Infrared Detector Market Report, forecasts that the global market is expected to garner $466 million by 2022, registering a CAGR of 9.7% during the period 2016-2022. In the year 2014, North America dominated the market and contributed more than 33% share of the overall market revenue followed by Asia-Pacific. The presence of key market players in U.S. and Asia-Pacific, rapid industrialization, primarily in manufacturing sectors, rise in demand for better security and monitoring systems, increased application of infrared detectors in residential & consumer electronics sector and increase in government initiatives in aerospace & defense sector have fueled the infrared detector market growth. However, high cost and limited accuracy in harsh conditions could restrict the market growth.
The photo infrared detectors accounted for about 61% of the overall infrared detector market in 2014. Higher accuracy and fast response of photo infrared detectors led this segment to dominate the overall infrared detector market. However, thermal infrared detector segment is expected to register a CAGR of 11.6 % and demonstrate significant growth during the forecast period. This is due to the low cost and less maintenance as many renowned companies have launched advanced technology products. Moreover, North America has contributed significantly in the photo infrared detector segment.
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Even though, North America contributed towards the maximum revenue share in 2014. Asia-Pacific is expected to show highest CAGR during the forecast period. This could be attributed to various factors including increase in the security concerns in residential and industrial sectors and numerous government initiatives. Moreover, improvement in aerospace & defense technologies has boosted the installation of infrared detectors in Asian countries, particularly in China, Japan, and India.
However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period. China has the biggest market for infrared detector manufacturers and consumers. Moreover, surge in manufacturing industry activities and increased expenditures in the emerging markets, such as Japan and India, to satisfy the exponential growth in security concerns have strengthened the market growth. Technological advancements for cost-effective infrared detectors in these nations offer lucrative opportunity for the infrared detectors market.
Key findings of Infrared Detector Market:
The photo infrared detector type led the overall infrared detector market revenue in 2014, and it is projected to grow at a CAGR of 8.5% during the forecast period
Long-Wave IR segment is expected to exhibit rapid growth
North America led the world infrared detector market, but Asia-Pacific is expected to lead the market in2022
China led the overall Asia-Pacific infrared detector market with about one-third of the market shares in the region
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The key players in the infrared detector market are dedicated to expand their business operations in the emerging countries with acquisition and product launch as a preferred strategy. The major players profiled in this report include Texas Instruments Inc., Honeywell International Inc., Omron Corporation, Excelitas Technologies Corp., Hamamatsu Photonic K.K., FLIR Systems Inc., Murata Manufacturing Co., Ltd., Raytheon Company, Sofradir, and Nippon Avionics.
The global infrared detector market is anticipated to register a CAGR of 9.7% from 2016-2022 to attain a market size of around $466 million by 2022.
An infrared detector is a device that responds to infrared radiation (IR), which are electromagnetic waves with higher wavelength than visible light. Interestingly, all the entities with temperature greater than absolute zero have thermal energy and are a source of infrared radiation. The two main types of IR detectors are thermal detectors and photo detectors. Infrared detectors can be used for a variety of applications in the military, scientific, security, medical, industrial, and automotive areas.
IR detectors are compact in size, compatible with variety of applications, and detect infrared light over a large area. These factors make infrared detectors ideal for security purposes as they operate real time and detect movement. However, high cost and inaccuracy in certain conditions could hamper the market growth. Technological advancements in the infrared detector technology and reduction in prices in the future could provide potential growth opportunities.
The market is segmented by type, spectral range, application, and geography. Based on type, the market is bifurcated into thermal detector and photo detector. Thermal detectors are subcategorized into thermopile, microbolometer, and pyroelectric; while photo detectors are subcategorized into indium gallium arsenide, mercury cadmium telluride, and polycrystalline lead sulfide (PBS) & polycrystalline lead selenide (PBSE) type. On the basis of spectral range, it is classified into short-wave IR, medium-wave IR, and long-wave IR. Applications of IR detectors include aerospace & defense, industrial, medical, automotive, security, and consumer electronics. Geographically, the market analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies operating in this market include Texas Instruments Inc., Honeywell International Inc., Omron Corporation, Excelitas Technologies Corp., Hamamatsu Photonic K.K., FLIR Systems Inc., Murata Manufacturing Co., Ltd., Raytheon Company, Sofradir, and Nippon Avionics.
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