Lenses continue to evolve in order to be able to accommodate the changing needs of imaging systems for a variety of applications and use cases, with consumer electronics driving demand for video capture. Other important markets include automotive, medical, security and manufacturing, with sensors being developed in different sizes and designs.
This demand is driving growth in the lens market, according to the latest figures from market intelligence and advisory firm, Mordor Intelligence, which cited the value of the global camera lens market at $4.28bn in 2020. This is expected to reach $6.19bn by 2026, registering a compound annual growth rate of 6.5 per cent during the forecast period (2021 to 2026).
Read the full article at Imaging and Machine Vision Europe.