Infrared Sensors Market to Record Sturdy Growth by 2024

The significant rise in security concerns among consumers and the growing demand for consumer electronics products is impacting the global market for infrared sensors greatly. The massive demand for security at commercial places, such as offices, hospitals, and hotels is likely to push the growth of this market upward in the next few years.

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 market, however, may be restricted to some extent in the future by the high manufacturing cost and stringent government rules and regulations.

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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.

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. North America, closely followed by Europe, reports a greater consumption of infrared sensors, compared to other regions and is expected to continue doing so over the next few years. The rising usage of infrared sensors in detecting motion, which helps in identifying the target from a distant place, is likely to boost the North America market for infrared sensors, in the near future.

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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. Asia Pacific, however, is anticipated to report a higher growth rate than others between 2016 and 2024, thanks to the promising opportunities for the growth of the infrared sensors market in Asian economies, such as India, Japan, and China. The continual research and development activities, rising demand for automation in the industrial and the construction sector, and the increasing penetration of consumer electronics, such as smartphone, tablets, and laptops, are also projected to drive the Asia Pacific market for infrared sensors in the forthcoming years.

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.

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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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This release was published on openPR.