March 19, 2018
WELLESLEY, Mass., March 19, 2018 – An upsurge in tourism, historically low interest rates, rising defense budgets, and higher incomes in emerging countries are driving growth in the optical instruments and lens manufacturing industry. In a new report, Optical Instruments and Lens Manufacturing: Global Markets to 2022, BCC Research estimates this market to reach $27.0 billion in 2022, indicating a compound annual growth rate (CAGR) of 7.3%.
The market is highly fragmented with a few large players dominating the market. Major players include Nikon, Canon, Olympus Corporation and Carl Zeiss. Global industry leaders and these key players anticipate an expanded role for digital technologies and lightweight components in the optical instrument and lens manufacturing market. However, high investment costs and stringent government regulations will challenge growth and opportunity.
Market growth is positive with a significant growth potential for high resolution camera lenses and specialized binoculars for wildlife tourists and militaries. The key market drivers include rising disposable income and increase in global defense budgets and space research, which is leading to rapid technological advances in optics that are finding increasing market applications.
“One of the more interesting drivers of the optical instruments and lens manufacturing market is space research,” said Gordon Nameni, BCC Research Senior Editor. “For instance, the Thirty Meter Telescope is being constructed in Hawaii from an investment of $1.4 billion, and the proposed budget for NASA in fiscal year 2019 allocates more than $2 billion for planetary science. Such large investments in space research are expected to increase demand for telescopes, driving the market.”
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Optical Instruments and Lens Manufacturing: Global Markets to 2022( MFG049A )
Publish Date: Mar 2018
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