Infrared Sensor Market Growth Analysis | 2023-2028

Market Insights

"The infrared sensor market is likely to grow at a promising CAGR of 5.1% during 2023-2028 to reach USD 1.4 billion in 2028."

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Market Dynamics

Introduction

An infrared sensor is a device that works based on the principle of detecting the intensity of infrared radiation in surrounding space. It comprises of a pyroelectric material with an infrared filter, the Fresnel lens, and a housing unit. Indicates like the infrared sensors are regularly used for motion detection of the security systems and automatic lighting.

Market Drivers

The demand for IR sensors is on the rise and this is supported by the drive for automation in numerous industries, such as the industrial, aerospace, and automotive industries. The IR sensors are of two types: thermal imaging and thermal detector units, which are a vital component of several automatic systems to capture high-resolution pictures and monitor various characteristics like temperature, humidity, and gas levels. The merits of thermal imagers and detectors include simplicity of use, a non-contact measuring method, a measuring process for non-visible radiation, high sensitivity, etc. This means that these sensors have many applications.

Thermal imaging is among the well-known applications of thermal imagers that can be employed for different scopes, including industrial inspection, medical diagnosis, and building inspection. As for one of the key applications of thermal detectors, it is position and motion detection, a very important feature in any kind of surveillance. Thus, thermal detectors are nowadays used in the most effective security systems, which are able to detect any motion even in total darkness or during bad weather. This explains why the demand for thermal imagers and detectors in various industries is growing and why the IR sensor market will grow in the near future.

There has been a steady rise in the demand for IR sensors in smartphones and wearables, among other consumer gadgets, and this has been a boost to the main market. These sensors are facial recognition sensors, proximity sensors, and so forth that are useful for the individualization of the device and improvement of the user’s experience and security. Another factor that is driving the market for IR sensors forward is the increase in smart houses and building automation systems, where they are employed for motion detection, temperature control, and even occupancy detection.

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Recent Market JVs and Acquisitions:

Most companies are focusing on creating new products like passive infrared sensors, infrared motion sensors, infrared temperature sensors, and infrared proximity sensors. Product line expansion and mergers & acquisitions are prominent techniques used to broaden the company’s market share. There were a fair number of mergers & acquisitions in the IR sensor market. Some of which are the following:

• In 2021, Teledyne acquired FLIR Systems through a cash and stock transaction worth nearly US$ 8 billion. The company is the undisputed leader in the IR sensor market and will continue providing a full spectrum of imaging technologies.
• In 2019, Sofradir merged with its subsidiary ULIS and formed Lynred, a stronger player in the IR detector market.

Segments Analysis

By Product Type

"The thermal imager accounted for the largest market share."

The infrared sensor market is classified as thermal detectors and thermal imagers. Between the two product types, thermal imagers are expected to remain the dominant segment during the forecast period, owing to their applications in a wide range of industries, including automotive, aerospace, military, and security. In addition, thermal imagers also have several advantages over traditional IR sensors, such as cost-effectiveness, small size, high sensitivity, uncooled operation, and improved resolution, which make them one of the most preferred IR sensors. On the other hand, the thermal detector is estimated to witness the fastest market growth in the coming years, owing to its lower cost as compared to the thermal imager and increasing demand in a wide range of applications such as temperature measurement, gas sensing, and motion detection due to their features like non-contact temperature measurement, quick response time, and wide detection range.

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Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is expected to remain the largest market for infrared sensors during the forecast period. This region is home to many Chinese and Japanese players, such as NICERA, Wuhan Guide Sensmart Tech Co., Ltd., Global Sensor Technology, and Murata Manufacturing Ltd. Moreover, the region has been witnessing significant demand in industries such as aerospace, defense, automotive, and healthcare in recent years, particularly in countries like China, India, Japan, and South Korea.

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key Players

The market for IR sensors is highly consolidated, with a few companies controlling the majority of the industry. The market is competitive with the presence of several regional and global players. Most of the major players compete in some of the governing factors including price, product offerings, industry expertise, and regional presence. The following are the key players in the IR sensor market:

• Teledyne Technologies Incorporated
• Excelitas Technologies Corp.
• Lynred
• NICERA
• Seek Thermal
• Murata Manufacturing Co., Ltd.
• Melexis
• Heimann Sensor GmbH
• Wuhan Guide Sensmart Tech Co., Ltd.
• Global Sensor Technology

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s infrared sensor market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our infrared sensor market report from the industry stakeholders, we have tried to further accentuate our research scope to the infrared sensor market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as in formulating the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The infrared sensor market is segmented into the following categories:

By Product Type

• Thermal Detector [Sensor-Type Analysis {Thermopile Sensor and Pyroelectric Sensor} and Application-Type Analysis {LETM, Position and Motion Detection, Gas and Fire Detection, Smart Building, Spectroscopy, People Counting, HVAC, and HETM}]
• Thermal Imager [Application-Type Analysis (Military (Thermal Weapon Sight, Soldier Vision, and Others)
• Commercial (Thermography, Surveillance, Personal Vision Systems, Firefighting, Ruggedized Smart Phones, and Others)

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com