As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global infrared detector market enjoys a valuation of US$ 463 Mn, and is slated to expand at an impressive CAGR of 7.7% over the forecast period of 2021 to 2031. The market registered an annual growth of 5.4% during 2016-2020. Fact.MR anticipates significant potential in the market, due to increase in deployment of smart homes devices.
Infrared detectors are broadly chosen in security and defense applications due to their excellent capabilities on the battlefield, such as surveillance, accurate disposition of troops, target acquisition, etc. These factors are leading the market to grow 2.1X over the next ten years.
Key Takeaways from Market Study
- Military application is likely to witness sales of US$ 150 Mn by 2031.
- Based on spectral range, mid-wave infrared detectors and long wave infrared detectors are anticipated to be the most lucrative segments with market share of 23.4% and 61.5%, respectively, by 2031.
- Based on region, demand for infrared detectors is expected to increase at CAGR of 3.9% and 6.6% in Latin America and North America, respectively, over the forecast period.
- Together, North America and Europe represent over 48% of overall market share.
- The market in Latin America is valued at US$ 26 Mn at present.
“Increasing adoption of burglar systems, security cameras, etc., in smart buildings, to accelerate unit sales of infrared detectors,” says a Fact.MR analyst.
The number of industry participants and sales for infrared detectors from emerging countries in regions such as East Asia and South Asia & Oceania is on the rise. Adoption of automation in smart building is one of the foremost factors driving demand for infrared detectors.
Real estate managers, property owners, real estate developers, and builders are constantly working on creating safer buildings that are sustainable and efficient. Thereby, market players are developing robust distribution networks with property developers and contractors in order create consistency in demand and generate additional revenue.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global infrared detector market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights by spectral range (short wave infrared detector, mid-wave infrared detector and long wave infrared detector), by technology (mercury cadmium telluride, indium gallium arsenide, pyroelectric, thermopile, micro bolometer and others), by application (automotive, consumer electronics, medical, military and security) across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).