Global Collimating Lens Market is projected to grow at a CAGR of 5.77% during the forecast period: MRFR

Market Research Future (MRFR) has published a cooked research report on the global Collimating Lens Market that contains the information from 2023 to 2032.

Collimating Lens Market Highlights

The Collimating Lens Market is predicted to reach USD 475.2 million by 2032, registering a 5.77% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. In a variety of applications, spherical aberrations are removed using aspheric lenses. Compared to conventional spherical lenses, these lenses' distinctive shape enables them to provide higher optical performance and image quality. A single radius of curvature defines the surface in conventional spherical manufacture. Large tools that can work on the entire surface can be used to grind and polish the curvature of the surface. Aspheric lenses are frequently employed when a component must collimate or focus light. In high-power industrial fibre and direct diode laser systems, aspherical surfaces on collimating and focusing lenses perform better than conventional spherical surfaces.

In June 2022, Ocean Insights expanded its Rochester, N.Y facility. The company is doubling its engineering, production, and support facility. The new facility will focus on developing a spectral system for industries, including consumer electronics. The new 13,528-square-foot facility will expand the company's production capabilities and strengthen its photonics product and application expertise portfolio. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Segmental Analysis

The scope of the global Collimating Lens market has been segmented based on source type, material, wavelength, and end user.

Based on type, the global Collimating Lens market is segmented into LED, laser, xenon lamp, infrared light, RGB. The laser segment is expected to exhibit the fastest CAGR during the projected period.

Based on material, the global Collimating Lens market is segmented into molded glass, molded plastic, others. The molded glass segment will experience the highest CAGR.

Based on wavelength, the global Collimating Lens market is segmented into Less Than-1000 Nm, 1001-1500 Nm, 1501-2000 Nm, 2001Nm. Less Than-1000 Nm is expected to exhibit the fastest CAGR during the projected period.

Based on end user the global Collimating Lens market is segmented into automobile, medical, lidar, light and display measurement, spectroscopy, interferometry, others. The light and display measurement segment is expected to grow at the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global Collimating Lens market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia-Pacific accounted for the largest share of revenue in 2022. The growing demand for consumer electronics products and the readily available, reasonably priced raw materials for electronic producers are crucial for the market's expansion. Due to several market participants, significant expenditures in cutting-edge lighting solutions, and possible government initiatives to adopt light-emitting diodes, Taiwan, Japan, Singapore, and India are also the major contributors to the regional market growth of collimating lense.

It is expected that the North America region will exhibit the fastest CAGR during the forecast period. The factor driving the growth in the region is rising demand for LED lighting systems in several industrial applications. LED lighting systems are used in many industrial applications such as streetlights, parking garage lighting, walkway, and another outdoor area lighting, refrigerated case lighting, modular lighting, and task lighting.

Key Players

The key players in the global Collimating Lens market are Ocean Optics, Inc. (US), Trioptics GmbH (Germany), Auer Lighting GmbH (Germany), LightPath Technologies, Inc. (US), IPG Photonics Corporation (US), Avantes BV (The Netherlands), Ingeneric GmbH (Germany), Thorlabs, Inc. (US), Optikos Corporation (US), and The Optoelectronics Co. Ltd. (UK) and other.