by Silicon (Si) lenses are optical lenses made from monocrystalline silicon. They offer several advantages over conventional glass lenses such as higher transparency in near-infrared wavelengths, lower weight, and resistance to corrosion and scratching. Silicon lenses find major applications in cameras for smartphones, autonomous vehicles, augmented and virtual reality devices, infrared cameras, and semiconductor inspection systems. The increasing adoption of augmented reality and virtual reality technologies across various industries is expected to drive the demand for silicon lenses in the coming years. For instance, the augmented reality market size was valued at USD 9.6 billion in 2022 and is projected to reach USD 192.7 billion by 2030, registering a CAGR of 42.8% from 2023 to 2030.
The global silicon (Si) lenses market is estimated to be valued at US$ 215.2 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising adoption of augmented and virtual reality technologies across industries such as healthcare, education, retail, manufacturing, and gaming is a major driver of the silicon lenses market. AR and VR devices require lightweight and high-quality lenses to provide an immersive experience to users. Silicon lenses fulfill these requirements better than conventional lenses, thereby fueling their demand. Additionally, the growing popularity of smartphones with advanced camera capabilities is propelling the need for high-performance lenses. Silicon lenses allow smartphone cameras to capture clearer images with improved optical characteristics especially in low-light conditions. The unique properties of silicon such as high strength, resilience to extreme temperatures, and precise molding also support the use of silicon lenses in other applications such as automotive LiDAR systems, thermal imaging, and biomedical devices.
Segment Analysis
The silicon (Si) lenses market is segmented by application into biomedical, industrial, and consumer electronics. The biomedical segment dominates the silicon (Si) lenses market currently owing to widespread usage of Si lenses in medical devices such as endoscopes, intraocular lenses, and microscopes due to properties like high transparency, high precision, and biocompatibility.
PEST Analysis
Political: There are no significant political factors impacting the silicon (Si) lenses market currently. Economic: The growth of the overall semiconductor market and increasing demand for consumer electronics is having a positive impact on the silicon (Si) lenses market growth. Social: Increasing healthcare expenditure and growing population with eye-related disorders are fueling the demand for biomedical applications of silicon (Si) lenses. Technological: Advancements in nanofabrication techniques are enabling the design and manufacturing of silicon (Si) lenses with higher precision and new functionalities meeting the evolving technological needs.
Key Takeaways
The global silicon (Si) lenses market is expected to witness high growth during the forecast period of 2023 to 2030. Regionally, North America dominates the silicon (Si) lenses market currently owing to strong presence of semiconductor and healthcare industry in the region.
Key players operating in the silicon (Si) lenses market are Edmund Optics, Thorlabs, ISP Optics Corporation, II-VI Incorporated, Precision Optical Inc., CVI Laser Optics, Newport Corporation, LightPath Technologies, Sydor Optics, Janos Technology LLC, Reynard Corporation, Shanghai Optics Inc., Knight Optical, Rocky Mountain Instrument Co., Shanghai Optics Technology Co., Ltd.
Key players operating in the silicon (Si) lenses market are focusing on new product launches. For instance, in 2021, Edmund Optics launched new silicon aspheric lens and doublet lens products expanding its silicon lenses portfolio. Similarly, Thorlabs launched new aspherical and biomedical grade silicon lenses.
