by Mid-IR sensors are optical sensors that are used to detect infrared radiation with wavelengths between 3 to 50 micrometers. These sensors are commonly used in various military and defense applications such as missile seekers, thermal weapons sights, surveillance cameras, and night vision devices. The growing defense spending globally on advanced weapons and security equipment is fueling the demand for mid-IR sensors.
The global Mid-IR Sensors Market is estimated to be valued at US$ 36.44 Bn in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing defense applications is one of the major trends propelling the growth of the mid-IR sensors market. Many countries such as U.S., China, India, and Russia are increasingly investing in advanced weapons, thermal imaging, and surveillance equipment to enhance their military capabilities. Mid-IR sensors provide critical functionality in such defense applications such as long range target identification, penetration of obscurants like smoke and fog, and precision targeting. With heightened geopolitical tensions and rising defense budgets, the demand for mid-IR enabled military equipment is expected to grow significantly, driving the mid-IR sensors market during the forecast period.
SWOT Analysis
Strength: Mid-IR sensors have high reliability and accuracy in non-contact temperature measurement and material identification. They can also work in harsh environments like dust, fog and flames.
Weakness: Mid-IR sensors have high production cost and require cooling which increases their size. They also have low resolution.
Opportunity: Growing demand from various industries like medical, industrial, aerospace and defense is spurring the adoption of Mid-IR sensors. Rapid technological advancements are also enhancing their capabilities.
Threats: Presence of alternate technologies like thermal cameras and visible light sensors poses competition. Economic slowdowns can negatively impact the demand from end-use industries.
Key Takeaways
The Global Mid-IR Sensors Market Growth is expected to witness high growth. The market size is projected to reach US$ 36.44 Billion by 2024, exhibiting a CAGR of 15% during the forecast period.
Regional analysis: North America dominates the global market currently due to extensive research and technological advancements in the region. Asia Pacific is expected to grow at the fastest pace owing to rising industrial automation and increasing investments in infrastructure development projects.
Key players operating in the Mid-IR Sensors market are Nestlé S.A,Nissin Food Holdings Co., Ltd.,Nissin Food Holdings Co., Ltd.Indofood CBP Sukses Makmur Tbk PT,Tingyi (Cayman Islands) Holding Corporation,Uni-President Enterprises Corporation,Acecook Vietnam Joint Stock Company. These players are focusing on new product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
