The global fiber optic collimating lens market is expected to reach USD 1,018 million by 2026 from USD 554 million in 2021; it is anticipated to grow at a CAGR of 13.3% during the forecast period.
The fiber optic collimating lens market in APAC has been segmented into China, Japan, India, South Korea, and the Rest of APAC. APAC is the leading market for fiber-optic collimating lenses for medical and LIDAR applications, with the major demand driven by countries such as China and India. APAC is expected to provide ample opportunities to the fiber-optic collimating lens market growth during the forecast period, as all major OEMs of the manufacturing sector have established their production units in this region.
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According to MarketsandMarkets, almost 5 billion people — 59% of the global population — were active internet users in 2020. According to Internet Live Stats, there were over 1.5 billion websites in 2020. This number would increase every day, and subsequently, the dependence on the Internet will increase. This would further increase the need for reliable and secure networks provided by fiber optics. As such, the growing deployment of fiber-optic networks is likely to boost the demand for collimating lenses.
Organizations requiring high volumes of data flow for efficient operations need reliability and enhanced security, which can be provided by fiber networks. Fiber cables are resistant to electromagnetic interference (EMI), fluctuations in temperature, water damage, weather conditions, etc. Thus, these cables can survive harsh conditions and improve the speed and reliability of connectivity. These cables can also provide faster access to the data stored in the cloud for future needs and have less attenuation to ensure consistency in signals.
The single mode segment is likely to continue holding a larger size of the fiber-optic collimator lens market due to the high-speed data rates and low attenuation and external interference observed in this mode. The multimode segment is expected to register a higher CAGR from 2021 to 2026, owing to the rising demand for increased bandwidth for cloud computing applications.
The advantages of collimation of light in various applications and benefits of using aspheric lenses over traditional spherical lenses in optical systems are the major factors driving the growth of the market. The growing demand for fiber optic collimating lenses in various applications is expected to create significant growth opportunities for the market players during the forecast period.