Global Infrared Sensors Market Assessment and Revenue Forecast Until the End of 2024

Posted on 2018-05-07 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-May-07 — /EPR Network/ —Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Infrared Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Global Infrared Sensors market have been elaborated upon in the research report.

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The varied applications of infrared sensors are boosting the global infrared sensors market

With the rapid advancements in technology, the modern day infrared sensors have become light in weight and have also become more affordable, with a decline in their pricing. In addition, the power consumption in such sensors is also low and these factors are contributing in infrared sensors gaining traction in a variety of applications ranging from the military to IoT applications. With the help of infrared sensors, infrared red light can be detected from far away, which can be operated in real time and movements can be detected instantaneously, and these properties make infrared sensors ideal for the purpose of security. In today’s context, the networked digital and data-heavy battle space have become crucial for military security and success. Hence, the main application of infrared sensors in military is in the sector of motion imagery that helps in the identification of military targets. Infrared sensors help in increasing the situational awareness of the operator by providing the ability to recognize sea, land and waterway features and contact patrol craft and small boats in near shore environment, where the performance of surface radars is limited.

IoT applications for infrared sensors include medical equipment, home appliances with temperature control, non-contact temperature measurements, movement detection and the ability to measure body temperature among others. For instance, infrared sensors are used to measure the emitted thermal radiation from powerful motors and equipment without coming in contact with them. Such kind of infrared sensors are also not affected by electrical noise, due to which their usage is steadily rising in industrial applications.

With the increasing concerns about environment protection and energy conservation, there have been various initiatives taken by the governments all over the world to conserve energy and this is boosting the demand for infrared sensors. As there is rising consciousness about energy savings, it is expected to trigger the need for installing occupancy and vacancy sensors across various indoor and outdoor applications. Such kind of occupancy and vacancy sensors use infrared sensors to detect the presence of a moving object and accordingly control the operation of various lighting applications. This enables the reduction in overall energy consumption and helps to save energy to a great extent.

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Global infrared sensor market by end users

In the field of consumer electronics, infrared sensors are used extensively since they are inexpensive, have become smaller in size and have become much more efficient. Due to such factors, their use has increased tremendously in smartphones, tablets, smart TVs, gaming, home appliances, etc. The consumer electronics segment was valued at US$ 40 Mn in 2017 and is anticipated to reach a valuation of US$ 97.9 Mn in the year 2024. The aerospace and defense segment was valued at US$ 42.1 Mn in 2017 and is forecasted to touch a valuation of US$ 101.1 Mn in the year 2024. Due to the large amounts of investments in developing aircraft and defense equipment by the United States and Europe, the demand for infrared sensors is being boosted during the forecast period. The mining segment was valued at US$ 43.8 Mn in 2017 and is anticipated to reach a valuation of US$ 104.8 Mn in the year 2024. In the mining industry, infrared sensors are used for the detection of gases in mines, which help in maintaining the safety aspects in the operation of mines.

Research Methodology

The report has been compiled after in-depth interviews and opinions obtained from industry experts and opinion makers. Primary research account for the bulk of research efforts along with a secondary research phase. Review of key players’ product literature, press releases, annual reports, and relevant documents were essential components of primary research. Secondary research involved reaching out to trade journals, government websites, technical writings, Internet sources, trade associations, and online paid databases. Employing this approach, the information presented in the report is reliable to the highest degree. As a result, the information in the report has caught the attention of industry participants to gauge future growth opportunities.

Secondary research sources typically include but are not limited to company websites, financial reports, investor presentations, annual reports, broker reports, SEC filings and external proprietary databases. Analysts conduct primary interviews with industry experts and opinion leaders on a regular basis to validate data and analysis. This helps validate and corroborate research findings.

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