Dublin, July 17, 2023 (GLOBE NEWSWIRE) -- The "Global Infrared Detector Market: Analysis By Type, By Wavelength, By Industry Vertical, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global infrared detector market is on a growth trajectory, with a valuation of US$468.91 million in 2022 and a projected market value of US$770.10 million by 2028. The market is expected to expand at a steady CAGR of approximately 9% during the forecasted period of 2023-2028.
This growth is driven by various factors, including the increasing emphasis on security and surveillance in residential and commercial sectors, rising government investments in the defense sector, and rapid industrialization. The demand for infrared detectors is also rising in imaging applications and non-contact temperature measurement solutions.
Moreover, the market is witnessing a surge in the adoption of infrared detectors in robotics, as well as a growing preference among consumers for better energy management. Ongoing technological advancements and innovations by infrared detector manufacturers are further contributing to the market's growth, as companies strive to remain competitive and strengthen their portfolios. Within the
North America region, the United States holds the largest market share, fueled by the growing demand for infrared detectors in automotive, defense, and manufacturing sectors. Additionally, the rising consumer electronics market and the focus of IR detector companies on product innovations, collaborations, and acquisitions are contributing to their expansion and market dominance.
Market Dynamics:
The global infrared detector market has been growing over the past few years, due to factors such as increasing IoT connectivity, growth in number of smart homes and buildings, rising demand of IR detectors in various end user industries, increasing use of IR in wearable devices, increasing focus on improved security and surveillance, etc. IR detectors have become an essential tool in making home security systems more accurate and reliable, as well as making homeowners feel safer while they are in and away from their homes.
Smart home devices and systems such as smart speakers, smart lighting, & smart security systems, often rely on IR detectors for presence detection, motion sensing, fire and smoke detection, temperature measurement and intrusion detection. Therefore, increasing product deployment in smart homes, ongoing concerns about better home security, rising automation of buildings and high adoption of people/object counting systems by end user consumers, will continue to boost the growth of global infrared detector market.
However, the market growth would be negatively impacted by various challenges such as high cost and stringent government Restrictions, availability of alternative technologies etc. In most chemical and petrochemical plants, infrared detectors are increasingly used to detect or identify the gas leakage from the plant to the outer atmosphere or within the plant.
However, a catalytic detector is one of the major substitutes for infrared detectors for gas detection application and the major advantage of catalytic detectors over IR detectors is that they can easily identify hydrogen gas, which IR detectors cannot. Besides, catalytic detectors are simple to operate, easy to install, standardized, and have a long lifespan with less replacement cost. Therefore, availability of alternative technologies can imped the growth of global IR detector market.
The market is projected to grow at a fast pace during the forecasted period, due to various latest trends such as increasing integration of AI and ML, growing popularity of uncooled IR detectors, technological advancements in spectroscopy and biomedical imaging etc.
AI is increasingly being integrated into IR detectors for enhanced image processing, improved object detection & tracking in real-time, autonomous analyses of infrared data based on predefined rules or machine learning models, and assisting IR detectors in recognizing patterns and anomalies within infrared images, further enabling IR detectors to identify specific objects while reducing the burden on human operators, particularly in scenarios where large amounts of data are present.
Therefore, increasing integration of artificial intelligence (AI), machine learning (ML), and deep learning technologies will continue to boost the growth of global infrared detector market in the forecasted years.
Competitive Landscape:
Global infrared detector market is fragmented with increasing number of large and medium-sized players accounting for majority market revenue. Major companies in the market are engaged in strategic agreements & contacts, innovation, testing, and various other R&D activities & initiatives to develop and deploy new and more efficient products in the market and gain larger market share.
For instance, On January 19, 2023, Hamamatsu Photonics K.K., announced that the company has developed a new InAsSb photovoltaic detector (P16702-011MN) with preamp offering high sensitivity to mid-infrared light, up to 11 micrometers (?m) in wavelength.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $509.33 Million |
| Forecasted Market Value (USD) by 2028 | $770.1 Million |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Increasing IoT Connectivity
- Growth in Number of Smart Homes and Buildings
- Rising Demand of IR Detectors in Various End User Industries
- Increasing Use of IR in Wearable Devices
- Increasing Focus on Improved Security and Surveillance
Challenges
- High Cost and Stringent Government Restrictions
- Availability of Alternative Technologies
Market Trends
- Increasing Integration of AI and ML
- Growing Popularity of Uncooled IR Detectors
- Technological Advancements in Spectroscopy and Biomedical Imaging
The key players of the market are:
- Teledyne Technologies Incorporated (Teledyne FLIR LLC)
- Hamamatsu Photonics K.K.
- Murata Manufacturing Co., Ltd.
- Texas Instruments Incorporated.
- OMRON Corporation
- TE Connectivity Ltd.
- Honeywell International Inc.
- Raytheon Technologies Corporation
- LYNRED
- Excelitas Technologies Corp.
- Nippon Ceramic Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/eiuvdt
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