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.
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.
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.
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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.