Shortwave Infrared Market 2020 Global Industry Analysis By Identifying the Key Market Segments Poised for Strong Growth in Future 2023

Market Synopsis:

Shortwave infrared is sensitive to wavelengths ranging from 0.4 to 3 microns, which is 1,100 to 3,000 nanometers. This range is not visible to naked eyes, which is expected to lead to rising applications of the technology in the upcoming years. According to the study offered by Market Research Future MRFR), the global shortwave infrared market is anticipated to surpass USD 300 Mn mark by 2023 up from USD 192.4 Mn in 2017. The assessment unfolds that the market is projected to thrive at a CAGR of % across the review period 2018 to 2023.

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Shortwave IR has gained much popularity in the recent years owing to its advantages over thermal energy, which is radiated. The shortwave infrared is reflected energy and is facilitates the use of the technology for identification processes. This, in turn, is expected to lead the proliferation of the shortwave infrared market over the next few years.

Scientists extensively use SWIR for monitoring crops. Other applications of the technology are geothermal mapping, location of heat sources, etc. In addition, it is poised to witness proliferating applications in the forthcoming years, which is prognosticated to encourage market growth over the forecast period. However, the expensiveness of the technology is anticipated to undermine the expansion of the shortwave infrared market in the forthcoming years.

Competitive Dashboard:

This MRFR report asserts that the global shortwave infrared market is likely to pave the way for new entrants by unleashing developmental opportunities. Increasing investments in the introduction of technological advancements are anticipated to dictate the competitive landscape of the market over the next couple of years. Some of the major participants of the market are Sensors Unlimited Inc. (US), Xenics (Belgium), FLIR Systems, Inc. (US), New Imaging Technologies (NIT) (France), Sofradir (France), Raptor Photonics Limited (Ireland), Allied Vision Technologies GmbH (Germany), OPGAL Optronics Industries Ltd (Israel), Photon Etc. Inc. (Canada), and Hamamatsu Photonics K.K. (Japan). Other players that are assessed to constitute 30% to 35% of the global shortwave infrared market are C-THERMAL (Austria), Photonic Science & Engineering Limited (UK), HGH Infrared Systems (France), FluxData, Inc. (US), Intevac, Inc. (US), InfraTec infrared LLC (US), and Princeton Instruments, Inc. (US). The key strategies implemented by these players for strengthening their footholds in the market are mergers & acquisitions, collaborations, research & development, product innovations, partnerships, and agreements, among others. Also, the players are investing in expanding their global presence by venturing into developing countries. It is projected to intensify the competition among the market participants on the global front in the years to come.

Market Segmentation:

The global shortwave infrared market has been segmented on the basis of type, technology, and end-user for covering a detailed insight into the market. Type-wise, the market has been bifurcated into scan and line scan.

The key technologies identified for studying the shortwave infrared market include uncooled infrared imaging and cooled infrared imaging.

Lastly, the segments of the shortwave infrared market, based on end-user, are electronics & communication, aerospace, food & beverage, medical & healthcare, military & defense, and others.

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Regional Analysis:

The geographical assessment of the global shortwave infrared market spans across four regions - North Asia Pacific (APAC), America, Europe, and the Rest of the World (RoW). North America is anticipated to hold the maximum market share in the forthcoming years. Its growth can be attributed to the large-scale application and utilization of technology. The rising application of InGaAs image sensors in military applications is also poised to contribute substantially to the development of the shortwave infrared market over the next couple of years.

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This release was published on openPR.