SWIR Market Technology Redefined: Mapping the $277 Million
A thorough analysis delivers interesting insights in a recently released research report titled "Shortwave Infrared (SWIR) Market with Impact Analysis," produced by MarketsandMarketsTM. The report projects a significant increase from its valuation of USD 166 million in 2021 to a remarkable USD 277 million by the year 2027, indicating a healthy trajectory for the Shortwave Infrared (SWIR) industry. Over the predicted period, this growth corresponds to a spectacular Compound Annual Growth Rate (CAGR) of 8.9%. The study takes into account a number of factors, such as scanning kinds like area scan and line scan, applications like security and surveillance, monitoring and inspection, and detection, as well as technology, industry verticals, and product offers.
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The widespread adoption of SWIR technology across industrial and non-industrial sectors, which serves a wide range of applications encompassing security, surveillance, monitoring, and inspection, has significantly fueled the Shortwave Infrared (SWIR) market's growth in recent years. The COVID-19 epidemic, however, changed the course of events and dampened the SWIR market's impetus for growth. The decline in demand for SWIR cameras, which has an impact on critical applications such industrial process monitoring, industrial furnace monitoring, solar cell inspection, sorting operations, and driver vision enhancement, has been a significant factor in this transition. Due to production halts and financial pressures brought on by the pandemic's broad disruptions, the use of SWIR cameras was restrained in industry and the global economy.
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Uncooled SWIR technology to have the largest market size in SWIR market during the forecast period
The uncooled SWIR technology emerges as a leader in the SWIR industry and is predicted to gain a sizeable market share during the projected period. The strong demand for uncooled SWIR cameras, particularly outside of the industrial sphere, most notably in the military and defence industry, is what has propelled this dominant position. The uncooled segment's attraction stems from how much less expensive it is than its cooled equivalent. Uncooled SWIR cameras provide a tempting alternative without sacrificing performance, which encourages its use. Although uncooled SWIR cameras are less expensive, they are still preferred across a wide range of applications and industries. This has further cemented their dominance in determining the direction of the SWIR market.
Non industrial vertical to grow with highest CAGR in SWIR market during the forecast period
The SWIR market's growth trajectory will be driven by the non-industrial vertical, which is anticipated to have the highest Compound Annual Growth Rate (CAGR) throughout the forecast period. This growth is being fueled by the widespread use of SWIR cameras in the military and defence industry, where they are essential for applications involving vision augmentation. The SWIR market in this vertical is also anticipated to grow rapidly with the help of the scientific research industry. Notably, North America emerges as a crucial force behind the market for SWIR technology-based goods within the scientific research arena, particularly in the area of area scan SWIR cameras.
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North America accounts for the largest share of the SWIR market during the forecast period
Throughout the anticipated period, North America will continue to dominate the SWIR market. This regional dominance became more clear in 2021 as a result of several strong causes. The dominant position of North America may be ascribed to the region's strong presence of key players in industries including military and defence, research, and the medical field, all of which have greatly influenced the increased demand for SWIR cameras. Additionally, North America is home to numerous businesses that specialise in the sale of SWIR cameras, which supports the SWIR market's growth dynamics in the region. Industry stalwarts including Teledyne FLIR (US), Collins Aerospace (US), Princeton Instruments (US), IRCameras (US), and Photon etc. (Canada) are among these significant contributors; they are all representative of the vibrant ecosystem of SWIR camera vendors situated in North America. This fusion of market presence and domain knowledge solidifies North America's position as the key driver of the SWIR market's global expansion.
The report profiles key players in the SWIR market and analyzes their market shares. Players profiled in this report are Collins Aerospace (US), Teledyne FLIR (US), Xenics (Belgium), New Imaging Technologies (France) and Allied Vision Technologies (Germany), Raptor Photonics (UK), Lynred (France), Opgal Optronic (Israel), Photon etc. (Canada), Himamatsu Photonics (Japan), Intevac (US), InView Technology (US), Sierra-Olympic Technologies (US), FluxData (US), IRCameras (US), Episensors (US), Princeton Infrared Technologies (US), Leonardo DRS (US), InfraTec (Germany), Tonbo Imaging (India), COX (South Korea), C-THERMAL (Austria), Dali Technology (China), Axis Communication (Sweden) and HGH Infrared Systems (France).
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