Industry Outlook and Trend Analysis
The Infrared Sensors Market was worth USD 230.45 million in 2014 and is expected to reach approximately USD 532.81 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.76% during the forecast period. An infrared sensor is an electronic instrument which is utilized to detect specific aspects of its surroundings by emanating as well as distinguishing infrared radiation. Infrared sensors are additionally fit for estimating the Heat being transmitted by an object and recognizing movement. Due to Various Technological Advancements the modern day Infrared sensors have become more light & compact and also has become more affordable due to declining prices. These sensors find a wide range of applications in security, military, automation and other industries. Due to increasing the demand for infrared sensors from all over the world the market is foreseen to grow substantially.
Working Mechanism Outlook and Trend Analysis
According to the Working Mechanism the market of Infrared Sensors is divided into Active and Passive. Active sensors are self-illuminating type which can directly measure range and velocity of target components. Vice-versa the Passive IR Sensors are not self-illuminating and also cannot directly measure range and velocity.
Technology Outlook and Trend Analysis
Cooled and uncooled are the two types of technologies used in Infrared Sensors. The uncooled type infrared sensors don’t need any type of cryogenic cooling system thus reducing its size, cost and making it easy for maintenance. This is the major factor in boosting the market for the uncooled type of infrared sensors. Hence, the majority of the market shares are held by uncooled type of IR sensors and are expected to grow during the forecast period.
Wavelength Outlook and Trend Analysis
The Wavelength segment is fragmented into Short, Medium, and Long. Due to its crucial applications in field of industries and military & defence, the Long-wavelength detector is growing lucratively and is expected to dominate the market share during the forecast period.
End User Outlook and Trend Analysis
The End-User Segment is divided into Temperature Measurement, People and Motion Sensing, Industrial, Spectroscopy & Biomedical Imaging, Smart Home, Military and Defence, Automotive, and Others. The People and Motion Sensing section has a strong hold on market. Rising demand and use of IR Sensors in Airports, museums, malls, Theatre, etc. for counting the no. of people and also detecting any motion has led to monopolization of People and Sensing section. The next section utilising IR sensors which has a strong grip on the market is the Smart home section. Due to use of IR sensors various benefits such as ease of building management for lightning, window opening, and Air conditioning.
Regional Outlook and Trend Analysis
According to the region, the Infrared Sensors Market is segmented as North America, Asia-Pacific, Europe and South America and Middle East & Africa. The Asia Pacific region dominates the market in terms of size & value and also has registered highest CAGR (Compounded Annual Growth Rate). This has confirmed APAC’s dominance in the forecast period in the IR sensor Market. The North-America region has the second largest share in the market followed by Europe. These market will experience growths during the forecast period owing to high demand from end-user industries due to various activities which make use of IR sensors going on in this region.
The leading players in the market are Raytheon Company, Honeywell International Inc., Nippon Ceramic Co. Ltd, Murata Manufacturing Co. Ltd, Omron Incorporation, Sofradir, Excelitas Technologies Corp., Hamamatsu Photonic K.K., FLIR Systems Inc., Texas Instruments Inc., and Infra Tec GmbH. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Infrared Sensors Market is segmented as follows-
By Working Mechanism:
By End User:
People and Motion Sensing
Spectroscopy & Biomedical Imaging
Military and Defence
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?