Northbrook, IL 60062 -- (SBWire) -- 04/21/2023 --The aspherical lens market is projected to grow from USD 9.0 billion in 2023 to USD 12.2 billion by 2028, registering a CAGR of 6.2% during the forecast period according to a new report by MarketsandMarkets™. The market growth is attributed to the Growing use of infrared aspherical lenses in security and surveillance cameras and rising demand for aspherical lenses for use in digital cameras. Furthermore, surging use of aspherical lenses in optical instruments and ophthalmic applications is expected to create lucrative opportunities for the market.

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Glass aspherical lens type accounted for larger share of aspherical lens market in 2023.

In 2023, the glass aspherical lens held the highest market share. It is further expected to dominate the market during the forecast period. Glass aspherical lenses offer advantages such as improved durability and resistance to scratches and other types of damage. This makes them a reliable and long-lasting option for a variety of applications. The growth in this market can be attributed to the increasing demand for cameras, automotive, and surveillance applications. The increasing focus of market players on the research and development of glass based aspherical lens is also driving market growth. For instance, in 2022, Nikon Corporation announced the release of glass based NIKKOR Z 17-28mm f/2.8, an ultra-wide-angle zoom lens that is compatible with full-frame/FX-format mirrorless cameras for which the Nikon Z mount has been adopted.

Molded manufacturing technology is expected to grow at highest CAGR in the forecast period.

The molded segment of the aspherical lens market accounted for the largest share in 2023. It is further expected to dominate the market during the forecast period, recording the highest CAGR between 2023 and 2028. The molding approach has the advantage of being able to make high-precision aspherical lenses with complicated shapes rapidly and efficiently, which is particularly useful for mass production. Precision glass molding is used to manufacture lenses for applications ranging from cameras and cell phones cameras to high end medical systems. The increasing demand for mass production of high-thermal stability aspherical lens is driving market growth.

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Asia Pacific market accounted for larger share of aspherical lens market in 2023.

Over the forecast period, Asia Pacific is anticipated to have the largest aspherical lens Asia Pacific is projected to dominate the market and record the highest CAGR during the forecast period due to the increasing applications of aspherical lenses in several verticals, such as fiber optics & photonics, digital cameras, autonomous vehicles, and ophthalmic. The market growth in the region is also expected to be driven by the increasing demand for aspherical lens in China, Japan, and South Korea; and for the growing use of aspherical lenses in autonomous vehicles, and ophthalmic applications. China is expected to be the largest market for aspherical lens in Asia Pacific. The major drivers for the growth of the aspherical lens market in the region include the growing adoption of high-end smartphones, increasing demand for video surveillance, and high vehicle production. The increasing use of cameras in various industries, the availability of solutions to deal with astigmatism, distortion, and spherical aberrations, and the rapid expansion of the automotive and mobile phone industries is driving the market growth. The increasingly popular photography trend is also creating an opportunity for the market.

Key players

Key players in the aspherical lens market include Nikon Corporation (Japan), Canon, Inc. (Japan), Panasonic Holding Corporation (Japan), HOYA (Japan), Asahi Glass (AGC) (Japan), Schott (Germany), ZEISS International (Germany), Tokai Optical (Japan), SEIKO Optical Products Co., Ltd. (Japan), and Calin Technology Co., Ltd. (Taiwan), among others.

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