SWIR Market Growth Accelerates: Strategic Forecast Predicts $3.4 Billion by 2029

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What Will the SWIR Industry Market Size Be by 2025?
The SWIR market has experienced robust growth in the previous years. The market size is projected to rise from $2.38 billion in 2024 to $2.54 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The accelerated growth witnessed during the historic period can be ascribed to factors such as augmented investments in defense and military sphere, increasing utilization of SWIR technology in the semiconductor inspection, growing applications in various sectors that encompass surveillance, agriculture, and medical imaging. Additionally, the increased integration of SWIR technology in industrial, commercial, and automotive sectors, along with the surging demand for SWIR cameras in the food and beverage industry are key contributors to this growth.

What's the Long-Term Growth Forecast for the SWIR Market Size Through 2029?
In the coming years, robust growth is projected for the swir market, with expectations to touch $3.4 billion in size by 2029. This represents a compound annual growth rate (CAGR) of 7.5%. This imminent growth over the forecast period is due to several factors such as the growing adoption of SWIR cameras in industries like oil and gas, glass, and medical; rising usage in spectrometry, astronomy and craft inspection; ever-increasing requirements in fields such as ergonomics and psychological research; and use in vehicle navigation particularly under adverse conditions like fog, dust, or snow. Government sectors are also increasingly leaning towards the application of SWIR cameras. Key trends for the forecast segment also highlight the incorporation of SWIR technology in night vision systems, progress in research and development initiatives, adoption of SWIR cameras in process industries, augmenting driver vision via SWIR cameras and advancements in the realm of image sensors.

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What Are the Key Growth Drivers Fueling the SWIR Market Expansion?
The rise in military and defense expenditures are anticipated to accelerate the SWIR market's expansion. The industry incorporates the creation, execution, and distribution of military goods, services, and technology intended for national safety and defense. An escalation in geopolitical tensions, technological progress, and an urgent need for national defense and security modernization are contributing to the industry's growth. Money injected into the military and defense sectors enhances the SWIR's use by necessitating advancements in image capturing technology, thereby improving surveillance, reconnaissance, and target recognition capabilities. A study issued by the Stockholm International Peace Research Institute, based in Sweden, revealed that in April 2023, global military expenditure hit a record peak of $2,240 billion in 2022, indicating a 3.7% augmentation in real terms. Remarkably, in Europe, the military spending surged by a considerable 13% within a year. Hence, the escalating investments in the military and defense sectors act as a driving force for the SWIR market.

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What Are the Key Trends Driving SWIR Market Growth?
Leading corporations in the SWIR market are leveraging pioneering technology, like shortwave infrared (SWIR) cameras, to establish a competitive advantage. SWIR cameras are a small industrial and advanced scientific camera series that employ InGaAs sensor technology to capture images in the short-wave infrared spectrum between 900 nm and 1,700 nm. In November 2022, Germany-based Allied Vision Technologies GmbH, renowned for creating industrial machine vision cameras and imaging solutions, unveiled four new SWIR cameras known as Goldeye. Outfitted with dual-stage sensors, cooling systems, and image correction capabilities, these cameras can detect wavelengths from 1.9 to 2.2 micrometers. They demonstrate versatility in tasks such as laser beam profiling, waste and water content detection, foreign object identification, and contamination spotting.

How Is the SWIR Market Segmented?
The swir market covered in this report is segmented -

1) By Type: Area Scan, Line Scan
2) By Technology: Cooled, Uncooled
3) By End-User: Electronics And Communication, Aerospace, Food And Beverage, Automotive, Medical And Healthcare, Military And Defense, Other End-Users

Subsegments:
1) By Area Scan: Multispectral Area Scan SWIR Cameras, Hyperspectral Area Scan SWIR Cameras, High-Speed Area Scan SWIR Cameras
2) By Line Scan: Continuous Line Scan SWIR Cameras, High-Resolution Line Scan SWIR Cameras, High-Speed Line Scan SWIR Cameras

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Which Companies Are Leading the Charge in SWIR Market Innovation?
Major companies operating in the SWIR market are 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

Which Regions Are Leading the Global SWIR Market in Revenue?
North America was the largest region in the SWIR market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the SWIR market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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