The Collimating Lens Market size is forecast to reach $452 million by 2026, growing at a CAGR of 5.6% in the period 2021-2026. Collimating lenses are designed for performing various applications such as LiDAR, spectroscopy, industrial radiography, light & display measurement. In addition, Collimating lenses offer greater advantages, such as high spatial resolution, minimize energy loss, and other, specifically in fiber optics system. The rise in the demand for Collimating Lens is due to the growing popularity of fiber optics collimating lenses, which offers several possibilities for various industry verticals, including automotive, medical, power generation, manufacturing and aerospace, thereby, influence the growth of the Collimating Lens Industry. In fact, rapid technological advancements in high-end microscopy systems, and other array of solutions, such as nonimaging optics solution for superior display measurement in spectrometers, colorimeters and LED lighting systems, are analyzed to drive the market positively. Furthermore, the rapid advancement in optical technology, developments in the manufacturing of LED lamps and rising research and development investments to aim other growth opportunities, such as lesser energy consumption, long lifespan, high color-rendering index as well as promoting increasing usage of lenses in automobiles are some of the factors, which are estimated to boost the growth of the global Collimating Lens Market.
Collimating Lens Market Segment Analysis – By Light Source
By Light Source, the Collimating Lens Market is segmented into LED, Laser and Others. The LED light source is estimated to hold the highest share and grow at the highest CAGR of 12.8% during the forecast period 2021-2026, owing to the growing demand of LED lights across various commercial lighting sectors for high-brightness and low power consumption at affordable price. In December 2020, Ultra Beam Lighting launched a string of new lighting products. This new LED light product ranges are specifically wall mounted reading lights, which are brighter as well as energy efficient. LED light is a very energy-saving technology as compared to other traditional or regular light solutions, and thus, an increasing number of users prefers LED lighting products that consume minimum electricity. Hence, the significant increase in the use of LED lights among diversified end-users is witnessed to contribute to the growth of the Collimating Lens Market.
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Collimating Lens Market Segment Analysis – By Industry Verticals
By Industry Verticals, the Collimating Lens Market is segmented into Aerospace and Defense, Medical and Healthcare, Chemical, Automotive & Transportation, General Manufacturing, Consumer Electronics and others. Automotive & Transportation held the highest share and will grow at the highest CAGR of 6.2% during the forecast period 2021-2026. The leading automotive manufacturers are investing upon various advanced lighting solutions to integrate high-quality LED lights for vehicle headlights, thereby accelerating the demand of the Collimating Lens Market. In December 2020, Polestar launched advanced lighting technology, known as Pixel LED headlights to the compact premium electric vehicle segment, which offers exceptional forward lighting performance. Hence, the growing prominence of new lighting technologies and emergence of major lighting components that offer durable design architecture are estimated to accelerate the growth of the Collimating Lens Market.
Collimating Lens Market Segment Analysis – By Geography
Asia Pacific is analyzed to be the major region in Collimating Lens Market, and grow at a CAGR of 7.3% in the forecast period, owing to the rising demand of consumer electronics devices and easy affordable raw materials for electronic manufacturers that play a pivotal role for the market growth. In addition, Taiwan, Japan, Singapore and India are the key contributors to the regional market growth of Collimating Lens owing to the presence of a large number of market players, enormous investments for ultra-modern lighting solutions and potential government initiatives for adopting light-emitting diodes. In January 2020, Opple, a Shanghai-based company and a global leader in LED lighting launched a new line of products in the domestic electronics market in India, with an aim to strengthen its regional presence. The new line of products comprises two major launches, and they are EcoMax COB Spotlight and Smart Bulb. Thus,
Collimating Lens Market Drivers
Growing popularity of Smart lighting
The emergence of integrated lighting solutions to denote various lighting intelligence control systems is estimated to drive the Collimating Lens Market. In order to develop improved energy-efficient standards, the smart lighting products are rapidly adopted by various industry sectors, including residential and commercial. In January 2020, an innovative leader in WiFi based smart lighting, and a significant part of Signify, WiZ Connected launched the new WiZmote, a WiFi remote to easily control WiZ Connected products. All the WiZ Connected products are connected with a Motion Sensor that can trigger lighting modes, and offer Energy Optimization features, such as power consumption monitoring. Thus, the launch of several new smart lighting products to deliver consumers with varied functions for effortless customize home lighting control is contributing to the growth of the Collimating Lens Market.
Increasing prominence of optical sensor market
Recent advancements pertinent to Optical Sensor technology have enormously transformed the industry through a class of devices, which are administered in varied types of light-matter interactions to monitor, contact-less detection, quantify molecules and generate analytical signals for diversified applications is estimated to drive the Collimating Lens market. In July 2020, a Japanese multinational electrical engineering and software company, Yokogawa Electric Corporation launched updated versions of its AQ2200 optical sensor modules. The AQ2200-212 single-channel optical sensor module provides enhanced measurement performance and minimum uncertainty for diversified applications that demand high accuracy. Therefore, the launch of various optical measuring applications and non-imaging optics solutions are estimated to drive the Collimating Lens Market.
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Collimating Lens Market Challenges
Expensive Manufacturing cost
The aspheric lenses provide greater optical functionality in comparison to spherical lenses, which eventually leads to an expensive investment. Thus, for various end users the adoption of aspheric lenses for more effective performance is difficult due to high manufacturing cost, which hinders the growth of the Collimating Lens Market.
Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Collimating Lens Market. The Collimating Lens Market top 10 companies include AMS Technologies AG, Auer Lighting GmbH, Avantes Bv, Axetris AG, Bentham Instruments Limited, Broadcom Limited, Casix, Inc., Katerra, Edmund Optics Inc., Hexagon, Fisba AG, Hamamatsu Photonics K.K., Ingeneric GmbH
Acquisitions/Technology Launches/Partnerships
In September 2020, the official building products brand of Katerra, known as KOVA launched a new line of LED lighting solutions, which provides premium feature-rich LED lamps as well as fixtures at a great price.
In November 2020, Hexagon, a global leader in sensor, software and autonomous solutions launched a new software plugin to offer complete operation of Hexagon structured light scanning systems from within PolyWorks, a powerful third-party inspection software platform, developed by InnovMetric Software Inc.
Key takeaways
Asia Pacific is analyzed to be the major region in Collimating Lens Market, and grow at a CAGR of 7.3% in the forecast period, owing to the rising demand of consumer electronics devices and easy affordable raw materials for electronic manufacturers that play a pivotal role for the market growth.
The emergence of integrated lighting solutions to denote various lighting intelligence control systems is estimated to drive the Collimating Lens Market.
The LED light source is estimated to hold the highest share and grow at the highest CAGR of 12.8% during the forecast period 2021-2026, owing to the growing demand of LED lights across various commercial lighting sectors for high-brightness and low power consumption at affordable price.
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