The Asia Pacific Aspherical Lens Market would witness market growth of 6.8% CAGR during the forecast period (2023-2029).
The market for aspherical lenses is anticipated to grow over the next five years due to growing demand for medical imaging, expanding adoption in the automotive industry, expanding use of infrared aspherical lenses in security & surveillance cameras, and escalating use in optical instruments and ophthalmic applications.
Compact camera modules (CCMs) are a component of mobile devices like smartphones and tablets that can be used for various tasks, such as shooting pictures of commonplace scenes or reading barcodes to gather data about products. A flexible printed circuit (FPC), lens, sensor, and digital signal processing (DSP) make up CCMs. CCM's optical design has recently become more difficult as mobile phones get slimmer and narrower.
As a result, with each successive product generation, the design space for optical modules within these mobile phones has shrunk, leading to the insertion of aspherical CCMs with high resolution. Furthermore, most plastic aspherical lenses used in mobile phone optics are produced by injection molding. As a result, the market for aspherical lenses in smartphone applications is anticipated to grow during forecasting. Furthermore, due to the usage of cutting-edge materials and developments, smartphone displays have also experienced a significant transformation.
The security and surveillance industry in India has grown as a result of rising safety standards, the emergence of airport security, and smart cities. In order to ensure public safety, there is a significant demand for safe city initiatives in India. More areas are anticipated to adopt comparable video surveillance systems with central control rooms equipped with sophisticated large video wall solutions to monitor minute details due to the successful implementation of surveillance and smart city projects in several Indian cities. For municipal surveillance monitoring and analysis, emerging technologies in face recognition, biometrics, video analytics, and CCTV are becoming equally crucial, and these needs present enormous opportunities for businesses. The market for aspherical lens is also predicted to grow.
The China market dominated the Asia Pacific Aspherical Lens Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1,412.8 Million by 2029. The Japan market is estimated to grow a CAGR of 6.1% during (2023 - 2029). Additionally, The India market would experience a CAGR of 7.4% during (2023 - 2029).
Based on Offering, the market is segmented into Single and Double. Based on Type, the market is segmented into Glass, Plastic, and Others. Based on Manufacturing Technology, the market is segmented into Molding, Polishing & Grinding, and Others. Based on Application, the market is segmented into Opthalmic, Consumer Electronics, Digital Cameras, Automotive, Fiber Optics & Photonics and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Aspherical Lens Market is Projected to reach USD 13 Billion by 2029, at a CAGR of 6.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nikon Corporation, Canon, Inc., Panasonic Holdings Corporation, Hoya Corporation, Thorlabs, Inc., AGC, Inc., Carl Zeiss AG, Tokai Optical Co., Ltd., Calin Technology Co., Ltd. and Largan Precision Co., Ltd.
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