Industry Background:
Optical lenses are designed for focusing or diverging the light and consists of multiple elements. It has various applications such as microscopy, laser processing and consumer electronics. Moreover, these lenses are used in a camera to create an image of an object on a film. The lenses can be interchanged but some of them are fixed in a camera. Since, there is growing usage of electronic gadgets, the demand for optical lenses is increasing which is propelling the market growth.This growth is primarily driven by Increasing Adoption of Consumer Electronics Smart Phones, and Camera and Increasing Research Activities for Astronomy is leading to Development of Optical Instruments.
Globally, a noticeable market trend is evident Changing Lifestyle of the Individuals. Major Players, such as Largan Precision (Taiwan), Canon (Japan), Sunny Optical (China), Hoya (Japan), AOET (United States), Asia Optical (Taiwan), Tamron (Japan), Phenix Optical (China), Nikon (Japan) and Kinik (Taiwan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2018, Edmund optics has acquired ITOS GmbH in Mainz which produces optical components. This acquisition will strengthen the position in European market.
In June 2018, Schott has planned to grow its business through the strategic acquisitions. It is focusing to strengthen the position in North America.
Market Drivers
- Increasing Adoption of Consumer Electronics Smart Phones, and Camera
- Increasing Research Activities for Astronomy is leading to Development of Optical Instruments
Market Trend
- Changing Lifestyle of the Individuals
Restraints
- High Costs Associated with the Instruments Such as Telescope and Microscope
Opportunities
Developments in Optical Technologies is Increasing the Demand and Rising Disposable Income of Individuals
Challenges
Fluctuating Prices of Raw Materials and Stiff Competition among the Major Players
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