North America Is a Prominent Regional Due To Rising Demand for Infrared Detectors in the U.S., Which Is Anticipated To Expand At A CAGR of 6.6& Through 2031
United States, Rockville MD, Aug. 18, 2022 (GLOBE NEWSWIRE) -- 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 Million, 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.
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Increasing use of infrared detectors in areas such as museums, homes, airports, libraries, and retail shops to count people and detect motion had subsidized its dominance in the market. Rise in the utilization of smart homes devices is slated to boost the need for such detectors.
Will Growing Adoption of Infrared Detectors in Motion Devices Pave the Way for Market Expansion?
Demand for people sensing and motion devices is on the rise. High adoption of object/people counting systems and rising automation of buildings are some of the significant factors that have led to growth in demand for these infrared detector alarms and systems.
Features such as non-contact detection and the ability to detect motion in both, the absence and presence of light, have led to high adoption of infrared sensing technology for people sensing and motion applications, as far as infrared detection systems are concerned.
Infrared detector shipments are likely to grow 2.1X at a CAGR of 7.7% through 2031 Infrared detectors are also used in several detection applications such as safety lighting, burglar alarms, garage doors, security cameras, motion-activated security cameras, and people counting systems. Moreover, in robotics, infrared detectors are used to measure distance and traction at a high rate, as they are used to sense the motion of IR emitting bodies.
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Key Segments Covered in the Infrared Detector Industry Survey
Infrared Detectors for Consumer Electronics
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.
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Key players in the Infrared Detector Market
Key Takeaways from Infrared Detector 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.
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