ALBANY, N.Y. – Global demand for infrared sensors will nearly triple in the decade between 2015 and 2024, increasing from $238.8 million in 2015 to $692.8 million by the end of 2024, predict analysts at market researcher Market Research Reports Search Engine (MRRSE) in Albany, N.Y.
Driving this projected sharp increase in worldwide demand for infrared sensors are the constant rise in security concerns and the growing demand for consumer electronics products, MRRSE analysts say.
The expected increase in global demand for infrared sensors will represent a combined annual growth rate (CAGR) of 12.8 percent, analysts say, who outlined their findings in the report Infrared Sensors Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.
Some of the prime factors responsible for this growth are the low power consumption, flexible applications, and relatively low production prices that have been driving the growth in the global infrared sensors market.
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Infrared sensors are defined as devices that emit, detect, and receive infrared waves as heat and infrared radiation. These sensors integrate with different devices for surveillance, automobiles, testing, detection, and measurement.
Infrared sensors broadly come in two main types: thermal infrared sensors and quantum infrared sensors, analysts say. Thermal sensors use infrared energy as heat, and quantum sensors provide high detection performance and fast response speed.
The report segments the global infrared sensors market is segmented by passive and active; by detection; and end user and geography. Major end-user of infrared sensors listed in the report are aerospace and defense, oil and gas, mining, chemicals, pharmaceuticals, and consumer electronics.
From 2015 North America and Europe are the leading regional markets for infrared sensors and also expected to maintain its dominance in the next few years because of the rising usage of infrared sensors in detecting motion, which helps in detecting the target from a distant place.
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The increasing usage of infrared sensors in unmanned aerial vehicles (UAVs) and drones are expected to propel European infrared sensors market, analysts say.
The major players in the global infrared sensors market are Honeywell International Inc., Excelitas Technologies, Teledyne, FLIR Systems, Raytheon Co. and Texas Instruments in the U.S.; Infratec GmbH in Germany; Hamamatsu Photonics and Murata Manufacturing in Japan, analysts say.
For more information contact MRRSE online at www.mrrse.com/infrared-sensors-market.
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