Aspherical Lens Market Size, Share and Growth Analysis

Updated on : October 23, 2024

Aspherical Lens Market Size & Growth

The aspherical lens market size is projected to grow from USD 9.0 billion in 2023 to USD 12.2 billion by 2028, growing at a CAGR of 6.2% during the forecast period from 2023 to 2028.

Surging use of aspherical lenses in optical instruments and ophthalmic applications, increasing adoption in automotive sector, growing use of infrared aspherical lenses in security and surveillance cameras, and rising demand for medical imaging are expected to propel the aspherical lens market in the next five years. However, high production cost of aspherical lenses and complexity of design and manufacturing processes are likely to pose challenges for the industry players.

The objective of the report is to define, describe, and forecast the aspherical lens industry based on type, manufacturing technology, offering, application, and region.

Aspherical Lens Market Size Forecast to 2028

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Aspherical Lens Market Trends and Dynamics

Driver: Surging use of aspherical lenses in optical instruments and ophthalmic applications

Aspheric lenses are widely used in such optical instruments because aspheres minimize spherical aberrations in lenses, and result in clearer images. Aspheres also help to thin down and flatten the lens, which lessens peripheral magnification and enhances appearance. Aspherical lenses allow optical engineers to increase the numeric aperture size of a lens without reducing image quality, which is perfect for applications that require high light throughput. All these factors are expected to contribute to the growth of the aspherical lens market during the projected period. The rising demand for high-quality lenses for use in telescopes, binoculars, and other optical devices, as well as the need for more portable and lightweight equipment is driving market growth.

Aspherical lenses in eyeglasses can offer a broader field of view than conventional spherical lenses, less distortion, and a flatter appearance. With contact lenses, an aspherical design can lessen aberrations and improve visual clarity, especially in low light conditions. Aspherical surfaces can be added to intraocular lenses (IOLs) used in cataract surgery to enhance the visual outcomes for patients, including increased contrast sensitivity and decreased reflection. For instance, in 2022, CooperVision announced an addition to its Biofinity Energys® product portfolio: MyDay Energys® daily disposable contact lenses with an innovative single vision aspherical lens design.
The increasing prevalence of eye disorders such as cataract, presbyopia, and myopia, growing demand for advanced vision correction solutions, and technological advancements in lens manufacturing processes are driving the growth of the aspherical lens market.

Restraint: High production cost of aspherical lenses

Aspherical lense, do not have a singular radius of curvature. As a result, various areas on the surface employ smaller sub-apertures with different curvature radii. Because only one huge tool may be utilized, different manufacturing techniques must be used to address these sub-apertures in different ways. Hence, aspherical lenses require a more complex manufacturing process than traditional spherical lenses. This can result in higher production costs due to the need for advanced manufacturing technologies, equipment, and skilled labor. Such lenses also require the use of advanced materials, such as high-quality glass or specialized plastics, to achieve the necessary precision and performance. These materials can be expensive and further increase the cost of the lenses. Thus, the high cost of aspherical lenses can limit their adoption in some applications, particularly in price-sensitive markets, such as consumer electronics, where cost is a critical factor

Opportunities: Growing use of infrared aspherical lenses in security and surveillance cameras

An IR aspherical lens can transmit more infrared light than a conventional lens, allowing for sharper image capture even in complete darkness. This is particularly useful in security and surveillance applications where it is critical to record distinct photos of trespassers or suspicious activity. In the event of a break-in or crime, the lenses function as sensors that trigger alarms, discouraging criminals. These lenses aid in prompt suspect identification without alerting the subject to the camera's current location. Security systems employ far-infrared ray lenses to view through dust, severe rain, and fog. They also have a magnifying feature, which enhances focus on the subject being seen by the lens.

There has been a recent surge in the demand for security cameras in order to maintain 24x7 surveillance and avoid illegal activities. The number of security camera installations in the US increased by 80% between 2015 and 2021, from 47 million to 85 million, according to the US Bureau of Labor Statistics. Thus, the increasing demand for security and video surveillance cameras will create an opportunity for IR aspherical lens-based cameras in the future.

Challenges: Complexity of design and manufacturing processes

Aspherical lenses can also be more difficult to manufacture in larger sizes. This is because the larger the lens, the more complex the surface curvature becomes, making it more difficult to maintain precision during the manufacturing process. These limitations in terms of design and manufacturing techniques of aspherical lenses are creating challenges for market players.

Aspherical Lens Market Segmentation

Consumer Electronics to acquire significant share in aspherical lens market and is the second largest application

The consumer electronics is expected to hold the largest market share during the forecast period. Aspherical lenses are designed to correct for spherical aberration, which is a type of optical distortion that can cause images to appear blurry or distorted. By using aspherical lenses, smartphone manufacturers can improve the image quality and reduce distortion in the photos taken with their cameras. Aspherical lenses are also able to reduce the size and weight of the camera module, making it easier to integrate into the compact designs of modern smartphones. For example, to produce sharp photos, Zeiss created smartphones that require complicated, high-resolution lens elements that must be compressed into a very compact space; double-aspherical lens elements have been produced to address this demand. Many tablet and PC cameras also use aspherical lenses in their design. The growing need for higher image quality from smartphone cameras is driving the industry's demand for aspherical lenses. Furthermore, Major high-end smartphone market players are looking to upgrade their camera lenses, resulting in the rising use of aspherical lenses.

Single aspherical lens offering to command largest share in aspherical lens market

The single aspherical lens segment accounted for the largest market share in 2022. A single aspherical lens has two surfaces, one of which is spherical or flat while the other is not. Camera lenses, spectacles, and other optical systems that need the correction of aberrations frequently employ single aspherical lenses. A single aspherical lens has a simple design and fewer lens elements, making it less complex and less expensive to manufacture. The increasing demand for such lenses and rising research and development activities are driving market growth.

Aspherical Lens Industry Regional Analysis

China aspherical lens market to witness highest demand from Asia Pacific

China held the largest share of the aspherical lens market in Asia Pacific in 2022 and is projected to dominate both markets during the forecast period. China is witnessing rapid economic development. It has been increasingly focusing on shifting from a manufacturing-driven to an innovation-driven economy. The country has the world’s largest surveillance network and accounts for over half of all surveillance cameras deployed worldwide. According to National Development and Reform Commission data, all key public areas in China are expected to be protected with video surveillance cameras with facial recognition  technology to reduce crime and ensure social stability. This increased demand for security cameras will drive the growth of the aspherical lens market.

China is considered the world’s largest market for electric vehicles. The growing investment by OEMs in semi-autonomous vehicles also increases the demand for automotive cameras and thus drives market growth. The country is also a leading manufacturing hub for consumer electronics products. According to Mobile Economy China 2021 published by GSM Association, the total number of smartphone connections in the country is estimated to reach ~1.5 billion in 2025. The use of aspherical lenses in smartphone cameras will eventually drive the aspherical lens market. Samsung, Xiaomi, and OnePlus are among the companies using aspherical lens elements in their camera module.

Aspherical Lens Market by Region

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Top Aspherical Lens Companies - Key Market Players:

Major vendors in the aspherical lens companies 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),
• Calin Technology Co., Ltd. (Taiwan), among others.

Aspherical Lens Market Report Scope :

Aspherical Lens Market Highlights

This report categorizes the aspherical lens market share based on type, offering, manufacturing technology, application, and region.

Recent Developments in Aspherical Lens Industry

• In February 2023, Nikon Corporation announced the highly anticipated NIKKOR Z 85mm f/1.2 S, a professional-level ultra-fast prime lens that exemplifies the powerful potential of the Nikon Z Mount for stills or video footage.
• In January 2023, Panasonic introduced a new cost-effective ultra-wide-angle zoom lens, the LUMIX S 14-28mm F4-5.6 MACRO, based on the L-Mount system. The LUMIX S Series offers three budget-friendly lenses including the LUMIX S 14-28mm F4-5.6 MACRO (S-R1428), LUMIX S 20-60mm F3.5-5.6 (S-R2060) and LUMIX S 70-300mm F4.5-5.6 MACRO O.I.S. (S-R70300) to cover 14mm ultra wide-angle to 300mm telephoto.
• In January 2023, AGC Inc. reached an agreement with Shanghai Yaohua Pilkington Glass Group Co. Ltd. (SYP Group) to transfer its ownership stake in applied glass material company AGC Flat Glass (Dalian) Inc. Per the agreement, SYP Group takes over the company for a purchase price of ¥5.8 billion (approximately USD 43.8 million).
• In September 2022, Nikon Corporation announced the renewal of the brand’s partnership with NYC Salt, an organization that creates opportunities in visual arts and pathways to college and careers for underserved New York City youth with diverse backgrounds.

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