North America to Continue Leading Global Infrared Sensors Market
As these players are aggressively focusing on innovation and advancements in the current offering to gain greater visibility, the competition within the market is likely to intensify further in the years to come.
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As per TMR’s estimations, the global market for infrared sensors, which stood at US$238.8 mn in 2015, is anticipated to expand at a healthy CAGR of 12.80% during the period from 2015 to 2024, increasing the opportunity in this market to US$692.8 mn by the end of the forecast period. The oil and gas sector has emerged as the key end user of infrared sensors and is expected to retain its position over the next few years.
Rising Usage of Infrared Sensors in Motion Sensing to Ensure North America’s Dominance
Geographically, the research report categorizes the worldwide market for infrared sensors into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. It further presents a comprehensive analysis of the global market on the basis of the performance of these regional markets. Among these, the most prominent share in this market has been acquired by North America and Europe, holding more than 55% in 2015. North America, between the both, has been registering a greater demand for infrared sensors, and is expected to continue doing so throughout the forecast period. The increasing usage of infrared sensors in motion sensing and various other defense applications is anticipated to propel the North America market for infrared sensors in the coming years.
In Europe, the augmenting utilization of infrared sensors in unmanned aerial vehicles and drones, and in motion sensing too, is likely to drive the market’ growth. Led by the growing demand for these sensors in the U.K, Germany, France, Russia, Italy and the Rest of Europe, the Europe market for infrared sensors is expected to progress substantially over the coming years.
On the other hand, Asia Pacific is anticipated to offer the most promising opportunities to infrared sensor manufacturers in the near future, on account of the untapped potential in Asian economies, such as India, Japan, and China. The increase in research and development activities, rise in the demand for automation in the industrial and the construction sectors, and the growing demand for consumer electronics, such as tablets, smartphone, and laptops, are also expected to stimulate the market for infrared sensors in Asia Pacific over the forthcoming years.
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Decline in Retail Price of Infrared Sensors to Fuel Demand
“The global market for infrared sensors is heavily influenced by the significant rise in security concerns among consumers,” says the author of this report. The increasing demand for security at residential and, especially, non-residential places, such as hospitals, offices, and hotels is anticipated to boost the demand for infrared sensors across the world over the forecast period.
The decrease in retail prices of these sensors, thanks to their considerably small sizes and less complexity, is another important factor that is likely to fuel the demand for infrared sensors remarkably in the near future. The growing trend of automation across various end-use industries, such as semiconductor and electronics, aerospace and defense, and medical and healthcare is also expected to drive the growth of this market, worldwide, over the next few years. The high manufacturing cost and the presence of stringent government regulations, however, may restrict the market’s progress to some extent in the years to come.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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