Collimating Lens Market Size is anticipated to expand at a CAGR of 6.9% during the review period from 2018-2023. The market is expected to rise from USD 266.0 million in 2018 to USD 371.9 million by the end of 2023. The collimating lens market 2020 is considered to have considerable success during the review period. The increasing demand for updated and advanced optical technologies, which assures energy-efficiency, better light quality, and durability, is the major factor that affects the growth of the collimating lens market globally. From all the several applications of collimating lenses, automotive lighting is anticipated to be the most dominating vertical of the collimating lenses market. Various automobile manufacturers are willingly establishing LED headlamps with the assistance of collimating lenses for the better usage and design of the vehicle headlamps. Due to the fast growth of automotive industries, the collimating lens market is witnessing expansion at a global level. Increased reliability of collimating lenses in LED headlamps has played a crucial role in the market. Additionally, the leading entrepreneurs have adopted several inorganic and organic strategies to expand the business. Tactics like the launch of new products, acquisitions, business expansion, and partnerships have been used to grow the company at a global level. The competition is believed to become intense in the coming years.
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Trioptics GmbH (Germany), Ocean Optics, Inc. (US), Auer Lighting GmbH (Germany), IPG Photonics Corporation (US), LightPath Technologies, Inc. (US), Avantes BV (The Netherlands), Thorlabs, Inc. (US), Optikos Corporation (US), Ingeneric GmbH (Germany), and The Optoelectronics Co. Ltd. (UK) are some of the key players participating in the global collimating lens market. These players are anticipated to contribute prominently to the expansion of the global market by investing in regional expansion. Also, these players are projected to invest in research & development for the expansion of their technological capabilities. Other strategies for growth expected to be devised by the participants of the collimating lens market are mergers & acquisitions, agreements, collaborations, partnerships, etc. Product launches and product developments are poised to play a crucial role in the development of the collimating lens market over the next couple of years. The intense competition in the market is prognosticated to encourage the entry of new participants in the market in the nearby future.
The segmental analysis of the collimating lens market is conducted on the basis of light source, material, wavelength, and application area.
By light source, the market has been segmented into Laser, LED, and others.
On the basis of material, the global collimating lens market has been segmented into plastic, glass, and other materials.
Based on wavelength, the collimating lens market has been segmented into 1000-1500 nm, <1000 nm, 1500-2000 nm, and >2000 nm.
On the basis of application area, the global collimating lens market has been segmented into lidar, light and display measurement, spectroscopy, medical, interferometry, automobile, and others.
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The global market for the collimating lens market is expected to rise at a significant rate during the review period from 2018-2023. The regional analysis of the collimating lens market is performed for Asia-Pacific, Europe, North America, and the Rest of the World. Asia-Pacific is considered to rise at the fastest pace during the review period. The robust expansion of automotive industry in this region has propelled the expansion of the Collimating Lens Market share. Increasing the establishment of collimating lenses in LED headlamps of vehicles propels the expansion of the market in this region. India, China, and Japan are the dominating countries in the APAC region in the context of market share. It is anticipated that these countries will maintain their position in the upcoming years too. North America is considered to lead the collimating lens market during the assessment period. North America region is believed to be the most advanced region in the context of the adoption of modern technologies and development in the field of optics. The north American market is one of the most potent markets and has a huge capability of generating revenue in the collimating lens market, especially from the automotive industry sector. The US is expected to be the leading country in the collimating lens market in the North America region during the review period.
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