PORTLAND, Oregon and PUNE, India, January 12, 2017 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Infrared Detector Market by Type, Spectral Range and Application - Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the global infrared detector market is expected to reach $466 million by 2022 with a CAGR of 9.7% from 2016-2022. In the year 2014, North America dominated the market and contributed more than 33% share of the overall market revenue followed by Asia-Pacific. The presence of key market players in U.S. and Asia-Pacific, rapid industrialization, primarily in manufacturing sectors, rise in demand for better security and monitoring systems, increased application of infrared detectors in residential & consumer electronics sector and increase in government initiatives in aerospace & defense sector have fueled the infrared detector market growth. However, high cost and limited accuracy in harsh conditions could restrict the market growth.
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The photo infrared detectors accounted for about 61% of the overall infrared detector market in 2014. Higher accuracy and fast response of photo infrared detectors led this segment to dominate the overall infrared detector market. However, thermal infrared detector segment is expected to register a CAGR of 11.6 % and demonstrate significant growth during the forecast period. This is due to the low cost and less maintenance as many renowned companies have launched advanced technology products. Moreover, North America has contributed significantly in the photo infrared detector segment.
Even though, North America contributed towards the maximum revenue share in 2014. Asia-Pacific is expected to show highest CAGR during the forecast period. This could be attributed to various factors including increase in the security concerns in residential and industrial sectors and numerous government initiatives. Moreover, improvement in aerospace & defense technologies has boosted the installation of infrared detectors in Asian countries, particularly in China, Japan, and India.
However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period. China has the biggest market for infrared detector manufacturers and consumers. Moreover, surge in manufacturing industry activities and increased expenditures in the emerging markets, such as Japan and India, to satisfy the exponential growth in security concerns have strengthened the market growth. Technological advancements for cost-effective infrared detectors in these nations offer lucrative opportunity for the infrared detectors market.
Summary of Similar Reports can be viewed at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/semiconductors-market-report
Key findings of the study:
- The photo infrared detector type led the overall infrared detector market revenue in 2014, and it is projected to grow at a CAGR of 8.5% during the forecast period
- Long-Wave IR segment is expected to exhibit rapid growth
- North America led the world infrared detector market, but Asia-Pacific is expected to lead the market in2022
- China led the overall Asia-Pacific infrared detector market with about one-third of the market shares in the region
The key players in the infrared detector market are dedicated to expand their business operations in the emerging countries with acquisition and product launch as a preferred strategy. The major players profiled in this report include Texas Instruments Inc., Honeywell International Inc., Omron Corporation, Excelitas Technologies Corp., Hamamatsu Photonic K.K., FLIR Systems Inc., Murata Manufacturing Co., Ltd., Raytheon Company, Sofradir, and Nippon Avionics.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research