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The market for AR and VR lens is booming, powered by the proliferating gaming industry and the fast-expanding internet penetration. Interactive and innovative experiences across industries demand latest AR and VR technologies that offer realistic images, sound, and other sensory capabilities, bridging the gap between the virtual and real worlds. With the growing pace of innovation, the use-cases of these revolutionary technologies continue to expand.
Applications of AR and VR lens are endless. In gaming, these technologies are enabling enhanced physical experience for users. In the world of entertainment and digital streaming, AR and VR-based technologies are helping boost deeper engagement between digital content and viewers. The aerospace sector is utilizing these technologies to improve production and maintenance of aircraft. For automakers, AR and VR are helping cut down the time between prototyping and physical development. In healthcare, their adoption is rising as the adoption of robots for critical surgical procedures surges. Retail, ecommerce, and online shopping make use of AR and VR to improve brand interactions for consumers in a virtual environment.
The global AR and VR lens industry could be worth USD 756.3 million by 2026 at 14.7% CAGR during 2021-2027. The market was worth USD 297 million in 2019.
The Top 5 AR and VR Lens Makers
1. Sunny Optical Technology
Sunny Optical Technology, which is also popular as Sunny Optical or just Sunny, is a prominent producer of digital lenses. Based in China’s Zhejiang Province, the company designs, manufactures, and sells optical solutions, including camera modules, lens modules, microscopic instruments, photoelectric vision solutions, and other technologies. Sunny is a leading supplier to popular Chinese smartphone makers, including Huawei, Vivo, and Oppo.
2. Carl Zeiss AG
Germany’s Carl Zeiss AG is one of the largest producers of optoelectronics and optical solutions in the world. Founded in Jena, Germany, the company has presence across more than 50 countries, with nearly 25 development sites and 30 production sites. Reportedly, Carl Zeiss is among the oldest manufacturers of optoelectronics across the world.
3. Goertek
Goertek is a Chinese company that specializes in microelectronics, optics, acoustics, and enclosure parts. The company is one of the world leaders in AR, VR, hearables, wearables, and other digital-era hardware. Located in Qingdao, the company has presence in the U.S., Japan, Europe, South Korea, and Chinese regions of Shanghai, Nanjing, Beijing, and Shenzhen.
In July 2020, Goertek announced it aims to boost the production of ARVR devices to more than 3.5 million units per year. The company also announced that it will accelerate the output of module products and precision optical lenses by 5 million units per year.
4. Deep Optics Ltd.
Deep Optics Ltd. is an Israel-based startup and developer of innovative electronic lenses. With continuous innovation in this space, the company aims to transform the vision correction world by introducing advanced adaptive eye glasses. Deep Optics produces lenses based on liquid-crystal technology that helps address the increasing need for dynamics vision correction. It allows presbyopia patients and people with other eyesight problems to visualize the world seamlessly and naturally.
5. Radiant Vision Systems
Redmond, Washington-based Radiant Vision Systems is a leader in engineering advanced imaging solutions that help to critically evaluate color, light, surface quality, and manufacturing integrity of device assemblies and illuminated displays. The company has robust experience and know-how with thousands of cameras and millions of devices tested globally. Radiant Vision Systems has strategic offices in Michigan, California, South Korea, China, and Vietnam.
COVID-19 Impacts on the Market of AR and VR Lens
The adoption of AR and VR devices went up during COVID-19 times as people sought more interactive experiences while they quarantined at home. Amid strict stay-at-home orders, a rapid rise in the adoption of AR and VR technologies was observed for education, gaming, digital streaming, and other purposes. While several industries experienced massive setbacks, constant consumer attraction toward the latest consumer tech continued to create new opportunities. However, key market players faced certain roadblocks, including components shortages, supply chain hurdles, and others.
Future of AR and VR Lens Industry
The future of ARVR tech certainly looks bright, with a promising application outlook across new use-cases emerging continuously. The popularity of these solutions has skyrocketed at an unprecedented rate in recent years and will continue to gain consumer attention in the future. The market of AR and VR lens is poised for some exciting new trends and developments in the years to come, stoked by changing consumer behavior and growing anticipation of novel ARVR tech.