According to the new market research report "Shortwave Infrared (SWIR) Market by Scanning Type (Area Scan and Line Scan), Technology (Cooled and Uncooled), Application (Security & Surveillance, Monitoring & Inspection, and Detection), Vertical, and Geography - Global Forecast to 2024", the SWIR market is expected to be worth USD 147 million in 2018 and reach USD 258 million by 2024, at a CAGR of 9.87% from 2018 to 2024. The growth of this market can be attributed to the high demand for SWIR cameras from the nonindustrial vertical, especially from military & defense sector for security & surveillance application.
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Uncooled segment to hold larger share of SWIR market in 2018
By technology, the uncooled segment leads the SWIR market. The dominant position of this segment can be attributed to the high demand for uncooled SWIR cameras owing to their low cost compared with cooled SWIR cameras. A few applications where uncooled cameras are used include industrial inspection, food inspection, optical coherence tomography, telecommunications fiber and waveguide alignment, driver vision enhancement, astronomy, and spectroscopy.
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Market for monitoring & inspection application to grow at highest CAGR during forecast period
The SWIR market for the monitoring and inspection application is expected to witness the highest growth during the forecast period. Rising demand for SWIR cameras for quality control is among the major factors accelerating the growth of the SWIR market for the monitoring and inspection application. Food & beverages, electronics & semiconductors, pharmaceuticals, glass, and aerospace are among the industries that use SWIR cameras for the monitoring and inspection application.
North America expected to hold largest share of SWIR market in 2018
North America is expected to hold the largest share of the SWIR market in 2018. The US currently accounts for the largest share of the SWIR market in North America, followed by Canada and Mexico. APAC is expected to witness significant growth in the SWIR market during the forecast period. China, India, and Japan are the key countries contributing to the growth of the SWIR market in APAC. Security & surveillance, and monitoring & inspection are the key applications for which SWIR cameras are used in these regions.
A few key players operating in the SWIR market are Sensors Unlimited (US), FLIR Systems (US), Xenics (Belgium), New Imaging Technologies (France), Allied Vision Technologies (Germany), Sofradir (France), Raptor Photonics (UK), Hamamatsu Photonics K.K. (Japan), and Opgal Optronic Industries (Israel).
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