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Market Size – USD 20.82 Billion in 2020, Market Growth – at a CAGR of 6.4%, Market Trend – Technological developments in high precision asphere

VANCOUVER, BC, CANADA, April 19, 2023 /EINPresswire.com/ -- The global high precision asphere market size is expected to reach USD 34.45 Billion in 2028 and register a steady revenue CAGR of 6.4% over the forecast period, according to latest analysis by Emergen Research. Market revenue growth is being driven by deployment of high precision asphere in consumer electronics and automotive industries, as well as application for miniaturization of cameras that are used across various industries. Increase in video surveillance with drones and rising concerns regarding use of equipment as body cameras by security agencies are some other key factors driving demand for high precision asphere. Technological advancements in aspherical lens, such as three types of ray diffraction angles on surface of the lens to produce clearer and sharper images, are factors driving revenue growth of the global market. Advancements in technology provide advantages, such as adjustments in the focal length range and resolution of issues related to distortion, which is a key factor supporting revenue growth of the global high precision asphere market. 

This study provides a comprehensive look at the high precision asphere market from both a qualitative and quantitative perspective as well as crucial statistical information about the market. As of 2017, the research study provides historical data and offers forecasts up to 2027. Furthermore, the report describes emerging and established players of the market, providing an overview of their business, their product portfolio, their strategic alliances, and their plans for expansion. In view of the current COVID-19 pandemic, the growth of the high precision asphere industry is expected to be significantly affected, especially due to movement restrictions and lockdowns affecting supply and demand. There has been a significant impact of the COVID-19 pandemic on several sectors of the global market. The high precision asphere sector is expected to be affected too.

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Some Key Highlights in the Report

Glass aspherical lens segment accounted for largest revenue share in the global high precision asphere market in 2020, and is expected to register a rapid growth rate during the forecast period. Increasing investments by market players in mobile phones and cameras, and for cost-efficient and mass production of aspherical lens is driving revenue growth of this segment.

Automotive segment accounted for a significantly large revenue share in the global high precision asphere market in 2020. Increase in demand for distance detectors and transmitters to control the speed of vehicles is resulting in rising adoption of aspherical lens in the automotive sector, which is expected to create significant growth opportunities during the forecast period.

North America accounted for largest revenue share in the global high precision asphere market in 2020. Rapid innovation, economic stability, and increasing demand for mobile phones among consumers in countries in the region are some key factors driving market revenue growth in North America.

In February 2021, Nikon Corporation, one of the world\'s largest aspherical lens producers, released ECLIPSE Si upright microscope, having features such as intelligent timesaving, automatic shut-off, and ergonomic design, to reduce physical strain and increase the quality of operability for educational and healthcare purposes.

The leading contenders in the global High Precision Asphere market are listed below:

Nikon Corporation, Panasonic Corporation, Canon Inc., HOYA Corporation, AGC Inc., SCHOTT AG, Carl Zeiss AG, Kinko Optical Co. Ltd., Sunny Optical Technology Company Limited, Asia Optical Co. Inc

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For the purpose of this report, Emergen Research has segmented the global high precision asphere market on the basis of product type, application, and region:

Product Type Outlook (Revenue, USD Billion; 2018–2028)

Glass Aspherical Lens

Plastic Aspherical Lens

Application Outlook (Revenue, USD Billion; 2018–2028)

Automotive

Cameras

Mobile Phones and Tabs

Optical Instrument

Others

Regional Outlook (Revenue, USD Billion; 2018–2028)

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

BENELUX

Rest of Europe

Asia-Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

Rest of MEA

Regional Outlook of the High Precision Asphere Market

The global High Precision Asphere market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In this section, authors of the report have studied the presence of the global High Precision Asphere market across major geographies. Moreover, the estimated market share, market size, revenue contribution, sales network and distribution channel, and other crucial elements of each regional segment have been detailed in the report.

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Key reasons to buy the Global High Precision Asphere Market report:

The latest report comprehensively studies the global High Precision Asphere market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.

The report offers an insightful analysis of the regional outlook of the market.

It offers a detailed account of the end-use applications of the products & services offered by this industry.

The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

The report also provides an extensive analysis of the key market elements, such as drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The exhaustive SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis included in the report are intended to help the reader tactfully formulate business growth strategies. Strategic recommendations for the established market players assist them in fortifying their financial positions in the market. 

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