Camera Lens is Projected to Gain Significant Growth at USD 15 Billion by 2027 End
According to a report published by GMI, the camera lens market size will be around USD 15 billion by 2027. The trend of capturing professional images and videos using compact digital cameras may have a positive influence on the camera lens industry in the estimated timeframe.
According to a report published by GMI, the camera lens market size will be around USD 15 billion by 2027. The trend of capturing professional images and videos using compact digital cameras may have a positive influence on the camera lens industry in the estimated timeframe. Benefits associated with latest camera lenses like improved image quality and increased zoom capabilities are the key factors enhancing its adoption in smartphones with dual cameras. Travel bloggers are emphasizing on updating their camera lenses for capturing expansive landscape.
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Some of the factors that will supplement this growth include:
Launch of advanced smartphones
Companies specializing in camera lens are taking strategic initiatives like acquisitions and mergers for staying competitive in the market. In August 2019, Xiaomi Communications Co., Ltd. announced to launch smartphones integrated with Samsung’s 108-megapixel camera lens by the second half of 2021.
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.
Expanding healthcare sector
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.
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Surging demand in Europe automotive sector
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.
Partial Chapter of the Table of Content
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 COVID–19 impact
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.4 Data sources
Chapter 2 Executive Summary
2.1 Camera lens market 360º synopsis, 2017–2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Distribution channel trends
2.1.4 Application trends
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