The overall collimating lens market is estimated to grow from USD 289 million in 2018 to USD 380 million by 2023, at a CAGR of 5.7% from 2018 to 2023. The increasing importance of fiber optics collimating lenses and growing demand for collimating lenses in various applications provide growth opportunities for the collimating lens market players. The growth of the market is mainly driven by advantages of collimating lenses in various applications and benefits of using aspheric lenses over traditional spherical lenses in optical systems.
Key players operating in the collimating lens market include major players operating in different stages in the entire value chain of collimating lens; these players are LightPath Technologies (US), Ocean Optics (US), INGENERIC (Germany), TRIOPTICS (Germany), Avantes (Netherlands), Auer Lighting (Germany), IPG Photonics (US), Optikos (US), Optoelectronics (UK), and Thorlabs (US). Many of the leading players are focusing on the implementation of organic growth strategies, such as product launches, agreement, and contracts; expansion; and acquisitions to boost their revenue.
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Top 2 Players in Collimating Lens Market:
LightPath Technologies (US) stood first in the collimating lens market in 2017. The company is a well-known brand in the optics, photonics, and infrared market. It offers various types of lenses, such as aspheric, collimating, precision-molded glass, and infrared lenses. The company has a global presence with its headquarters in Florida as well as with production sites and sales offices in New York, Latvia, and China. The company is continuously leveraging its technological expertise, along with the low-cost manufacturing capabilities and partnerships, to grow their business in the optical component system market. It is further planning to capitalize on its network of operations, distribution infrastructure, and technology to pursue growth all over the world. The company offers its products for various applications in industrial, defense, telecommunications, test and measurement, and medical sectors. The company consists of various business domains, each of which has its distinct R&D, production, and sales functions. Its key strategy is to produce innovative, high-performance products that offer enhanced value propositions to customers at competitive prices. In 2018, the company is likely to focus on the development of new infrared optics products for imaging and sensing, fiber lasers, spectrophotometry, medical devices, industrial, optical data storage, machine vision, sensors, and environmental monitoring applications, among many others. In addition, the company is likely to focus on the development of new infrared optics products for defense, medical, industrial, and environmental monitoring applications. Also, the company is investing in designing and developing next-generation proprietary precision glass molding machines. The company acquired ISP Optics Corporation for a purchasing price of ~USD 18 million for accelerating its product development strategy during FY 2018.
Ocean Optics (US) ranked second in the collimating lens market in 2017. It is one of the leading providers of spectroscopy solutions. The company sells its products through its worldwide network of distributors. The company has operations in various regions, such as North America, Europe, and APAC. Till date, it has sold more than 260,000 spectrometers across the world. The company has diversified product/service offerings and geographic base. The company offers a broad range of technologies including chemical sensors, analytical instrumentation, optical fibers, and optics. It is a subsidiary of Halma plc, an international market leader in safety, health, and sensor technology. The company’s growth strategy includes product launches and expansions into new regions. Ocean Optics is focused on the development of new products, services, and business models by combining existing Halma technologies with new expertise gained through the partnerships inside or outside the group. The company has more than 5,000 products and OEM customers ranging from Fortune 500 companies to start-ups in a wide range of industries. Thus, a strong focus on R&D enables the group to develop products with advanced features and recover its product base, which, in turn, will strengthen its product portfolio.
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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