Growing trend of taking high definition and professional images and videos among people has increased the demand for digital cameras and smartphones integrated with top-notch camera quality. This trend is prompting camera lens manufacturers to develop more enhanced and innovative offerings to meet the consumer demand effectively, which is augmenting the growth of camera lens market significantly. According to recent report by Global Market Insights, Inc, camera lens industry size is estimated to reach over USD 15 billion by 2027.
The steady expansion of the healthcare sector especially since the coronavirus pandemic is likely to enhance the growth of the camera lens market in the projected period. The adoption of advanced technology will enhance the industry scenario. Healthcare organizations are investing in image-guided AR-based therapy to increase flexibility during interventional procedures.
The AR technology permits clinicians to easily receive relevant information and move around the patient during a procedure. AR-based techniques are gaining traction in endovascular aneurysm repair procedures. For instance, Microsoft Corporation is using AR technology in HoloLens 2, a mixed reality device to address challenges faced by surgeons in interventional procedures.
The Europe camera lens market is anticipated to showcase strong growth backed by governments constantly working on improving passengers safety advanced camera systems. Several safety measures have been mandated by the European Commission, some of which include lane-keep assistance, implementation of fatigue monitoring systems, and emergency braking in all new cars by end of 2021. Apart from this, multiple automobile companies are installing 3D cameras integrated with wide-angle and fixed-focus lenses to enable autonomous vehicles for recognizing their position and detecting objects.
Major players operating in camera lens market are focusing on strategic acquisitions and partnership for strengthening their foothold in the market. Some of firms operating in this niche include Marshall Electronics Inc., Sony Corporation, Canon Inc., Huawei Technologies Co., Nikon Corporation, Tamron Co. Ltd., Fujifilm Holdings Corporation, Largan Precision Company Limited, Genius Electronic Optical Co. Ltd., Ltd., Olympus Corporation, Ricoh Company, Ltd., Panasonic Corporation, Samsung Electronics Co. Ltd., and Carl Zeiss AG.
