Global Infrared Sensor Market 2019 Technological Breakthroughs with Automotive Sector is Expected to Occupy Significant Market Share by 2024

Global Infrared Sensor Market 2019-2024 Growing at a CAGR of 12.5%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.

Market Overview

Infrared Sensor (IR) Market is expected to register a CAGR of over 12.5% during the forecast period (2019-2024). Rapid technological advancements, such as connected cars, machines, wearables, over the past decade, has led to the deployment of sensors to take input from the physical environment, to perform predefined functions upon detection of specific information. The emergence of micro-electro-mechanical systems technology has resulted in miniaturization of mechanical and electro-mechanical elements in the field of sensors with micro-fabrication and micro-machining techniques, that have aided the industry to reduce the size, power consumption, and cost of sensors.

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- The rising adoption of 5G technology and growing advancement in wireless communication are expected to be major significant factors for driving the growth prospect, for infrared sensor market. The growing trend of IoT and the increasing number of connected devices are further fuelling the growth of infrared sensor market.
- The threat of climate change, fluctuating energy prices, and energy security and supply concerns have necessitated new ways of producing, delivering, and consuming energy. In this regard, smart homes have gained increased attention in both policies and government regulations across the world, thus driving the demand for infrared sensor market.
- The need for automation equipment is rising, owing to increased disposable incomes, which has indirectly made infrared sensors popular in the building automation sector. Infrared sensors use thermopile and microbolometer IR sensors for the motion detection of people and objects.

Scope of the Report

An Infrared Sensors instrument is used to sense specific characteristics of its surroundings by either detecting or emitting infrared radiation. These electronic detectors can also sense motion and measure heat emitted by objects. With the advancements in technology, infrared sensors have become light in weight, and have also become more affordable. Also, the power consumption in such sensors is too low.
The scope of the report is limited to spectrum range of infrared sensor, its functionalities, working mechanism, and various end-user industries. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Key Market Trends

Automotive Sector is Expected to Occupy Significant Market Share

Increasing adoption of autonomous cars and vehicle connectivity coupled with increasing investments in the research and development of integration of Infrared cameras in automobiles, is expected to become the future become necessary in the near future and aid the market over the forecast period. this further aided the increase in adequate assimilation, and comprehension of visual, audio, geographical, and other data and has fueled rapid adoption of infrared sensors to deliver more accurate and reliable distance sensing and measurement, especially in challenging environmental conditions.
- For Instance, companies, such as Mercedes-Benz, Volvo, Toyota, and Google Inc., are increasingly investing to develop smart cars with rich features that deliver safer, convenient, and comfortable driving experiences. According to a NASDAQ, driverless cars are likely to dominate the market by 2030.
- Apart from this, governments across the world are increasingly investing to encourage the deployment of autonomous and connected vehicles worldwide, which, in turn, drives the growth prospect for infrared sensor. For instance, the Government of Japan has put down an ambitious strategy to the use of self-driving vehicle force during the Tokyo 2020 Summer Games and also for Olympic transport.

Asia-Pacific Market to Hold a Significant Market Share

Asia-Pacific is the fastest growing market for infrared sensor, owing to the established electronics industry and increasing technological advancements in economies, such as China, Japan, and South Korea. Also, the region is the largest producer and consumer of consumer electronic.
- Growing consumer preference toward better energy management, growing penetration of Internet of Things (IoT) is driving the demand for smart home automation technology, which, in turn, boost the demand for infrared sensor.
- Many companies, in this region, are also investing to develop infrared sensors to improve packaging. For instance, Yokogawa Electric Corporation developed the WG51S2 infrared sensor to measure and control the thickness of films and sheets to ensure product quality.
- Apart from this, with countries, such as China, India, and South Korea actively trying to strengthen the IoT platforms, governments of these developing countries are entering into various public and private collaborations to leverage IoT advancements for Automation and other industrial applications, thus reinforcing the development of this specific market in the Asia-Pacific region.

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Competitive Landscape

The Infrared Sensors market appears to be fragmented due to the presence of several major companies like FLIR Systems and Hamamatsu Photonics, L-3 Technologies, etc. The competitive environment is quite intense. Factors such as the increase in number of burglaries and the increasing investment in autonomous cars, provide significant growth opportunities to infrared sensors manufactures.

- In June, 2018, Bosch launched BHI260 and BHA260, the first two members of a new generation of smart sensor hubs for wearables, hearables, AR/VR, and other mobile devices.
- In April, 2018, Leonardo DRS, Inc. announced the launch of its innovative “Tenum™ 640” thermal imager, the first uncooled 10-micron thermal camera core onthe market for original equipment manufacturers (OEMs). The Tenum™ 640 is ideal for surveillance and security applications.

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Name: Hector Costello
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Organization: Orbis Research

Release ID: 88922657