Collimating Lens Market to Grow at 5.7% CAGR and Projected to Reach US$ 380 Million by 2023

2023 Collimating lens Market Research Report provides a unique tool for evaluating the market, highlighting opportunities, and supporting strategic and tactical decision-making. 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%.

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Major players profiled in this report are as follows:
• LightPathTechnologies, Inc. (US)
• Ocean Optics, Inc. (US)
• INGENERIC GmbH (Germany)
• TRIOPTICSGmbH (Germany)
• AvantesBV (Netherlands)
• Auer Lighting GmbH (Germany)
• IPG Photonics Corporation (US)
• OptikosCorporation (US)
• The OptoelectronicsCo. Ltd (UK)
• Thorlabs, Inc. (US)

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. Growing demand for collimating lenses in various applications and increasing importance of fiber optics collimating lenses provide lucrative opportunities for the players in the collimating lens market. However, high manufacturing cost of a spheric lenses restraint the collimating lens market growth.

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“LED light is expected to hold significant share of collimating lens market during forecast period”
LED light source accounted for the largest share of the collimating lens market in 2017.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. Energy saving, long lifespan, compact volume, high color-rendering index, and environmental benefits are the major advantages of laser- and LED-based collimating lenses over lamp-based collimating lenses.

“Automobile segment is expected to hold significant share of collimating lens market by 2023”
The automobile segment accounted for the largest share of the collimating lens market in 2017.There is an increasing demand for collimating lenses in the automobile segment owing to the increasing adoption of LED headlamps in different types of vehicles. The market for LED headlamps is expanding from high-end vehicle to mid-range vehicles. Hence, increasing penetration of LED headlamps in automobiles provides growth opportunities for the collimating lens market.

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“Market in APAC is likely to grow at highest CAGR during forecast period”
The collimating lens market in APAC is expected to grow at the highest CAGR during the forecast period..APAC is expected to provide ample opportunities to the players in the collimating lens market during the forecast period as all major OEMs have established their manufacturing units in this region. In APAC, the collimating lens market growth is driven by the rising production of automobiles/vehicles. The growing preference for the vehicles equipped with LED headlamps, in turn, boosts the sales and production levels of collimating lenses in this region.

Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 =23%, Tier 2 =35%, and Tier 3 =42%
• By Designation: C-Level Executives =20%, Managers=35%, and Others=45%
• By Region: North America =15%, Europe =30%, APAC =48%, and RoW= 7%

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This release was published on openPR.