Collimating Lens Market Size

Global Collimating Lens Market size was valued at USD 374.0 million in 2023 and is poised to grow from USD 395.32 million in 2024 to USD 615.95 million by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).

The competitive environment of the Global 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 (United States) ', 'IPG Photonics Corporation (United States) ', 'Thorlabs Inc. (United States) ', 'Optikos Corporation (United States) ', 'Broadcom Limited (United States) ', 'Edmund Optics Inc. (United States) ', 'AMS Technologies AG (Germany) ', 'INGENERIC GmbH (Germany) ', 'TRIOPTICS GmbH (Germany) ', 'Auer Lighting GmbH (Germany) ', 'Avantes BV (Netherlands) ', 'Axetris AG (Switzerland) ', 'Bentham Instruments Limited (United Kingdom) ', 'The Optoelectronics Co. Ltd. (United Kingdom) ', 'Casix, Inc. (China) ', 'Fabrinet (Thailand) ', 'Daheng New Epoch Technology, Inc. (China) ', 'Hamamatsu Photonics K.K. (Japan) ', 'Shanghai Optics (China)'

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.