Silicon (Si) Lenses Market Propelled by Advancements In Microelectronics
Silicon (Si) lenses are made of silicon materials and widely used in microelectronic devices, wearable devices and digital cameras owing to their small size, light weight and high performance. Silicon lenses offer various advantages including higher index of refraction, lower dispersion and thermal expansion rate than regular plastic lenses. The growing demand for high-resolution digital cameras, smartphones and growing need for lightweight portable devices has boosted the adoption of silicon lenses.
The global Silicon (Si) Lenses Market is estimated to be valued at US$ 215.2 million 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:
Advancements in microelectronics is one of the major trends spurring the growth of the silicon lenses market. Silicon lenses are increasingly being used in miniature imaging systems as they offer ultra-high image resolution and wide fields of view which helps in developing compact refractive camera modules for emerging applications like mobile devices, AR/VR headsets and portable medical devices. Silicon’s high index of refraction also enables more compact optical designs. Continuous research and development in micro-optics is enabling various innovations in silicon lens fabrication which is contributing towards miniaturization of electronic devices.
SWOT Analysis
Strength: Silicon (Si) lenses provide high thermal stability and durability. They have high mechanical strength and resist breakage.
Weakness: Si lenses have lower light transmission compared to standard glass lenses. They cannot be molded as easily as plastic.
Opportunity: Growing demand for miniaturization of optical components is driving the need for Si lenses in various industries like healthcare, consumer electronics, automotive etc.
Threats: Stiff competition from existing lens manufacturers. Fluctuations in raw material prices can impact the cost of Si lenses.
Key Takeaways
The global silicon (Si) lenses market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 215.2 Mn by 2024, growing at an estimated CAGR of 7.5% during the forecast period.
Regional analysis reveals that Asia Pacific region currently dominates the global Si lenses market with over 35% market share in 2023. Rapid urbanization and growing consumer electronics industry in China, India, Japan and other Asian countries is majorly driving the demand for Si lenses in Asia Pacific. North America region is expected to grow at the fastest rate during the forecast period owing to increased R&D spending in the US and Canada.
Key players operating in the silicon (Si) lenses market are Edmund Optics, Thorlabs, ISP Optics Corporation, Olympus, OptoSigma, California Optical Systems etc. These players are focusing on new product development and innovations to cater to diverse industry applications. For instance, Edmund Optics launched new achromatic doublet lenses made of Si for telecom and life sciences applications in 2020.
