The
overall collimating
lens market is likely to grow from USD 289 million in 2018 to USD
380 million by 2023, at a CAGR of 5.7%. The market is driven by increasing
demand for high-end microscopy systems in various applications, and
technological advancements in microscopes are the key factors driving the
growth of the market. Growing demand for collimating lenses in various
applications, and increasing importance of fiber optics collimating lenses are
expected to provide substantial growth opportunities to players in the market.
LED
light source to dominate collimating lens market during forecast period
Solid-state
lighting fixtures/devices equipped with LEDs lamps are the most efficient
source of white light of high-quality. The use of LED lighting systems can lead
to five-times less energy consumption compared to that consumed by the
collimating lens systems using conventional fluorescent lamps. This boosts the
adoption of LEDs in light and display measurement, spectrometer, and automobile
applications.
“Glass
material to grow at highest CAGR for collimating lens market during the
forecast period”
The
glass segment holds a major share and is expected to grow at the highest CAGR
of the market during the forecast period. Higher the refractive index of
material, more is the time taken by light to travels through it. Refractive
index is the ratio of the speed of light in vacuum to its speed in the lens
material. With the reduced speed of light, it gets refracted more while passing
through the lens material. Glass materials have high refractive index ranges
with greater density than plastic materials. Hence, greater density of glass
material to drive demand for glass collimating lens market.
“Automobile
end use to hold the largest share of the collimating lens market”
Automobile
manufacturers constantly strive to make their products unique by
differentiating their vehicles from those offered by their competitors.
Automobile manufacturers are adopting advanced lighting technologies, such as
LED and laser, for providing advanced headlamp technology to differentiate
their product from other competitors, which helps drive the market. Hence,
increasing penetration of LED headlamps for automobile provides opportunities
for market.
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“Collimating
lens market in APAC is expected to grow at highest CAGR during forecast period”
APAC
is expected to be the fastest-growing market for collimating lenses. In APAC,
the automobile segment is playing a major role in the growth of the market.
Increasing adoption of LED headlamps in various vehicles, from high-end to
mid-range, in turn, provides opportunities for the market. Hence Asian
countries, particularly China and India, are expected to offer significant
growth opportunities to the manufacturers of collimating lenses.
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