Global Collimating Lens Market Garnered about USD 1 Billion

New York, July 22, 2022 (GLOBE NEWSWIRE) — According to the World Health Statistics from the World Health Organizations (WHO), at least 3 million deaths worldwide were linked to the COVID-19 pandemic as of December 31, 2020, based on the preliminary estimations. In addition to that, according to the Electron Microscopy Data Bank (EMDB), EMDB consists of 20916 entries as of 06, July 2022. A thorough investigation utilizing cutting-edge microscopic methods is necessary for the research of disease-causing viruses. With more research being done on viruses, collimating lenses become more crucial.
In the recent research titled “Global Collimating Lens Market”, Kenneth Research provided a brief overview of market elements including growth drivers, restraint factors, current market trends, and potential for future growth. The influence of COVID-19 and its effects on end-users are both thoroughly examined in the market research report, which covers the forecast period of 2022-2031. In addition, the research study examines the product portfolios and market expansion plans of the principal competitors.
According to the Centers for Medicare & Medicaid Services (CMS), there were a total of 323,086 clinical labs in the U.S. in 2021. Medical technologists will work in these labs to perform analyses on biological specimen samples taken from patients. As the number of clinical labs and medical research centers increases, the demand for collimating lenses for microscopes and other high-end microscopic systems increases which in turn is expected to expand the global collimating lens market. In addition to that, collimators are used in spectroscopy in which light must be collimated to perform spectroscopic observations. Applications of spectroscopy are routinely employed in many sectors of virtually all manufacturing businesses and research laboratories which include quality control, purity testing, structure studies, monitoring of reaction processes, materials testing, and much more.  The global export value of spectrometers in 2021 was about USD 4,500 million with an annual growth of 11 percent from 2020 to 2021. Thus the rising demand for spectroscopy is anticipated for drive the growth of the market worldwide.
On the other hand, the collimating lenses are widely used by automotive manufacturers in advanced lighting technologies such as LEDs for headlamps and also in optical fiber cables that are used for the purpose of telecommunication. For instance, the global import value of optical fiber cable was USD 7,100,933 thousand in 2020 which had significantly increased to USD 9,089,232 thousand in 2021 with an annual growth value of 29 percent from 2020 to 2021. Thus, the rising demand for optic fiber cables (OFC) calls for an increased demand for collimating lenses which is expected to boost the growth of the market during the forecast period. The global collimating lens market garnered around USD 1 billion in 2021 and is predicted to grow at a CAGR of ~4% over the forecast period.

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The global collimating lens market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. Owing to the rapidly growing automobile sector in the region, the Asia Pacific region owns the greatest share of the global collimating lens market and is predicted to maintain its grip throughout the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA) statistics, China was the leading manufacturer of motor vehicles in 2021 with a production of 2,60,82,220 units that included 214,07,962 passenger cars. Whereas Japan and India produced 7846955 and 4399112 motor vehicles respectively. As the production of vehicles increases, it raises the need for collimating lenses for headlamps which is predicted to drive the growth of the market in the region over the forecast period.
On the other hand, the market in North America is expected to witness noteworthy growth within the forecast period on account of rising demand for LED lighting systems in several industrial applications. For instance, there was notable growth in the export value for LED lamps in the United States between 2019 – 2021. In 2019, the export value for these products were USD 92489 thousand, while in the year 2020, it recorded USD 110,760 thousand, further touching USD 197,650 thousand in 2021. The rising demand for the product is therefore anticipated to fuel the growth of the market in the region over the forecast period.

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The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC[Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global collimating lens market is segmented by material into plastic and glass. On account of their high refractive index and greater density, the glass segment is predicted to hold the biggest share of the market and witness remarkable growth over the forecast period, backed by the rising demand for sunglasses, lenses for cameras, contact lenses, microscopes, and other products, which are all made using achromatic glass lenses. In 2021, the global export value for eye lenses was 16,654,043 with an annual growth rate value of 18 percent from 2020 to 2021. Additionally, China holds the highest export rate for eye lenses accounting for USD 3,072,473 thousand in 2021. In addition to that, the global export value of objective lenses for cameras in 2021 was USD 4,783,849 thousand with an annual growth value of 21 percent from 2020-2021. Whereas, the greatest imported value for camera lenses, which was USD 769,993 in 2020 and grew to USD 1,144,758 in 2021 is held by the United States. Thus, the elevated rise in the export and import rate exhibits the need for collimating lenses which in turn is expected to propel the growth of the segment.

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The global collimating lens market is segmented by end-user into automobile, clinical, LiDAR, and spectrometer. Owing to the rising adoption of collimators in vehicles for better efficiency, the automobile segment holds the largest share of the market throughout the forecast period. For instance, there were 180 manufacturers of vehicle headlamps worldwide. Also, there were 973 shipments imported into the United States. As much as that, 9,009,300 headlamps were imported into India in total. These increased rates of headlamp purchase and the rising number of headlamp manufacturers are predicted to increase the demand for collimating lenses and are further anticipated to drive the growth of the segment.

The global collimating lens market is further segmented by light source and wavelength.

Global Collimating Lens Market, Segmentation by Light Source:

 Global Collimating Lens Market, Segmentation by Wavelength:

• <1,000 m
• 1,000-1,500 m
• 1,500-2,000 m
• >2,000 m

Some of the well-known leaders in the global collimating lens market that are included in our report are LightPath Technologies, Avantes BV, INGENERIC GmbH, Ocean Insight, and Panasonic Corporation, Thorlabs, Inc., TRIOPTICS Gmbh, Optoelectronics Co. Ltd, CASIX, and others.
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