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Advanced Imaging with SWIR: A Market Poised for Growth
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According to The Business Research Company's, The SWIR market size has grown strongly in recent years. It will grow from $2.19 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to rising investments in the military and defense sector, increasing adoption of SWIR technology for semiconductor inspection, expanding applications of SWIR technology in diverse industries such as surveillance, agriculture, and medical imaging, increasing penetration of SWIR technology in the commercial, industrial, and automotive sectors, rising demand for SWIR cameras in the food and beverage industries.
The SWIR market size is expected to see strong growth in the next few years. It will grow to $3.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to the increasing adoption of SWIR cameras in the oil and gas, glass, and medical industries, increasing use of SWIR cameras for craft inspection, spectrometry, and astronomy, growing need for SWIR cameras in ergonomics and psychology research, expanding applications of SWIR cameras in-vehicle navigation, especially in adverse conditions such as fog, snow, or dust, increasing adoption of SWIR cameras by governments. Major trends in the forecast period include the integration of SWIR technology into night vision systems, research and development initiatives, adoption of SWIR cameras in process industries, use of SWIR cameras for driver vision augmentation, and advancements in image sensors.
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Market Drivers and Trends:
The increasing military and defense investments are expected to propel the growth of the SWIR market going forward. The military and defense industry encompasses the development, production, and supply of military equipment, technologies, and services for national defense and security purposes. The military and defense industries are rising due to increasing geopolitical tensions, technological advancements, and the growing need for national security and defense modernization. Military and defense investments drive SWIR adoption by funding advancements in imaging technology for enhanced surveillance, reconnaissance, and target identification capabilities. For instance, in April 2023, according to a report published by the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending reached an all-time high of $2,240 billion in 2022, reflecting a 3.7% increase in real terms. Notably, military expenditure in Europe saw a significant 13% rise over the year. Therefore, increasing military and defense investments are driving the SWIR market.
Major companies operating in the SWIR market are developing innovative technology, such as shortwave infrared (SWIR) cameras, to gain a competitive edge in the market. SWIR cameras are a compact industrial and advanced scientific camera series that utilize InGaAs sensor technology to image in the short-wave infrared spectrum ranging from 900 nm to 1,700 nm. For instance, in November 2022, Allied Vision Technologies GmbH, a Germany-based company that specializes in developing industrial machine vision cameras and imaging solutions, launched four new shortwave infrared cameras named Goldeye. These cameras are equipped with dual-stage sensors, cooling systems, and image correction features, enabling the detection of wavelengths from 1.9 to 2.2 micrometers. They are versatile for applications such as laser beam profiling, detecting waste and water content, identifying foreign objects, and contamination.
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Major Key Players of the Market:
BAE Systems, Thales Group, Raptor Photonics Ltd., Leonardo DRS Inc., Hamamatsu Corp., Jenoptik AG, FLIR Systems Inc., Gooch & Housego Plc, Teledyne DALSA Inc., Sofradir, Lynred, Xenics NV, Sensors Unlimited Inc., InView Technology Corporation, IRCameras LLC, Episensors Inc., Allied Vision, Sierra-Olympic Technologies Inc., Irnova AB, New Imaging Technologies, Photon Etc Inc., Princeton Infrared Technologies Inc., SWIR Vision Systems Inc., QmagiQ LLC
SWIR Market 2024 Key Insights:
• The SWIR market size is expected to see strong growth in the next few years. It will grow to $3.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Rising Military And Defense Investments Propel Growth Of The SWIR Market
• Innovative Advancements In SWIR Technology
• North America was the largest region in the SWIR market in 2023
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