USD 582.5 million
Report ID:
SQMIG45K2109 |
Region:
Global |
Published Date: May, 2024
Pages:
196
|
Tables:
118 |
Figures:
74
Global Infrared Sensors Market size was valued at USD 582.5 million in 2022 and is poised to grow from USD 618.03 million in 2023 to USD 992.5 million by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).
Infrared sensors measure and sense infrared light radiating from objects in their field of view and transfer the data to required devices and processors. Rapidly surging sales of consumer electronics and high investments in the development of advanced sensors are projected to bolster sales of infrared sensor over the coming years. Advancements in infrared technology are also expected to shape the future of infrared sensor market going forward. Increasing use of sensors in the automotive industry will also create new opportunities for infrared sensor companies going forward. However, high costs of infrared sensors as compared to other alternatives and limited detection scope are anticipated to hurt sales of infrared sensors across the forecast period and beyond. The healthcare industry is predicted to be highly opportune for infrared sensors companies looking to bolster their business scope in the long run. Asia Pacific region is estimated to hold a dominant stance in terms of sales of infrared sensors on a global level.
Global Market Size
USD 582.5 million
Largest Segment
Near Infrared (NIR)
Fastest Growth
Far Infrared (FIR)
Growth Rate
6.1% CAGR
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The global infrared sensors market is segmented based on type, spectrum range, working mechanism, end user, and region. In terms of type, the market is bifurcated into thermal infrared sensors and quantum infrared sensors. Based on spectrum range, the market is divided into near infrared (NIR) and far infrared (FIR). In terms of working mechanism, the market is divided into active and passive. On the basis of end use, the market is bifurcated into healthcare, aerospace & defense, automotive, commercial applications, manufacturing, oil & gas, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Spectrum Range
Near infrared (NIR) sensors account for a substantial chunk of the global infrared sensors sales outlook. Night vision offered by near infrared sensors is what has allowed this segment to hold a prominent share in the global infrared sensors market. Growing use of NIR sensors in security cameras and motion detectors will help this segment maintain its dominant stance going forward.
Far infrared (FIR) sensors are projected to witness a robust hike in demand on a global level as application scope of infrared sensors in the healthcare industry increases. Rising popularity of infrared therapy and its benefits such as detoxification, pain relief, and improved blood circulation are also estimated to bolster the sales of FIR sensors in the future.
Analysis by End Use
The commercial segment is anticipated to account for a major chunk of the global infrared sensors market share at present. High use of infrared sensors in consumer electronics and security applications is what allows this segment to hold sway over others. Increasing deployment of infrared sensors in automation applications is also slated to help commercial segment maintain its dominance across the forecast period.
The demand for infrared sensors in healthcare end use is slated to rise at a robust CAGR over the coming years. Increasing investments in the research and development of novel medical devices using infrared sensors are forecasted to bolster infrared sensors market growth via this segment in the long run.
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The Asia Pacific region is projected to dominate the global infrared sensors market share across the forecast period. The presence of a robust electronics and semiconductor manufacturing industry coupled with growing use of infrared sensors in consumer electronics are allowing this region to dominate the global market growth. China is estimated to be the top market for infrared sensors companies in this region followed by Taiwan, Japan, and India in the future.
North America is slated to establish itself as the fastest-growing market for infrared sensors in the world. Growing demand for advanced security and intrusion protection systems equipped with infrared sensors is the key factor driving infrared sensors demand outlook in this region. The United States and Canada are estimated to be the leading markets for infrared sensors companies in this region. Growing adoption of automation in different industry verticals will also bolster sales of infrared sensors in North America going forward.
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Drivers
High Use in Consumer Electronics
Growing Use in Automotive Applications
Restraints
High Costs of Infrared Technology
Limited Detection Capabilities
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Infrared sensor companies invest heavily in the research and development of new products to stand out from the competition and fast track commercialization of new products. Infrared sensor market players can also focus on expanding the application scope of their products by collaborating and partnering with different companies from various industry verticals. Mergers and acquisitions are projected to help infrared sensor suppliers expand their global footprint.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, advancements in infrared technology and growing use of infrared sensors in consumer electronics are expected to be key factors driving the global infrared sensors market development. However, the high costs of infrared sensors as compared to other alternatives and limited detection capabilities are slated to hamper infrared sensors market growth in the long run. The Asia Pacific region accounts for a major chunk of the global infrared sensors demand outlook owing to the presence of a robust semiconductor and electronics manufacturing sector in this region. Infrared sensors companies can target wearable devices making companies maximize their revenue generation in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 582.5 million |
Market size value in 2031 | USD 992.5 million |
Growth Rate | 6.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Infrared Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Infrared Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Infrared Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Infrared Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45K2109