and the competition from other optical technologies are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Optical Lens Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the growing production of automobiles, as well as rising demand for consumer electronics products. Also, the rise in the prevalence of eye disorders and the increasing geriatric population in the region are also the key factors that are fostering the market demand during the estimated period. Whereas, North America is expected to grow at a significant CAGR over the forecast years. The rising integration of optical lenses in automotive and industrial applications, as well as the increasing prevalence of vision disorders are significantly propelling the market demand across the region.

Major market players included in this report are:
Sunny Optical Technology (Group) Company Limited (China)
Tamron Co., Ltd. (Japan)
Canon Inc. (Japan)
Largan Precision Co., Ltd. (Taiwan)
Fujifilm Corporation (Japan)
Nikon Corporation (Japan)
Genius Electronic Optical (Taiwan)
Zeiss International (Germany)
Sony Electronics Inc. (Japan)
Sigma Corporation (Japan)

Recent Developments in the Market:
Ø In June 2023, Nikon Corporation- a manufacturer of optical instruments unveiled its plan to enhance the capacity of its optics factory in Japan, which manufactures lenses for cameras, microscopes, and semiconductor exposure equipment. The facility is expected to cost around USD 224 million, and it is projected to start operating in 2026.
Ø In June 2022, SIGMA Corporation announced the SIGMA 16-28mm F2.8 DG DN. These lenses are especially designed for landscape, wedding, and travel photography because of their sturdy and lightweight bodies.
Ø In May 2022, Tamron Co., Ltd. introduced compact 29mm machine-vision lenses compatible with models MA23F12V (focal length 12mm), MA23F16V (16mm), and MA23F50V (50mm). The aim of this launch is to meet the rising demand for megapixel cameras needed in substrate mounting equipment, test equipment, production equipment, and various engineering machines for inspection purposes.

Global Optical Lens Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

By Application:
AR/VR/Headsets or Mounted Display
Medical Surgery

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Optical Lens Market, by region, 2020-2030 (USD Billion)
1.2.2. Optical Lens Market, by Type, 2020-2030 (USD Billion)
1.2.3. Optical Lens Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Optical Lens Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Optical Lens Market Dynamics
3.1. Optical Lens Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing demand for a variety of consumer electronic devices Rising cases of optical disorders and the surging demand for vision correction
3.1.2. Market Challenges High cost of optical lenses Competition from other optical technologies
3.1.3. Market Opportunities Rising inclination towards machine vision across various industries Increasing popularity of augmented reality (AR) and virtual reality (VR) devices
Chapter 4. Global Optical Lens Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Optical Lens Market, by Type
5.1. Market Snapshot
5.2. Global Optical Lens Market by Type, Performance – Potential Analysis
5.3. Global Optical Lens Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Optical Lens Market, Sub Segment Analysis
5.4.1. Converging
5.4.2. Diverging
Chapter 6. Global Optical Lens Market, by Application
6.1. Market Snapshot
6.2. Global Optical Lens Market by Application, Performance – Potential Analysis
6.3. Global Optical Lens Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Optical Lens Market, Sub Segment Analysis
6.4.1. AR/VR/Headsets or Mounted Display
6.4.2. Camera
6.4.3. Automotive
6.4.4. Smartphones
6.4.5. Medical Surgery
6.4.6. Others
Chapter 7. Global Optical Lens Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Optical Lens Market, Regional Market Snapshot
7.4. North America Optical Lens Market
7.4.1. U.S. Optical Lens Market Type breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Optical Lens Market
7.5. Europe Optical Lens Market Snapshot
7.5.1. U.K. Optical Lens Market
7.5.2. Germany Optical Lens Market
7.5.3. France Optical Lens Market
7.5.4. Spain Optical Lens Market
7.5.5. Italy Optical Lens Market
7.5.6. Rest of Europe Optical Lens Market
7.6. Asia-Pacific Optical Lens Market Snapshot
7.6.1. China Optical Lens Market
7.6.2. India Optical Lens Market
7.6.3. Japan Optical Lens Market
7.6.4. Australia Optical Lens Market
7.6.5. South Korea Optical Lens Market
7.6.6. Rest of Asia Pacific Optical Lens Market
7.7. Latin America Optical Lens Market Snapshot
7.7.1. Brazil Optical Lens Market
7.7.2. Mexico Optical Lens Market
7.8. Middle East & Africa Optical Lens Market
7.8.1. Saudi Arabia Optical Lens Market
7.8.2. South Africa Optical Lens Market
7.8.3. Rest of Middle East & Africa Optical Lens Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Sunny Optical Technology (Group) Company Limited (China) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. Tamron Co., Ltd. (Japan)
8.3.3. Canon Inc. (Japan)
8.3.4. Largan Precision Co., Ltd. (Taiwan)
8.3.5. Fujifilm Corporation (Japan)
8.3.6. Nikon Corporation (Japan)
8.3.7. Genius Electronic Optical (Taiwan)
8.3.8. Zeiss International (Germany)
8.3.9. Sony Electronics Inc. (Japan)
8.3.10. Sigma Corporation (Japan)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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