Collimating Lens Market estimated to be worth $380 million by 2023

(IT-NEWSWIRE.COM, November 19, 2021 ) According to the new research report "Collimating Lens Market by Light Source (LED and Laser), Material (Glass and Plastic), End Use (Automobile, Medical, LiDAR, Light and Display Measurement, and spectrometer), Wavelength, and Geography - Global Forecast to 2023", the collimating lens market is expected to grow from USD 289 million in 2018 to USD 380 million by 2023, at a CAGR of 5.7%. The growth of this market is mainly driven by several factors, such as advantages of collimating lenses in various applications and benefits of using aspheric lenses over traditional spherical lenses in optics systems.

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LED light source to hold largest share of collimating lens market by 2023

LED light source is expected to hold the largest share of the collimating lens market by 2023. The solid-state lighting based on light-emitting diodes (LEDs) is the most efficient source of the white light of high color quality. The use of LED lighting systems can lead to 5 times lesser energy consumption than that of collimating lens systems in which conventional fluorescent lamps are used. Increase in demand for led headlamp in automobile to drive the growth of led collimating lens market

Collimating lens market for glass material to grow at highest CAGR from 2018 to 2023

The refractive index of glass ranges from 1.5 to 1.9, while it ranges from 1.5 to 1.74 for plastics. Glass materials have high refractive index ranges with greater density than plastic materials. Glass collimating lenses operate over a much broader temperature and humidity range without performance degradation due to which these lenses are often used in applications such as laser printers, optical disc storage devices, and optical communications systems.

Rising demand for collimating lenses from various end use applications to boost the market growth in APAC during forecast period

The collimating lens market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the leading market for collimating lenses for automobile and LIDAR applications, with the major demand driven by countries such as China and India. APAC is expected to provide ample opportunities to the collimating lens market growth during the forecast period as all major OEMs have established their manufacturing units in this region. The growing preference for the vehicles equipped with LED headlamps, in turn, boosts the sales and production levels of collimating lenses in this region

Key players in the market include

LightPath Technologies, Inc. (US), Ocean Optics, Inc. (US), INGENERIC GmbH (Germany), TRIOPTICS GmbH (Germany), Avantes BV (Netherlands), Auer Lighting GmbH (Germany), IPG Photonics Corporation (US), Optikos Corporation (US), The Optoelectronics Co. Ltd. (UK), and Thorlabs, Inc. (US) are a few major players in the collimating lens market. These players are increasingly undertaking product launches & developments; agreement, and contracts; expansion; and acquisitions to develop and introduce new technologies in the market.

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Collimating Lens Market estimated to be worth $380 million by 2023