Global Natural Vanillin Market Size, Share & Industry Trends Analysis Report By Application, By Source (Ferulic Acid Synthesis, Vanilla Bean Extract, Eugenol Synthesis, and Others), By Regional Outlook and Forecast, 2023 - 2030

Global Optical Lens Market Size, Share & Industry Trends Analysis Report By Type (Converging and Diverging), By Application, By Regional Outlook and Forecast, 2023 - 2030

The Global Optical Lens Market size is expected to reach $30 billion by 2030, rising at a market growth of 8.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,33,348.2 thousand Units experiencing a growth of 8.0% (2019-2022).

The pervasive use of digital devices in daily lives has led to an uptick in screen time. Whether it's smartphones, tablets, computers, or even e-readers, people are spending more hours staring at screens. Therefore, Smartphones segment would generate $5,292.9 million revenue in the market in 2022. As a result, the prevalence of eye-related conditions such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia has been steadily increasing, and several key factors are contributing to this rise.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Tamron Co., Ltd. rolled out the 17-50mm F/4 Di III VXD (Model A068), a wide-angle zoom lens for Sony E-mount full-frame mirrorless cameras. The launched lens zooms from 17mm ultra wide-angle to 50mm standard, the first dynamic zoom range for a full-frame mirrorless camera. Moreover, In May, 2023, Canon India launched the EOS R100, a compact, lightweight, and affordable EOS R system camera, and the RF28mm f/2.8 STM lens, the fast prime lens in the RF lens series with the potential to offer exceptional image quality in a small and portable form. The launch aims to support diverse photography requirements while providing the best possible quality based on budget.

Based on the Analysis presented in the KBV Cardinal matrix; Sony Corporation (Sony Electronics, Inc.) is the forerunner in the Market. In August, 2023, Sony Electronics introduced the wide-angle zoom lens G-Master™ FE 16-35mm F2.8 GM II, a 35mm full-frame α™ E-mount lens that covers focal lengths 16mm to 35mm with a maximum aperture of F2.8 over the complete zoom range. The launched product fulfills the requirements of photographers and videographers looking for high-performance lenses with descriptive power and high-speed autofocus unique to G Master. Companies such as Carl Zeiss AG, Canon, Inc., and Nikon Corporation are some of the key innovators in the Market.

Market Growth Factors

Growing technological advancements in improving lens quality

Technological advancements have enabled the development of specialized lenses tailored to specific needs. For instance, blue light-blocking coatings have gained popularity due to increased digital device usage, relieving digital eye strain. Multifocal and progressive lenses have become more refined, offering seamless transitions between different vision zones. Sports and outdoor enthusiasts can now access lenses designed to enhance performance and visual comfort in their respective activities. Therefore, these factors will boost the demand for optical lenses in the upcoming years.

Rising demand for premium and designer frames

The availability of greater disposable income empowers consumers to make choices based not only on practicality but also on personal preferences and style. This shift towards high-quality eyewear, characterized by designer frames and premium lenses, reflects an aspiration for clear vision and fashionable expression. Consequently, it contributes to the ongoing growth and diversification of the eyewear sector. All these factors will propel the growth of the market.

Market Restraining Factors

Increasing saturation in developed markets worldwide

Eyeglasses and contact lenses have a typical replacement cycle. Eyeglass frames, for instance, can last for several years, and prescription changes may be infrequent for some individuals. This long replacement cycle further limits the frequency of new purchases in mature markets. With fewer untapped customers and slower replacement cycles, the market in these regions faces reduced growth potential compared to emerging markets or regions with lower eyewear penetration rates. These factors will have a restraining effect on the market.

Type Outlook

By type, the market is bifurcated into converging and diverging. In 2022, the diverging segment procured a significant revenue share in the market. With the growing use of digital devices and prolonged screen time, more people are experiencing digital eye strain and myopia progression. This trend may boost the demand for specialized diverging lenses for computer and digital device use. Consumers are increasingly looking for personalized eyewear solutions. Diverging lenses can be customized to an individual's specific prescription and lifestyle requirements, making them a preferred choice for those seeking tailored optical solutions. The diverging segment is expected to increase in the coming years due to these factors.

Application Outlook

On the basis of application, the market is segmented into AR/VR/headsets or mounted display, camera, automotive, smartphones, medical surgery, and others. The smartphones segment recorded the maximum revenue share in the market in 2022. Smartphone manufacturers have continuously improved camera technology, including adding multiple lenses (wide-angle, telephoto, macro, etc.), improving image stabilization, and increasing megapixel counts. These advancements drive the demand for high-quality optical lenses that can meet the requirements of increasingly sophisticated camera systems. Moreover, the use of smartphones for photography and videography has become ubiquitous. Manufacturers invest in better optical components, including lenses, as consumers seek better image quality and versatility in their smartphone cameras. Therefore, the smartphones segment's demand is expected to rise in the upcoming years.

Regional Outlook

Based on region, the market is divided into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment witnessed the highest revenue share in the market. The Asia-Pacific region has witnessed rapid economic growth over the past few decades, resulting in a growing middle-class population. This expanding middle class has higher disposable income, leading to increased consumer spending on products like cameras, smartphones, and eyewear, all of which rely on optical lenses. The demand for eyewear, including prescription glasses and contact lenses, has been rising in Asia-Pacific due to increased awareness about eye health and vision correction. This has led to higher sales of optical lenses for eyewear. Therefore, the segment will witness increased demand in the coming years.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sony Corporation (Sony Electronics, Inc.), Carl Zeiss AG, Sunny Optical Technology (Group) Company Limited, Tamron Co., Ltd., Canon, Inc., Fujifilm Holdings Corporation, Largan Precision Co., Ltd., Nikon Corporation, Genius Electronic Optical Co., Ltd and Sigma Corporation.

Recent Strategies Deployed in Optical Lens Market

Partnerships, Collaborations & Agreements:

Jan-2023: Sunny Opotech, an arm of Zhejiang (China)-based Sunny Optical Technology, came into an agreement with Apple, an American multinational technology company. Under this agreement, both companies would set up a $300-million facility in India.

Product Launches and Product Expansions:

Sep-2023: FUJIFILM Corporation unveiled FUJINON Lens GF30mmF5.6 T/S, the tilt-and-shift lens and FUJINON Lens GF110mmF5.6 T/S Macro, the tilt-and-shift macro lens. The launched lenses would be added in the GF lenses series that is interchangeable lenses for the GFX Series of Fujifilm’s mirrorless digital cameras enhanced with the large-format sensor measuring around 1.7 times that of the 35mm full-frame sensor.

Sep-2023: Tamron Co., Ltd. rolled out the 17-50mm F/4 Di III VXD (Model A068), a wide-angle zoom lens for Sony E-mount full-frame mirrorless cameras. The launched lens zooms from 17mm ultra wide-angle to 50mm standard, the first dynamic zoom range for a full-frame mirrorless camera.

Aug-2023: Tamron Co., Ltd. Introduced the 35-150mm F/2-2.8 Di III VXD, a fast-aperture telephoto zoom lens for Nikon Z mount cameras. The launched product would be targeted to serve both portrait and travel photography.

Aug-2023: Sony Electronics introduced the wide-angle zoom lens G-Master™ FE 16-35mm F2.8 GM II, a 35mm full-frame α™ E-mount lens that covers focal lengths 16mm to 35mm with a maximum aperture of F2.8 over the complete zoom range. The launched product fulfills the requirements of photographers and videographers looking for high-performance lenses with descriptive power and high-speed autofocus unique to G Master.

May-2023: Canon India launched the EOS R100, a compact, lightweight, and affordable EOS R system camera, and the RF28mm f/2.8 STM lens, the fast prime lens in the RF lens series with the potential to offer exceptional image quality in a small and portable form. The launch aims to support diverse photography requirements while providing the best possible quality based on budget.

Apr-2023: Sigma released the 50 mm, 23 mm, and 17 mm lenses, the three new prime lenses designed for mirrorless cameras. The launched 50 mm and 17 mm lenses are developed for full-frame mirrorless cameras and 23 mm is for APS-C sensor mirrorless cameras.

Apr-2023: Canon announced the launch of the RF 100-300mm F2.8L IS USM, a new super telephoto zoom lens. The zoom lens comes with a minimum focusing distance of 1.8m with a 0.16x maximum magnification, steady aperture, and robust construction. Moreover, the lens primarily serves professionals and enthusiasts specializing in sports photography.

Mar-2023: Fujifilm released FUJINON HZK25-1000mm, the broadcast zoom lens. The launched zoom lens features the highest 40x zoom and the longest focal length of 1000mm. Additionally, the HZK25-1000mm comes in the dual format, supporting two types of large image sensors.

Mar-2023: Sony Electronic launched the ZV-E1, a New Full-Frame, Interchangeable Lens Camera for Video Creators. The camera features a high-performance 35mm full-frame image sensor and is part of Sony's ZV vlog camera suite. With a 12MP full-frame image sensor, Sony's most recent BIONZ XR image processing engine, a dedicated AI (artificial intelligence) processing unit, compatibility with over 70 Sony E-mount lenses, and other cutting-edge technologies, the ZV-E1 can capture cinematic imagery with vibrant colors, minimal noise, and high precision.

Sep-2022: Nikon Corporation rolled out the NIKKOR Z 17-28mm f/2.8, an ultrawide-angle zoom lens that is compatible with full-frame/FX-format mirrorless cameras. The product features an ultrawide-angle zoom lens that covers the 17- to 28-mm range of focal lengths and comes with a fast constant maximum aperture of f/2.8.

May-2022: Sony announced the launch of FE 24-70mm F2.8 GM II (model SEL2470GM2), one of the lightest and smallest F2.8 Standard Zoom Lens. The product is created to primarily serve videographers, hybrid content creators, and photographers by delivering advanced resolution and shooting flexibility.

Feb-2022: Canon released the EOS R5 C camera and two new Prime telephoto lenses in India, for expanding its EOS system of video production equipment portfolio. The EOS R5 camera has been designed for addressing users’ needs, who are looking for a camera with high-quality videos and photos.

Acquisitions and Mergers:

Jul-2023: Zeiss took over Ncam, a company specializing in camera tracking, visual effects, and virtual production. This acquisition leverages Zeiss' lineup of cinema lenses and lens data-related services.

Jan-2023: Carl Zeiss completed the acquisition of Lenso, an optical 3D metrology manufacturer, to make developments in Zeiss's Industrial Quality and Research division. Through this acquisition, Carl Zeiss's industrial quality solutions would be utilized for Zeiss's Industrial Quality and research division expansion across Poland.

Scope of the Study

Market Segments covered in the Report:

By Type (Volume, thousand Units, USD Million, 2019-2030)

• Converging
• Diverging

By Application (Volume, thousand Units, USD Million, 2019-2030)

• Smartphones
• Camera
• Automotive
• Medical Surgery
• AR/VR/Headsets or Mounted Display
• Others

By Geography (Volume, thousand Units, USD Million, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Sony Corporation (Sony Electronics, Inc.)
• Carl Zeiss AG
• Sunny Optical Technology (Group) Company Limited
• Tamron Co., Ltd.
• Canon, Inc.
• Fujifilm Holdings Corporation
• Largan Precision Co., Ltd.
• Nikon Corporation
• Genius Electronic Optical Co., Ltd
• Sigma Corporation

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