Infrared Sensor Market: Rising Security Concerns to Fuel Uptake of Infrared Sensors
Apart from this, the decline in the retail prices of these sensors is also estimated to bolster the demand for infrared sensors remarkably over the next few years. The rising trend of automation across end users, such as the semiconductor and electronics, aerospace and defense, and the medical and healthcare industries is another important factor that is expected to boost the growth of the infrared sensor market, globally, in the years to come.
The global market for infrared sensors stood at US$238.8 mn in 2015. Rising at a healthy CAGR of 12.80% from 2015 to 2024, the opportunity in this market is likely to touch US$692.8 mn by the end of 2024.
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North America to Continue Leading Global Infrared Market
On the basis of the geography, the worldwide market infrared sensors has been categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America and Europe, amongst these, have emerged as the leading regional markets for infrared sensors, accounting for a collective share of more than 55% in the overall market in 2015.
The Europe market for infrared sensors is highly driven by the growing demand for these sensors in the U.K, Germany, France, Russia, Italy and the Rest of Europe. The high demand for motion sensing and the increasing usage of infrared sensors in unmanned aerial vehicles and drones are expected to propel this regional market substantially over the coming years.
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Aerospace and Defense Sector to Report Higher Demand Rate
The consumer electronics, aerospace and defense, oil and gas, chemical, mining, and the pharmaceuticals sectors have surfaced as the prime end user of infrared sensors across the world. Among these, the oil and gas and the consumer electronics sectors have been registering a significantly greater demand for infrared sensors than other end users. However, the aerospace and defense sector is anticipated to report a higher demand rate in the years to come.
Honeywell International Inc., Texas Instrument, FLIR Systems, Infratec GmbH, Teledyne, Excelitas Technologies, Murata Manufacturing, Hamamatsu Photonics, Raytheon, and Nippon Avionics are some of the key vendors of infrared sensors across the world.
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