The infrared sensors market which is poised to witness a valuation of $719.64 million by the end of 2023. Furthermore, the forecast period 2018-2023 will observe a surge in demand for infrared sensors at a profitable CAGR of 11.3%.
— Infrared sensors are nowadays integrated with home appliances such as air conditioner, oven, and others as these sensors can detect temperatures and help to retain thermal energy. According to the International Energy Agency (IEA), the global electricity demand rose by 4% in 2018, and it is twice as fast as any energy demand. An enormous amount of thermal energy is consumed to fulfill electricity demand, and there is already a growing concern pertain to energy-consumption. The fact that infrared sensors help in saving energy, by detecting heat and motion, is thriving the infrared sensors market which is poised to witness a valuation of $719.64 million by the end of 2023. Furthermore, the forecast period 2018-2023 will observe a surge in demand for infrared sensors at a profitable CAGR of 11.3%, as documented in a newly published report by IndustryARC. This report covers Infrared Sensors Market Size by type and products, Infrared Sensors Market share by top 5 companies and also the market share by start-ups during the forecast period.
The infrared sensors sensors market research report titled, “Infrared Sensors Market: By Size (2, 4, 6, 8 Inches); By Type (GaN on Sapphire, GaN on Si, GaN on SiC, GaN on GaN); By Products (Laser, LED, PSD, Others); By Industry (Automotive, Healthcare, Consumer Electronics, General Lighting, Military, Communication, Optical Storage, and Others); By Geography - Forecast (2018-2023) is comprised of all the facts, figures, and statistics that will help one to understand the dynamics of the infrared sensors market size along with the challenges, trends, and opportunities that will be observed in the future. The report documents all the market forces that will play a vital role driving the growth of the infrared sensors market during the aforementioned forecast period.
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Infrared Sensors Market: Geographical Analysis & Leading Segments
North America had the largest infrared sensors market share and North America infrared sensors market revenue was valued to be $66.07 million in 2017. This is attributable to the fact that the US has been leading the touch-less sensing and gesture-recognition technology market, which is an important segment of the infrared sensors market. Furthermore, the advanced gaming and entertainment industry significantly supports the infrared sensors market as well. The infrared sensors market will also witness growth in APAC countries such as China, India, and Japan due to its application in the electronics industry.
Automotive industry is a key end-user industry which will provide lucrative opportunities to the vendors in the infrared sensors market during the forecast period. The application infrared sensors in the automotive industry is poised to grow with a substantial CAGR of 13% through to 2023. This is because of the use of infrared sensors in the vehicles for assisted parking, distant measurement, and collision avoidance system. According to the International Organization of Motor Vehicles Manufacturers (OICA), 97.30 million vehicles were manufactured in 2017. The increasing production of vehicles created a demand influx in the infrared sensors market. The forecast period will observe production of electric vehicles, self-driving trucks, and semi-autonomous & autonomous vehicles, which will further flourish the infrared sensors market.
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Infrared Sensors Market: Trends and Growth Drivers
The Augmented Production of Semiconductors Creating Opportunities in the Infrared Sensors Market –
There is discernible growth in the semiconductor market due to the traction from the electronics industry. Infrared sensors are used in semiconductors for photovoltaic electroluminescence inspection, active modification of integrated circuitry with focused ion beams, wafer alignment, and failure analysis. The increasing demand for semiconductors will give rise to an increase in demand for infrared sensors in the upcoming years.
The Healthcare Sector Proving to be a Major Infrared Sensors Marketplace –
Infrared sensors are used in healthcare for sensing temperature, fall detection, monitoring heart rate, pulse oximetry, and monitoring pressure. These applications in the healthcare sector are increasing the infrared sensors market size.
Infrared Sensors Market: Competitive Landscape
Some of the key companies identified in the infrared sensors market intelligence report that are striving to capitalize on the customer-base are Excelitas, Murata Manufacturing, Nicera, FLIR, ULIS, Melexis, Raytheon, Texas Instruments, Omron Corporation, and Sofradir.
a) Automated Test Equipment Market
b) Non-Destructive Testing (NDT) Equipment Market
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