Collimating Lens Market worth $380 million by 2023

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"Collimating Lens Market by Light Source (LED and
Laser), Material (Glass and Plastic), End Use
(Automobile, Medical, LiDAR, Light and Display
Measurement, and spectrometer), Wavelength, and
Geography - Global Forecast to 2023"
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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. 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.   After that market breakdown
and data triangulation methods have been used to
estimate the market size of segments and
subsegments. Two basic sources of information
secondary and primary have been used to identify
and collect information for an extensive
technical and commercial study of the collimating
lens market. PDF Brochure https//www.marketsa
ndmarkets.com/pdfdownloadNew.asp?id12889947

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LED light source to hold largest share of
collimating lens market by 2023 LED light source
is expected to hold the largest share of the
collimating lens market by 2023. Energy saving,
long lifespan, compact volume, high
color-rendering index, and environmental benefits
are the major advantages of the laser- and
LED-based collimating lenses over lamp-based
collimating lenses. 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. Collimating lens market for glass material
to grow at highest CAGR from 2018 to 2023 The
refractive index of glass ranges from 1.5 to 1.9,
while it ranges from 1.5 to 1.74 for plastics.
Glass materials have high refractive index ranges
with greater density than plastic materials.
Therefore, lenses having a higher index of
refraction can bend light more efficiently. Also,
lenses with higher refractive indices are thinner
than lenses of the same power made with the
materials of lower refractive indices, which
helps in the growth of the market for glass
collimating lenses.
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APAC to dominate collimating lens market during
forecast period The collimating lens market in
APAC is expected to grow at the highest CAGR
during the forecast period. The rise in
disposable income in APAC countries has led to an
increase in the demand for vehicles, which, in
turn, has surged the collimating lens market
growth in this region. Also, the increase in
automotive production is driving the growth of
the collimating lens market in APAC. The growing
preference for the vehicles equipped with LED
headlamps, in turn, boosts the sales and
production levels of collimating lenses in this
region. LightPath Technologies, Inc. (US), Ocean
Optics, Inc. (US), INGENERIC GmbH (Germany),
TRIOPTICS GmbH (Germany), Avantes BV
(Netherlands), Auer Lighting GmbH (Germany), IPG
Photonics Corporation (US), Optikos Corporation
(US), The Optoelectronics Co. Ltd. (UK), and
Thorlabs, Inc. (US) are a few major players in
the collimating lens market.
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