Shortwave Infrared (SWIR) Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

According to the new market research report "Shortwave Infrared (SWIR) Market with COVID-19 Impact Analysis by Scanning Type (Area Scan and Line Scan), Application (Security & Surveillance, Monitoring & Inspection, and Detection), Technology, Vertical, Offering and Region - Global Forecast to 2027" , the SWIR market is expected to grow from USD 166 million in 2021 to USD 277 million by 2027; it is expected to grow at a CAGR of 8.9% during the forecast period.

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The SWIR market had been witnessing significant growth in the past years owing to the high adoption of SWIR technology in both industrial and non-industrial verticals for various applications including security, surveillance, monitoring, and inspection. However, the COVID-19 pandemic has led to a decline in the growth rate of the SWIR market. One of the key factors being the decline in demand for SWIR cameras for various applications including industrial process monitoring, industrial furnace monitoring, solar cell inspecting, inspection sorting, and driver vision-enhancing applications. The pandemic restricted the adoption of SWIR cameras owing to severe disruptions caused by it to businesses and the global economy. The pandemic has resulted in production curtailment leading to a serious decline in business inputs.

Uncooled SWIR technology to have the largest market size in SWIR market during the forecast period

The SWIR market is expected to be led by the uncooled segment during the forecast period. The dominant position of this segment can be attributed to the high demand for uncooled SWIR cameras from the non-industrial vertical, especially from the military and defense sector owing to their low cost compared with cooled SWIR cameras. Cooled SWIR cameras have detectors that are usually more sensitive than uncooled SWIR cameras, while the cost of uncooled cameras is generally lower than that of cooled cameras.

Non industrial vertical to grow with highest CAGR in SWIR market during the forecast period

The SWIR market is expected to be led by the non-industrial vertical during the forecast period. The SWIR market for this vertical is being driven by the high adoption of SWIR cameras in the military & defense sector, especially for vision enhancement applications. The demand for SWIR technology-based products for the scientific research sector is expected to witness significant growth during the forecast period. The high demand from North America, especially for area scan SWIR cameras is boosting the demand for SWIR technology-based products for the scientific research vertical.

North America accounts for the largest share of the SWIR market during the forecast period

North America held the largest share of the SWIR market in 2021. One of the major reasons for the leading position of North America is the presence of several prominent military & defense, scientific research, and medical players in North America that are generating demand for SWIR cameras. Moreover, several companies offering SWIR cameras are present in this region, which further adds to the growth of the SWIR market in North America. Teledyne FLIR (US), Collins Aerospace (US), Princeton Instruments (US), IRCameras (US), Photon etc. (Canada), are a few of the SWIR camera providers based in North America.

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The report profiles key players in the SWIR market and analyzes their market shares. Players profiled in this report are Collins Aerospace (US), Teledyne FLIR (US), Xenics (Belgium), New Imaging Technologies (France) and Allied Vision Technologies (Germany), Raptor Photonics (UK), Lynred (France), Opgal Optronic (Israel), Photon etc. (Canada), Himamatsu Photonics (Japan), Intevac (US), InView Technology (US), Sierra-Olympic Technologies (US), FluxData (US), IRCameras (US), Episensors (US), Princeton Infrared Technologies (US), Leonardo DRS (US), InfraTec (Germany), Tonbo Imaging (India), COX (South Korea), C-THERMAL (Austria), Dali Technology (China), Axis Communication (Sweden) and HGH Infrared Systems (France).

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This release was published on openPR.