According to Market Research Future (MRFR), the global optical lens market is expected to grow by approximately USD 6 billion at a CAGR of 7% from 2017 to 2023 (forecast period). The report includes an informative overview of the global situation, the economic situation and a COVID-19 analysis of the entire industry.
Optical lenses are a unique, optically transparent device, shaped/designed to allow the transmission and refraction of light to create a particular and controlled optical result. Optical lenses, which can be single or multi-element, are used in a wide range of applications, from cell phones to microscopy. Many industries use optical lenses, such as life sciences, imaging, industrial or defense.
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Optical Lens Market Key Players
Industry giants in the global optical lens market are Nikon Corporation (Japan), Bausch + Lomb (USA), Schott (Germany), Olympus Corporation Of The Americas (USA), Menicon Co. Ltd. (Japan), Cosina Co., Ltd. (Japan), Cyberoptics Corporation (USA), Carl Zeiss Ag (Germany), Meade Instruments (USA) and others.
Nikon Corporation, a major player in the optical lens market, has developed a wide range of optical lenses to meet consumer demand. The company has made advancements in lens technology. It has manufactured the See series of optical lenses which projects the high end premium product line of ophthalmic lenses and coatings. It has manufactured a range of optical lenses, including the See series, single vision lenses, progressive lenses, extended focal length lenses and lens processing. The company manufactures progressive lenses which are the perfect way to correct presbyopia. He has also developed a wide range of options that will provide superior optical performance, improved aesthetics and comfort, all in one lens. Elongated lenses are designed to provide clear, smooth and effortless indoor vision. Cosina Co., Ltd, a major player in the optical lens market, has developed optical lenses that can be used in cameras.
The global optical lenses market has been segmented on the basis of type, application, and vertical.
By type, the global optical lenses market has been segmented into converging lenses and diverging lenses. Converging lenses are described as thicker in the center than at the edges, and converging lenses are the reverse of a converging lens. Most lenses are either cylindrical or with other surface contours for special purposes. Most common lenses, especially those used in cameras, are not a single piece of glass, but are made up of lenses composed by reinforcing many individual lenses and transparent glue with a refractive index similar to this glass .
By application, the global optical lens market has been segmented into microscopy, laser processing, imaging and ophthalmic.
By vertical, the global optical lens market has been segmented into healthcare, life science, consumer electronics, defense, manufacturing, and others.
The growing demand for optical glasses from the medical sector is a crucial factor contributing to the growth of the industry. Moreover, the advancement in optical technology and the increase in research and development activities in the field of astronomy are other factors that have a positive effect on the growth of the market. Moreover, due to the excessive use of smartphones, tablets and laptops, there is an increase in efficiency, which has fueled the development of the industry. Additionally, rising concerns over aesthetic appeal and increasing disposable income are other factors driving the growth of the market. However, high costs associated with the optical lens and concerns about its side effects, such as infection, dryness, and others, are expected to hamper the growth of the industry.
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Optical Lens Market Regional Analysis
The regional analysis of the global optical lenses market is being studied for the regions such as Asia-Pacific, Americas, Europe and Rest of the World.
The North American region has secured the largest market share in the optical glasses market owing to prominent players in the region, and the adoption of advanced glass technology is fueling the market in the region. Countries like the United States and Canada contribute a significant portion of optical lens revenue to the region. The Asia-Pacific region is expected to grow at the highest level of CAGR due to several small and large lens manufacturers in the region driving the market.
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