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.
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.
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.
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.