SWIR Market Set for Significant Growth, Projected to Reach USD 277 Million by 2027

It is anticipated that the SWIR Market would expand at a compound annual growth rate (CAGR) of 8.9% from USD 166 million in 2021 to USD 277 million by 2027.

Pune, 12/08/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The Shortwave Infrared (SWIR) Market is poised for significant growth, with projections indicating an increase from USD 166 million in 2021 to USD 277 million by 2027, at a CAGR of 8.9% during the forecast period. This expansion is driven by the growing adoption of SWIR imaging technology across various sectors, including military and defense, industrial manufacturing, and scientific research. The ability of SWIR cameras to provide high-resolution imaging in low-light conditions and detect moisture, temperature variations, and chemical compositions makes them invaluable in applications like surveillance, product inspection, and environmental monitoring. Additionally, advancements in sensor technology and increasing demand for automation are expected to further fuel the growth of the SWIR market.

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The SWIR Market had been on a robust growth trajectory due to the widespread adoption of SWIR technology across both industrial and non-industrial sectors for applications like security, surveillance, monitoring, and inspection. However, the COVID-19 pandemic caused a notable slowdown in this growth. The decline in demand for SWIR cameras, particularly in applications such as industrial process monitoring, solar cell inspection, and driver vision enhancement, has been a significant factor. The pandemic-induced disruptions to businesses and the global economy led to production curtailments, resulting in a significant drop in the uptake of SWIR cameras, impacting the overall market growth.

Uncooled SWIR Technology to have the largest market size in SWIR Market during the forecast period

The Short-Wave Infrared (SWIR) market is anticipated to be dominated by the uncooled segment throughout the forecast period. This dominance is largely due to the significant demand for uncooled SWIR cameras in non-industrial sectors, particularly within military and defense applications. These cameras are favored for their cost-effectiveness compared to their cooled counterparts, which, while offering greater sensitivity, come with higher price tags. The affordability of uncooled SWIR cameras makes them an attractive option for defense operations, where large-scale deployment of imaging technology is often required, thus driving their market leadership.

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Nonindustrial vertical to grow with highest CAGR in SWIR Market during the forecast period

The Short-Wave Infrared (SWIR) market is anticipated to be dominated by the non-industrial vertical during the forecast period, primarily due to the significant adoption of SWIR cameras within the military and defense sector for vision enhancement applications. Additionally, the scientific research sector is expected to see substantial growth in demand for SWIR technology-based products, driven by their advanced imaging capabilities. North America, particularly, is contributing to this surge, with a high demand for area scan SWIR cameras that are essential in scientific research, thereby fueling the overall growth of the SWIR market in this vertical.

North America accounts for the largest share of the SWIR Market during the forecast period

North America held the largest share of the SWIR industry in 2021, driven by the strong presence of key players in the military & defense, scientific research, and medical sectors, all of which are generating significant demand for SWIR cameras. The region's leadership is further bolstered by the presence of several prominent companies offering SWIR cameras, such as Teledyne FLIR, Collins Aerospace, Princeton Instruments, IRCameras, and Photon etc., based in the U.S. and Canada. This concentration of industry leaders has significantly contributed to the growth and dominance of the SWIR market in North America.

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Shortwave Infrared (SWIR) Companies:

• Teledyne FLIR (US),
• Collins Aerospace (US),
• Xenics (Belgium),
• New Imaging Technologies (France),
• Allied Vision Technologies (Germany).

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