Infrared Sensors Market to Grow at a Rate of 20% to Reach $455Million by 2018

The IR Imaging Market is slated to grow at 7.1% year on year for the next five years. The market is estimated to reach $6.9 Billion by 2018.

An Infrared Sensor is an electronic component that is able to produce and detect light signals in the Infrared range (wavelengths of 700nm to 1mm). Infrared Sensors are used to carry out Infrared Imaging, which is a technique of ascertaining things/objects in the dark, by detecting the heat signature. IR Sensors generally consists of an IR light source, medium, optical component and an IR detector. Infrared Sensors have a very wide range of applications in consumer electronics, surveillance, aerospace and defence among others. The Military and Defense Industries occupy the largest market share in this industry; the remaining market share is divided between the Commercial and Dual-Use Applications. The prices of IR Sensors vary with application. There have been many technological developments in the Infrared Sensor Technology. New and innovative products are making their way into the IR Sensor Market. Axis Communication, one of the major players in the Infrared Sensor Market, has developed a Camera that can detect movement over 5400 ft. Major players in the Infrared Imaging Market include; Fluke Corporation (U.S.), FLIR Systems Inc. (U.S.), DRS Technologies Inc. (U.S.) and Axis Communications AB (Sweden).

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Market Growth:

According to the Report on the Infrared Sensor Market by IndustryARC, the Global Infrared Sensor Market is estimated to from approximately $184 Million in 2013 to $455 Million in 2018 with a growth rate of roughly 20%. In overall, the IR Imaging Market is also set to grow at CAGR 7.1% and reach a market size of $6.9 Billion by 2018.

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Market Drivers:

The Infrared Sensor Market is driven by increasing demand by end users. Home and Industry Automation Industries are primary drivers of the Infrared Sensor Market and since the demand for Home and Industry Automation is increasing at a rapid rate, it has also led to have a positive impact on the Infrared Sensor Market. New avenues for the Infrared Sensor Market to expand on are the Gesture Recognition Market and the Automotive Telematics Market. Both these technologies are new and are on the rise. With an increase in the demand for gaming and electronic devices like the Wii and Xbox Kinect, the Infrared Sensor Market is also profiting. Automotive Telematics is another emerging source of revenue for the Infrared Sensor Market as most modern luxury cars include this technology.

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Market Segmentation:

The Infrared Sensor Market is divided into two main categories; Infrared Sensors and Infrared Detectors. The Infrared Sensors are categorized based on three parameters; by Spectrum Ranges, by Type and by Applications. The Infrared Detectors are categorized based on two parameters; by Type and by Application. The entire Infrared Sensor Market is also classified by Geographical Analysis.  The full break-down of the Infrared Sensor Market Segments can be found in the Market Report on Infrared Sensors by IndustryARC.

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