A recent report published by Transparency Market Research (TMR) reveals that the global infrared detectors market is set to soar at a CAGR of 8.9% during the forecast period (2017-2022). Increasing use of infrared detectors in industrial and manufacturing applications is likely to boost the global demand for infrared detectors during the forecast period. At the same time, infrared detectors are gaining momentum as a highly significant security apparatus.
Moreover, advancements in IR detection technology is driving the adoption of IR detectors in various industrial applications. There are basically two types of technology used in IR detectors – uncooled and cooled. Uncooled infrared detectors are smaller in size and are have relatively lower complexity as compared to cooled IR detectors. Due to their exponential night sighting capabilities, infrared detectors are being increasingly incorporated in night vision cameras.
In addition, IR detectors are used for various measurement and testing requirements in the manufacturing and retail sectors. IR technology is being utilized for testing performance and quality of products. Infrared detectors are also used for measuring temperature in automotive systems, air condition systems and other pertinent setups. Also, they are deployed in the industrial plants to monitor the efficient functioning of boilers, motors, electrical peripherals and bearings. However, factors such as high cost of the technology and low awareness about IR detectors in developing regions are likely to remain major growth inhibitors of the market during the forecast period.
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Asia-Pacific Excluding Japan (APEJ) is likely to dominate the global market for infrared detectors in 2017, and the trend is projected to continue in the coming years as well. In addition, the region’s market is expected to surge at a sound CAGR of 9% during the forecast period. This is primarily owing to robust adoption of infrared technology in the region’s manufacturing sector.
Bolometers-Top Selling Product Type
On the basis of product type, the bolometer segment is expected to remain highly attractive during the assessment period. This segment currently command for nearly 33% revenue share of the market and is expected to surpass a market valuation of US$ 200 Mn by 2022-end, reflecting an above-average CAGR.