Global Infrared Sensor Market Worth $692 Million by 2024, Says Variant Market Research

Global Infrared Sensor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $692 Million by 2024 from $286 Million in 2016, growing at a CAGR of 11.7% from 2016 to 2024. Major driving factor of global infrared sensor market are growing applications of infrared sensors in military along with in civil applications and increasing expendable income which has led to rising in demand for tablets and smartphone. Additionally, expanding computerization of industrial sector and building also boost the growth of the market.
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Working mechanism, detection, functionality, end-user and geography are the major segments of global infrared sensor market. By working mechanism type, active IR sensor and, and passive IR sensor accounted for 43.7%, and 56.3%., respectively, in 2016. By functionality, quantum infrared sensor and thermal infrared sensor accounted for 42.5% and 57.5% share respectively, in the year 2016. Oil & gas and mining accounted for the largest share in 2016 under end-user segment.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are major geographical segments of the global infrared sensor market. Asia Pacific is the fastest growing region in the global cosmetics ingredient market, and is anticipated to continue this trend owing to increasing growth in industrial and home computerization coupled with Increasing demand for smartphone and smart TVs. North America accounts the first largest share of the market with 33.4% followed by Asia Pacific was the second largest market with total market share 24.7%, in the year 2016.
Major players in the field Honeywell International Inc. market include, Hamamatsu Photonics, Excelitas Technologies Corp., Nippon Avionics Raytheon Company, Nippon Ceramic Co. Ltd, Texas Instruments Inc., Murata Manufacturing Co., Ltd, Omron Corporation, and Sofradir, among others.

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