Infrared Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 10/22/2018 -- The global infrared sensors market was valued at US$ 396.98 Mn in 2016 and is projected to register compound annual growth rate (CAGR) of over 9.11% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled "Infrared Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026." This is mainly due to increase in the demand for infrared sensors in defense, IoT, and industrial applications across the globe, leading to the robust growth of the infrared sensors market. Moreover, rising demand for infrared sensors in consumer electronics and automation industry is also expected to have a significant impact on the global infrared sensors market. Initiatives taken by different governments to increase the adoption of smart homes are predicted to impact the infrared sensors market in the coming years.
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The global infrared sensors market is segmented on the basis of detection, working mechanism, end use, and geography. By detection, infrared sensors can be divided into uncooled infrared sensors and cooled infrared sensors. As per working mechanism, the global infrared sensors market is divided into passive infrared sensors and active infrared sensors. Furthermore, as per end use industry, the market is divided into consumer electronics, aerospace & defense, oil and gas, automotive, mining, pharmaceuticals and others. Others includes food processing, chemicals, robotics, etc. Geographically, the infrared sensors market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
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Growing demand for consumer electronics applications including smart televisions, smart phones, and tablets is projected to propel the revenue of the IR sensors market in the coming years. Furthermore, the rising popularity of wearable technology is expected to fuel the demand for infrared sensors in the consumer electronics segment. However, the oil and gas industry in the global infrared sensors market is projected to hold the highest market share for the year 2018 due to its prominent use in offshore applications.
The uncooled infrared sensors type is anticipated to hold the dominant share for the year 2018 Growth in this segment is driven by factors such as relatively smaller size, high reliability, and low cost price. Prominent adoption of infrared sensors in the consumer electronics industry in Asia Pacific is likely to boost the growth of uncooled infrared sensors due to its prominent use. Furthermore, significant adoption of uncooled infrared sensors in commercial and industrial applications is likely to impact the growth of the segment during the forecast period.