New York City, NY, 22 January, 2020/ 24 Market Reports: The global infrared detector market is estimated to grow from USD 494 million in 2020 and reach that of USD 689 million by 2025 registering the growth at a CAGR of 6.8% during the forecast period of 2020 to 2025. The high demand for infrared detectors in the nonindustrial vertical, especially, for people and motion sensing, temperature measurement, and security and surveillance applications are the factors that are driving the growth of the market during the forecast period. The increasing penetration of infrared technology for gas analysis and fire detection and the high popularity of uncooled infrared detectors are also propelling the growth of the market during the forecast period.
The nonindustrial vertical to register the growth with the highest CAGR during the forecast period
During the forecast period, it is estimated for the nonindustrial vertical to grow with the highest CAGR in the market. Within the nonindustrial vertical, military & defence and residential & commercial are the major segments that are generating higher demand for the infrared detectors market especially for people and motion sensing, temperature measurement, and security and surveillance applications.
LWIR product, by wavelength, to account for the highest share in the infrared detector market
NIR & SWIR, MWIR and LWIR are the segmentation for the market based on wavelength. The military & defence vertical for the security and surveillance application creates a high demand for the LWIR product and is one of the major factors that is driving the growth of the market during the forecast period. Residential & commercial, aerospace, automotive, food & beverages and healthcare are the various industries where the application of LWIR detectors take place. Their lower cost than most MWIR and SWIR detectors is the factor driving the growth of the LWIR product in the market.
North American region to dominate the global market throughout the forecast period
During the forecast period, North America is projected to achieve the highest growth in the infrared detectors market. People and motion sensing, temperature measurement, and security and surveillance are the major applications of the infrared detectors that are propelling the growth of the market in the region during the forecast period. Military & defence and residential & commercial are the key verticals that are driving the growth of the market in the region.
The following are the major objectives of the study:
- To define, describe, and forecast the global infrared detector market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global infrared detector market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market What is their growth potential during next decade?
- What are the key revenue generating pockets for global infrared detector market and their future potential during next decade?
- How competitive landscape is evolving in global infrared detector market?
