According to the research report titled ‘Global Microlens Arrays Market Size study, by Type (Aspherical Microlens Array, Spherical Microlens Array) by Application (Telecommunications and IT, Automotive Industry, Solar Modules, Medical Industry, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global microlens arrays market is expected to register substantial growth during 2020-2027.
 

Inclination towards adopting solar power generation systems have augmented the demand for solar modules, which in turn is a major factor driving the growth of global microlens arrays market.
 

Citing an instance, energynext.in claimed that the number of solar panels on residential rooftop in India increased by 45% in 2017, which then grew by 66% in 2018 and generated over 1655 megawatts power. Similarly, the United States Department of Energy states that the federal government provided 30% tax credit in 2019 which then decreased to 26% in the year 2020.
 

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For those uninitiated, a microlens is compact lens with a diameter of 10 micrometers to one millimeter. The array comprises of multiple lens developed in one or two-dimensional matrix on a substrate and are commonly used for shaping and homogenizing different contemporary light emitters ranging from high power LEDs to line-narrowed excimer lasers. Rising adoption of microlens arrays in 3D imaging is fueling the market expansion.
 

As per type, the market is split into spherical microlens array and aspherical microlens array. Speaking of application spectrum, the industry is bifurcated into medical industry, solar modules, automotive industry, telecommunications & IT, and others.
 

From the regional perspective, North America accounted for a significant share of global microlens arrays market in the past year and is expected to showcase robust growth in the ensuing years. Technological breakthroughs in 3D imaging and display solutions is complementing the business outlook in North America.
 

On the other hand, the report states that Asia-Pacific microlens arrays market is predicted to expand considerably during the forecast period. Rapid expansion of electrical and electronics manufacturing sector is augmenting the regional demand.
 

The major companies formulating the competitive framework of global microlens arrays market are Axetris AG, Holographix LLC, Sumita Optical Glass Inc., Nalux Co. Ltd., Nippon Electric Glass Co. Ltd., LIMO GmbH, Ingeneric GmbH, Jenoptik, RPC Photonics Inc., and Asahi Glass Co. Ltd. among others.