Collimating Lens Market Size, Share, Growth Analysis, By Light Source(LED, Laser and Other), By Material(Glass and Plastic), By Wavelength(<1000 nm, 1000–1500 nm, 1500–2000 nm and >2000 nm), By End-User(Spectroscopy, Automotive & Transportation, Medical, Lidar), By Region - Industry Forecast 2024-2031

Collimating Lens Market size was valued at USD 271.6 million in 2022 and is poised to grow from USD 286.8 million in 2023 to USD 451.13 million by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The competitive environment of the Collimating Lens Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Major smart grid sensor manufacturers include ABB Ltd., Eclara Technologies LLC, General Electric Co., Honeywell International Inc., Eaton, Toshiba Corporation, Networked Energy Services Corp., KinetiQ Group PLC, Torino Power Solutions Inc., Sentient Energy, Inc ., ARTECHE, Siemens AG, Ingenu Inc., GIPRO GmbH, and GRID20/20 Inc. Market players looking at smart grid integration are focusing on creating technologically advanced smart grid sensors such as voltage and temperature smart grid sensors, outage detection smart grid sensors, transformer monitoring smart grid sensors, dynamic line rating smart grid sensors, and others. Investment in research and sensors for various applications such as smart energy meters, SCADA, advanced metering infrastructure (AMI), and among others. 'Lightpath Technologies, Inc.', 'Ocean Optics, Inc.', 'Ingeneric GmbH', 'Trioptics GmbH', 'Avantes Bv', 'Auer Lighting GmbH', 'IPG Photonics Corporation', 'Optikos Corporation', 'The Optoelectronics Co. Ltd.', 'Thorlabs Inc.', 'AMS Technologies AG', 'Axetris AG', 'Broadcom Limited', 'Bentham Instruments Limited', 'Casix, Inc.', 'Edmund Optics Inc.'

Spherical lenses that equalize the light entering the spectrometer system are called collimating lenses. These lenses allow users to adjust the exposure and collection for samples, as well as the system's optical efficiency, collection efficiency, and spatial resolution. Examples of lensing insertion to ensure that the light entering the instrument is uniform and covers the required area. The need for fiber components, especially fiber collimating lenses, is expected to increase due to increasing investments in fiber optics.

Increasing Number of Electric Vehicles to Boost Market Growth: Plug-in electric vehicles (PEVs) are now being offered to customers in various countries to support the transition to low-carbon vehicles. A smart grid system has been designed to provide the necessary infrastructure to enable the optimal deployment of these PEVs. Increased production of electric vehicles gives an opportunity to grow the market as many countries like India, China, Europe and USA have already implemented electric vehicles and are promoting employment for example, New Jersey by US Utility Public Service Electric & Gas Company (PSE&G) was held in July of 2021 -Partnered with Landis+Gyr to provide and provide the services and technology available for advanced metering in the city PSE to improve customer energy efficiency , $700 million in smart meters, and electric vehicle systems. A&G will invest $1 billion.

North America dominated segment which is expected to follow the fastest CAGR during the forecast period. The market growth is driven by the increasing use of LED lighting systems in many industrial applications. LED lighting systems are used in many industrial applications such as streetlights, parking lights, sidewalks, and other outdoor lighting, refrigerator lighting, modular lighting, and task lighting.