Cinema Lenses Market SWOT Analysis: Is growing continuously in Global Business Industry from 2019- 2027
Technological Advancements and Entry of Electronic Cameras with PL Mounts to Augment Market Growth
Although cinema lenses have not yet attained mainstream popularity as cameras and other equipment gear, cinema lenses have played a key role in revolutionizing modern-day filmmaking. Technological advancements coupled with rapid innovations are the driving forces of the global cinema lenses market and as per the current trajectory of the technological developments, the future of the global cinema lenses market is indicating toward a promising future. Advancements in the lens technology and broadening capabilities of lenses are expected to have a strong impact on the overall growth of the global cinema lenses market during the forecast period.
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The advent of advanced electronic cameras, which utilize PL mounts has also played an imperative role in shaping the growth of the global cinema lenses market over the past few years– a trend that is projected to continue due to the progress in the sensor technology. In addition, the entry of cost-effective, high performing, and compact cinema lenses is another factor that is projected to provide a considerable boost to the growth of the global cinema lenses market during the assessment period. At present, market players are highly focused on launching new variants of cinema lenses to gain an edge in the current market landscape.
At the back of these factors, along with the booming entertainment industry around the world, the global cinema lenses market is likely to attain a market value of US$ 4.4 Bn by the end of 2030.
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Growing Demand for Full Frame Cinema Lenses to Boost Market
As the lens technology continues to progress at a rapid pace, the consumer demand for improved quality of graphics, animations, videos, and imagery has also evolved at a consistent pace. With considerable advancements in camera sensors and expanding applications of different types of sensors, fast-paced innovations are underway across the global cinema lenses market– a factor that is expected to play an important role in providing a boost to the market growth.
In recent years, the demand for full frame cinema lenses has witnessed a noteworthy growth due to which, the global cinema lenses market has received a considerable boost. The demand for full frame lens, particularly for utilization in APS-C cameras is a major factor that is projected to propel the expansion of the market for cinema lenses. In addition, the growing demand for full-frame lens mainly for sports and wildlife photography is likely to aid market growth during the assessment period.
Market Players Focus on Launching New Products to Gain Advantage
The global cinema lenses market is highly competitive due to the presence of an array of leading lens manufacturers in different regions of the world. In their bid to improve their position in the market and increase their consumer base, several players operating in the current market landscape are highly inclined toward launching new products with improved functional requirements. For instance, in April 2019, Fujifilm launched the zoom cinema senses– the “Premista” Series. The new product development was largely driven by the benefits of large format sensors that are increasingly being used in an array of cinema cameras. The move to launch the new product was largely driven by augmenting demand for filmmaking equipment that have the capacity to deliver rich and bokeh gradation with HDR. In addition, the growing demand for high-performance zoom lenses is another factor that is leading to the entry of a number of cinema lenses in the current market landscape. In September 2019, Sony unveiled that the company is on course to launching a new 16-35 mm cinema lens in 2020 to facilitate different shooting styles and evolving industrial applications.
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Demand for Cinema Lenses to Decline amid COVID-19 Pandemic
The COVID-19 pandemic is expected to have a negative impact on the overall growth of the global cinema lenses market in 2020. As the number of coronavirus cases around the world continue to skyrocket, restrictions on movement, along with stringent lockdown measures have stalled filmmaking activities across several regions of the world. In addition, due to the growing economic burden on several stakeholders across the cinema lenses market value chain, the demand for new cinema lenses is projected to decline during in 2020 due the ongoing pandemic. While innovations and product launches are expected to slow down amid the pandemic, the market is likely to show signs of recovery during the last quarter of 2020.
Analysts’ Viewpoint
The global cinema lenses market is expected to grow at a sluggish CAGR of ~3% during the assessment period. The market growth is driven by a host of factors, including advancements in sensor technology, optical imagery, high demand for high-performance filmmaking equipment, advent of HDR, and periodic rollouts of new products. Market players should focus on launching new products in tandem with the industrial demand and widening applications of cinema lenses. The growing demand for full-frame cinema lenses is projected to play an imperative role in boosting the overall growth of the cinema lenses market during the assessment period.
Cinema Lenses Market: Overview
- According to Transparency Market Research’s latest research report on the global cinema lenses market for the historical period 2014–2018 and the forecast period 2020–2030, increase in small and medium cinema production firms and rising demand for upgraded version of cinema lenses are the factors expected to boost the global cinema lenses market during the forecast period
- In terms of revenue, the cinema lenses market is estimated to reach value of US$ 4.4 Bn by 2030, expanding at a CAGR of ~3% during the forecast period
Increase in Small and Medium Cinema Production Firms: A Key Driver
- Rising demand from the film industry to produce more films due to consumer demand creates new opportunities for film production companies
- Production units have to buy new facility for their film studios to meet this rising demand. This will help to create more demand for various components of film production units.
- Professional filmmaking units require equipment, including cameras, lighting systems, and sound systems for film production
- Thus, increasing number of films being produced and also the number of film production units is expected to drive cinematic camera usage, and this is projected to spur the growth of the cinema lenses market during the forecast period
Introduction of New Full-frame Lenses: Latest Market Trend
- The current trend in the film industry is full-frame (FF) digital cinema
- With technological advancements, several manufacturers are developing full-frame cameras to fulfill industry needs. Sony has developed the most popular FF camera variant a7. Moreover, many companies such as Canon and EOS are developing these cameras with 4K resolution, which requires robust cinema lens quality.
- In order to meet the demand for full-frame cameras, various full-frame lens companies are enhancing their production in the market. Hence, many companies making only lenses are entering the FF lenses market. Such companies include Sigma, Tokina, Angénieux, Zeiss, Leica, and Canon.
High Capital Investment for Cinema Lenses: Major Challenge
- Cinema lenses used by professional photographers are very expensive, making it difficult for new photographers or startup firms to invest in the initial phase
- High-end quality pictures require lenses with high resolution and suitable focal length, which are available in the market at steep prices. Thus, initial investment is high for any start up photographer, leading to most photographers arranging the same on a rental basis.
- Thus, high initial investments in cinema lenses are projected to have a moderately negative impact on the global cinema lenses market during the forecast period
Cinema Lenses Market: Competition Landscape
- Detailed profiles of providers of cinema lenses have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global cinema lenses market are
- Adorama Camera, Inc.
- ARRI AG
- Canon Inc.
- Carl-Zeiss AG
- Cooke Optics Ltd.
- Fujinon Corporation
- Leica Camera AG
- Samyang Optics Company Limited
- Schneider Optics Inc.
- SIGMA Corporation
- Sony Corporation
Cinema Lenses Market: Key Developments
- Key providers of cinema lenses, such as ARRI AG, Canon Inc., Carl-Zeiss AG, Cooke Optics Ltd., Fujinon Corporation, and Leica Camera AG are focusing on manufacturing cost-effective cinema lenses so as to attract more customers. Some other key developments in the global cinema lenses market are highlighted below:
- In May 2020, Sony Semiconductor Solutions (Sony) and Microsoft Corp. (Microsoft) announced plans to create solutions that make AI-powered smart cameras and video analytics easier to serve their customers
- In January 2020, Leica Camera AG and Insta360 announced a strategic partnership that brought more innovation and added capability in terms of quality to action camera and 360 degree camera spaces
- In November 2019, Canon Inc. was awarded a five-star rating from China Environmental United Certification Center (CEC) under the Green Supply Chain Rating Certification scheme
- In the global cinema lenses market report, we have discussed individual strategies, followed by company profiles of providers of cinema lenses systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global cinema lenses market.
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