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. Energy saving, long lifespan, compact volume, high color-rendering index, and environmental benefits are the major advantages of the laser- and LED-based collimating lenses over lamp-based collimating lenses. 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.
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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. Therefore, lenses having a higher index of refraction can bend light more efficiently. Also, lenses with higher refractive indices are thinner than lenses of the same power made with the materials of lower refractive indices, which helps in the growth of the market for glass collimating lenses.
APAC to dominate collimating lens market during forecast period
The collimating lens market in APAC is expected to grow at the highest CAGR during the forecast period. The rise in disposable income in APAC countries has led to an increase in the demand for vehicles, which, in turn, has surged the collimating lens market growth in this region. Also, the increase in automotive production is driving the growth of the collimating lens market in APAC. The growing preference for the vehicles equipped with LED headlamps, in turn, boosts the sales and production levels of collimating lenses in this region.
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.
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