Collimating Lens Market

Collimating Lens Market Outlook (2022 to 2032)

Global Collimating Lens Market sales totaled a valuation of US$ 341 million in 2021. Over the next ten years, global demand for collimating lenses is set to rise at 4.9% CAGR. The global collimating lens market size will increase from US$ 360.0 million in 2022 to US$ 580 million by 2032.

Automobile sector is likely to remain the leading end user of collimating lenses. As per the latest report, collimating lens demand in the automotive sector will rise at 4.6% CAGR from 2022 to 2032.

Key Growth Shaping Factors:

• Escalating demand for high-end microscopy systems will boost collimating lens sales
• Rising importance of fiber optics collimating lenses is fuelling market expansion
• High adoption of LEDs will augment collimating lens demand
• Growing popularity of collimating lenses for display measurement will foster market development
• Integration of collimating lenses in modern vehicles will bolster sales
• Increasing usage of spectrometers is likely to create growth prospects for the market
• Growing awareness about the benefits of aspheric lenses over conventional lenses will support market expansion
• Introduction of economical custom-design collimating lenses will trigger sales

Optical lenses used for producing parallel rays of light are called collimating lenses. These lenses narrow a beam of particles or waves. They have the ability to align or parallel the light rays falling on them.

Collimating lenses are generally made from materials such as glass and plastic. They can be attached directly to measurement devices or testing equipment.

Collimating lenses are attached to spectrometers, colorimeters, and other devices to ensure that any light entering the instrument remains parallel. They allow users to control the field of view and spatial resolution of their setups.

Rising usage of collimating lenses for display measurement applications is forecast to boost the global market. For measuring displays in terms of flicker, color analysis, response time, white point adjustment, etc, collimating lenses are quite useful.

Another factor driving the market is the rising adoption of collimating lenses in lighting measurement applications. This includes measurement of surfaces of light sources such as OLED panels.

Various production processes that depend on spectral transmission data analysis of translucent materials use collimating lenses.

Integration of collimating lenses into spectrometers, laser illumination systems, sensor testing equipment, fiber coupler, and beam expander systems coupled with high adoption of these devices will boost the market.

Growing demand for advanced medical devices that use collimating lenses will stimulate market development.

Besides this, development of novel products that use collimating lenses will create new growth prospects. Various companies are launching new measuring solutions to meet end user demand.

For instance, in August 2022, the Enhanced Micro spectrometer was launched by Ocean Insights. It uses a collimating lens. It is available in visible (350-810 nm), UV (185-650 nm), and shortwave NIR (645-1085 nm) wavelengths. Development and usage of such products will uplift market development.

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2017 to 2021 Collimating Lens Sales Outlook Compared to Demand Forecast from 2022 to 2032

Global collimating lens sales revenue increased at around 5.8% CAGR from 2017 to 2021. For the next ten years, the worldwide market will expand at 4.9% CAGR, creating an absolute $ opportunity of US$ 220 million.

Burgeoning demand for collimating lenses from automobile, healthcare, and other industries is driving the global market.

Rising popularity of fiber optics collimating lenses, which offer multiple options for various industries including automotive, medical, power generation, manufacturing, and aerospace, will boost the Collimating Lens Industry.

Rapid technical improvements in high-end microscope systems and other non-imaging optics solutions for enhanced display measurement in spectrometers, colorimeters, and LED lighting systems will elevate collimating lens demand.

The fast evolution of optical technology and advancements in the manufacture of LED lights are likely to spur market growth.

Further, expanding research and development expenditures to target further growth prospects, such as lower energy consumption, extended lifespan, and high color-rendering index will bode well for the market.

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Which Factors Will Propel Demand for Collimating Lenses?

Key factors that are increasing demand for collimating lenses include the rising usage of LEDs and the increasing demand for high-quality optics.

Collimating lenses are widely employed in medical devices such as lasers, endoscopes, and other forms of medical imaging. As the healthcare market expands, so does the need for these devices. This in turn will propel collimating lens demand.

LED lighting is increasingly being used in a variety of applications. This includes vehicle illumination, street lighting, and architectural lighting. Collimating lenses concentrate and shape the light generated by LED lights, increasing their efficiency and efficacy.

Collimating lenses are a crucial component of augmented reality and virtual reality technologies. As these technologies become more common and advanced, demand for collimating lenses is projected to rise.

Collimating lenses are utilized in a variety of aerospace and defense applications. This includes targeting systems, night vision equipment, and surveillance cameras. With expansion of these sectors, sales of collimating lenses will rise dramatically.

The need for high-quality optics is increasing, particularly in applications such as microscopy, astronomy, and spectroscopy. This will create lucrative opportunities for collimating lens manufacturers.

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Which are the Factors Limiting Expansion of the Collimating Lens Industry?

The factors restraining the market of collimating lenses are the high cost of collimating lenses and the difficulty in manufacturing.

Collimating lenses are costly, particularly if they are designed for specialized uses. This hefty price tag prevents certain prospective buyers from purchasing collimating lenses.

While collimating lenses are required in various applications, alternative technologies such as diffractive optics and holographic optics can be employed in other circumstances as replacements. As a result, the need for collimating lenses in certain applications is limited.

Collimating lenses serve unique purposes and are not as widely used as other optical components such as lenses and mirrors. As a result, their entire market potential is limited.

Collimating lens production is quite difficult owing to their complicated designs and high accuracy requirements. Longer lead times, higher manufacturing costs, and limited production numbers will limit market expansion.

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Country-wise Insights:

Will China Continue to Dominate the Global Collimating Lens Industry?

China collimating lens market is set to a witness positive growth trajectory during the forecast period. Latest figures reveal that China will retain its dominance over the global collimating industry. This is due to high usage of collimating lenses across thriving automotive sector.

The market for collimating lenses in China grew at a CAGR of 7.8% from 2017 to 2021. For the next decade, collimating lens sales in China are likely to surge at 6.3% CAGR. By 2032, China market value is set to reach US$ 151.7 million.

Advances in spectroscopy and high adoption of LiDAR technology will boost collimating lens sales in China. Further, large presence of leading collimating lens manufacturers in China will support market expansion.

How is Japan Collimating Lens Market Shaping?

Collimating lens demand in Japan increased at 6.8% CAGR from 2017 to 2021. Between 2022 and 2032, sales in Japan will thrive at a CAGR of 5.1%. By the end of 2032, Japan market will hit a valuation of US$ 102.1 million.

Increasing adoption of collimating lenses in various medical devices such as endoscopes and medical imaging will boost Japan market.

Similarly, growing usage of LED lighting in a wide variety of applications will generate high demand for collimating lenses in Japan.

Category-wise Insights:

Which Light Source Will Dominate the Market?

Based on light source, the market is segmented into LED and laser. As per Persistence Market Research, LED segment will lead the market through 2032. It will generate lucrative revenue-generation opportunities for collimating lens manufacturers.

Growing applications of LEDs in healthcare, automobile, and other sectors will boost growth of the target segment. Similarly, rising popularity of hybrid LED collimator lenses will generate revenues for the market.

The LED light source segment grew at around 5.6% CAGR between 2017 and 2021. Over the projection period, it will exhibit a CAGR of 4.8%.

Who is the Leading End User of Collimating Lenses?

According to the latest report, automotive industry will remain the leading end user of collimating lenses. Between 2017 and 2021, collimating lens demand from automotive sector grew at 5.3% CAGR. Over the next few years, automotive segment will progress at a CAGR of 4.6%.

Auto makers are constantly striving to differentiate their automobiles from rivals to make their goods stand out. They are implementing advanced lighting technologies such as LED and laser to differentiate their products from the competition, which helps boost the market.

Competitive Landscape:

Key collimating lens manufacturers are expanding their portfolios to enter other emerging markets. They are also forming partnerships, alliances, and collaborations to improve their revenue share.

Recent Developments:

• In October 2021, LightPath Technologies extended its capabilities with freeform optics solutions to enter the AR and VR markets. LightPath's patented molding method allows the company to mass manufacture molded freeform optics rather than creating optical elements separately as is currently done. By allowing for more complicated surface profiles that can enable beam shaping, high-precision optical components with freeform surfaces can provide the ideal solution in many high-performance optical applications.
• In March 2022, LightPath's freeform optics were chosen by Attollo Engineering for use in its LiDAR products. Attollo's Laser Rangefinder and LiDAR solutions offer quick measurement with great accuracy and precision in a small size. These sensors, which are often employed with fast-moving drones and unmanned aerial vehicles (UAVs), provide on-the-fly distance measurements and obstacle identification, giving trustworthy data for autonomous drone systems.

Scope of the Report:

Collimating Lens Market Segmentation:

By Light Source:

• LED
• Laser

By End Use:

• Healthcare
• LiDAR
• Automobile
• Light and Display Measurement
• Spectroscopy
• Interferometry

By Material:

• Glass
• Plastic

By Wavelength:

• Less than 1000 nm
• 1000nm to 1500 nm
• 1500nm to 2000 nm
• Greater than 2000 nm

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa