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The optical lens market share is expected to increase by USD 6.12 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.96%.
The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by end-user (consumer electronics, healthcare, life science, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The market report also offers information on several market vendors, including Accurate Optics India, Bausch Health Companies Inc., Carl Zeiss AG, Cosina Co. Ltd, Essilor International SAS, HOYA Corp., Lensel Optics Pvt Ltd., Meade Instruments, Menicon Co. Ltd., Nikon Corp., Olympus Corp., and Thorlabs Inc. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market. During the COVID-19 pandemic, the market demand has been impacted greatly. A holistic analysis of drivers will help in exact demands and refining marketing strategies to gain a competitive advantage.
Key Optical Lens Market Driver
The growing popularity of dual-lens cameras in smartphones is one of the key drivers fueling the market growth. The use of dual-lens cameras in smartphones is growing rapidly as a consequence of the proliferation of social media applications, which encourage users to click and share pictures. Influencers on social media channels need not depend anymore on professional photography equipment such as DSLRs. This is contributing to the rapid adoption of dual-lens camera smartphones among users. Consequently, this has encouraged smartphone and tablet vendors to integrate high-quality cameras into their devices, which, in turn, is expected to attract customers and result in market growth during the forecast period.
Key Optical Lens Market Trend
The emergence of night vision devices with thermal imaging is one of the key market trends propelling market growth. Night vision capabilities provide soldiers with greater situational awareness by illuminating the surroundings during nighttime operations, while thermal imaging helps soldiers locate a target even in poor visibility conditions or total darkness. Earlier, soldiers used to carry separate night vision devices and thermal imaging devices, which increased the burden on them. However, the new goggles, which are attached to a weapon, stream a live video feed from the thermal weapon sight via Bluetooth. By integrating night vision and thermal imaging capabilities into one device, which displays the view on the goggle, the innovative headset will enhance the capabilities of soldiers. This saves the effort and time involved in physically switching between two different devices. Such factors will increase the demand for optical lenses during the forecast period.
Key Optical Lens Market Challenge
Safety concerns associated with the use of contact lenses are one of the factors limiting the market growth. Digital eye fatigue is one of the concerns associated with the use of contact lenses. It refers to various symptoms associated with prolonged exposure to digital screens, such as computers, tablets, smartphones, and TV screens. This condition causes eye tiredness, eye dryness, vision strain, or blurry vision. According to CooperVision, a subsidiary of Cooper Companies, the impact of this condition is more significant on people who wear contact lenses than on those who do not wear them. All these factors contribute to safety concerns and may hinder the growth of the global market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global optical lens market as a part of the global personal products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying growth strategies such as technological innovations and partnerships to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the optical lens market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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32% of the market’s growth will originate from North America during the forecast period. The US is the key market for optical lenses in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
The increase in the use of optical lenses in consumer electronics and in defense applications will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market. However, the initiation of large-scale vaccination drives led to the removal of lockdowns and the resumption of manufacturing activities, which increased the demand for optical lenses from a wide range of applications. Such factors will drive the growth of the regional market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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