New York, March 30, 2023 (GLOBE NEWSWIRE) -- The global Collimating Lens Market value reached US$ 360.0 million in 2022. Sales in the global market are set to soar at 4.9% CAGR from 2022 to 2032. By the end of 2032, total market size will reach US$ 580 million.
Automotive industry leads from the forefront in incorporating collimating lens technology Most of the collimating lens demand is set to emerge from automobile industry. As per Persistence Market Research, automotive segment will progress at 4.6% from 2023 to 2032.
Growing usage of collimating lenses in automotive, medical devices, LiDAR, light and display measurement, spectroscopy, and interferometry is driving the global market.
Rising popularity of fiber optics collimating lenses across various industries will boost sales. Similarly, ongoing technological advancements in high-end microscope systems will fuel collimating lens demand.
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Furthermore, high adoption of LED lights and increasing usage of LiDAR technology are likely to boost the global collimating lens industry. Another key factor that will bolster collimating lens sales is the rising usage of spectrometers.
Key Takeaways from Collimating Lens Market Report:
- Global collimating lens demand is set to increase at 4.9% CAGR during the forecast period.
- By light source, LED segment will expand at 4.8% CAGR through 2032.
- By end use, automotive segment is forecast to progress at 4.6% CAGR.
- Expanding at 3.7% CAGR, the USA collimating lens market size will reach US$ 83.4 million by 2032.
- Collimating lens sales in China are likely to rise at 6.3% CAGR over the next ten years.
- Korea collimating lens market will thrive at 5.3% CAGR between 2022 and 2032.
- Japan collimating lens industry is forecast to exhibit a CAGR of 5.1% over the next ten years.
“Rising adoption of LED lighting and usage of collimating lenses in medical devices will boost the market. Hence, key manufacturers are expanding their portfolios to improve revenues.” Says a Persistence Market Research analyst.
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Who is Winning?
The Optoelectronics Co. Ltd., Ocean Optics, Ingeneric GmbH, Lightpath Technologies Inc., Trioptics GmbH, Avantes Bv, Auer Lighting GmbH, IPG Photonics Corporation, Optikos Corporation, Axetris AG, and Thorlabs Inc. are key manufacturers of collimating lenses profiled in the report.
These players are embracing strategies such as partnerships, mergers, acquisitions, and new product launches to solidify their position in the market.
More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the collimating lens market, presenting historical market data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
The study reveals extensive growth in the collimating lens market based on
- Light source (LED and laser),
- Material (glass and plastic),
- Wavelength (less than 1000 nm, 1000 nm to1500 nm, 1500 nm to 2000 nm, and greater than 2000 nm)
- End use (automobile, medical, LiDAR, light and display measurement, spectroscopy, and interferometry)
- across several regions.
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About the Semiconductor and Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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