Manufacturing Industry to Bolster the Demand for Infrared Sensors Market

Infrared sensors market set to reach US$ 592.5 Mn by 2026, growing with promising CAGR of 7.5% throughout the forecasted period from 2018 to 2026. Primarily governed by Asia Pacific, infrared sensors market is highly driven by increasing usage of sensing technology in manufacturing industry. The infrared sensors market demonstrated swift growth in these industries, due to its flame or leak detection application. With rapidly growing manufacturing industry, that exhibited a CAGR of over 10% from 2010 to 2017; subsequent infrared sensors market to witness significant growth over the forecast period. Infrared sensors enable to monitor wide range of ambient conditions such as pressure, environmental weather conditions, temperature (infrared maps), fire, gas, sound, humidity, electrical characteristics, vibration, soil makeup, presence & absence of objects, object movement, speed, direction and location & size of an object among others. Growing penetration of infrared sensors in manufacturing, oil & gas, automotive and other industries credited to the government mandates aimed at improving safety and building healthier working environment for resources. Almost all public & private sector organizations aiming to invest heavily in building safe environment by using devices with sensing technology. For instance, the ShaleSafe Corporation working on project with aim to develop real time, automated monitoring system which would offer immediate detection of any decay in gas extraction process by using infrared sensors. Thus, with growing investment for ensuring safe working environment along with affordable price offering of infrared sensors, the market estimated to witness immense growth across forecasted years.

Long-Wave Infrared Sensors to Continue Leading the Market

Long-wave infrared sensors segment dominate the overall market. In 2017, segment accounted for more than 40% of the global infrared sensors market value. Long-wave infrared sensors majorly find application in manufacturing, mining, aerospace & defense and automobile sectors. In addition, rising threat of theft, crime, bank robbery and growing awareness about benefits of infrared sensing devices among customers ensured surge in adoption of long-wave infrared sensors. Similarly, increasing investment in surveillance and defense sectors by most of the countries paves significant demand for long wave infrared sensors.

Asia Pacific Leads the Market & Expected to Continue the Trend as Fastest Growing Regional Market

Asia Pacific leads the infrared sensors market accounting for close to 1/3rd of the overall market value worldwide. Market growth in the region primarily backed by Japan, China, India, Korea and Taiwan due to rapid growth in manufacturing, automotive, consumer electronics and other industry verticals. Japan possess strong base of key leading manufacturers of infrared sensors such as Murata Manufacturing Co., Ltd., Nippon Avionics Co., Ltd. and others. Market growth in the region further supported by lowering prices of infrared sensors. With continuous sinking prices of sensors, adoption of infrared sensing technology for applications such as surface feature detection, flame detection, numerous processes of automobile & manufacturing industries, expected to surge the demand from region.   

Research & Development to Remain the Key Strategy

Infrared sensors market is highly competitive in nature. Number of players are looking for globalization of business to enhance their reach to customers. As well as, growing investment on research & development is vital strategy implied by major players in infrared sensors market. Major instances include, Bosch Security Systems increased their investment in research & development for sensing technology by 30% in 2017 compared previous year. Required significant initial investment and technical competency are the major barriers for new entrants in infrared sensors market. Some of the major players profiled in the report include Excelitas Technologies Corporation, Bosch Security Systems, Inc., Nippon Avionics Co., Ltd., General Dynamics Corporation, Infratec Gmbh Infrarotsensorik Und Messtechnik, FLIR Systems, Inc., Honeywell International Inc., Raytheon Company, Hamamatsu Photonics K.K., OMRON Corporation, Texas Instruments Inc. and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Infrared Sensors market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Infrared Sensors market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Infrared Sensors market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Infrared Sensors market?
• Which is the largest regional market for Infrared Sensors market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Infrared Sensors market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Infrared Sensors market worldwide?