April 24, 2024

The global Silicon (Si) Lenses Market driven by increasing demand for optics applications is estimated to be valued at US$ 215.2 Mn in 2023

Silicon lenses offer various advantages over conventional glass or plastic lenses such as their ability to withstand high temperatures, resistance to vibrations, and light weight. They are increasingly being used in a variety of optics applications including mobile cameras, microscopes, binoculars, and telescope and find usage in fields such as healthcare, consumer electronics, industrial inspection, and astronomy. 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 key trends:

One of the key trends in the silicon lenses market is the rising demand for aspherical silicon lenses. Aspherical lenses provide better optical performance than spherical lenses by reducing optical aberrations. They offer advantages such as compact size, lightweight, high resolution, and wide viewing angle. Aspherical silicon lenses find widespread usage in various applications such as microscopy, photolithography, barcode scanners, and digital cameras. Various market players are focusing on developing advanced aspherical silicon lenses to further improve image quality for applications such as bioscience research, industrial metrology, and semiconductor manufacturing. For instance, in 2022, Edmund Optics launched an advanced family of aspherical silicon lenses for machine vision and microscopy applications.

Porter’s Analysis
Threat of new entrants: Low economies of scale in manufacturing and high costs associated with R&D prevent major new entrants in the market.

Bargaining power of buyers: Large number of buyers in the market increases their bargaining power.

Bargaining power of suppliers: Few large manufacturers control majority share of the market increasing their bargaining power over buyers.

Threat of new substitutes: Potential substitute lens types provide low threat due to unique refractive properties of silicon lenses.

Competitive rivalry: Strong competition exists between established players to accelerate innovation and reduce costs.

Key Takeaways
The global Silicon (Si) Lenses market is expected to witness high growth.

Regional analysis: The Silicon (Si) Lenses market in Asia Pacific is expected to grow at the fastest pace during the forecast period. Countries like China, Japan and South Korea are major manufacturing hubs for semiconductors and electronics where silicon lenses are widely used. North America is also expected to hold significant share in the market owing to large presence of camera and microscope manufacturers in the US and Canada.

Key players operating in the Silicon (Si) Lenses market are Edmund Optics, Thorlabs, ISP Optics Corporation, Opto Sigma, JENOPTIK Optical Systems, Sigma Koki Co.,Ltd, Newport Corporation, Lensation GmbH, CFE Optics, Crystal Optech. Edmund Optics and Thorlabs dominate the market with wide range of product portfolio and global footprint across all regions.