Lucintel published a new market report about the future of the infrared sensor market looks promising with opportunities in consumer electronics, smart homes, industrial, commercial, and military & defence sectors.
The global infrared sensor market is expected to reach an estimated $422.6 million by 2021 and is forecast to grow at a CAGR of 8.7% from 2016 to 2021. The major drivers of growth for this market are increased demand for smartphones and tablets, rising concern about safety and security, and increasing automation in the building and industrial sector.
In this market, pyroelectric, thermopile, microbolometer, indium gallium arsenide (InGaAs), mercury cadmium telluride (MCT) are the major types of infrared sensor. The pyroelectric sensor is expected to remain the largest sensor type due to the increasing demand for people motion sensing in the commercial building sector and gas and flame detection in the industrial facilities. Lucintel predicts that the demand for microbolometer type detection is likely to experience the highest growth in the forecast period supported by increasing demand for smart homes.
Within the infrared sensor market, people and motion sensing is expected to remain the largest segment due to increasing usage of infrared sensors for people counting and motion detection in the commercial sector. Lucintel predicts that the demand for the smart home is likely to experience the highest growth in the forecast period, supported by increasing demand for consumer convenience, safety and security, and the rising need for energy efficiency.
Asia Pacific is expected to remain the largest region and to witness the highest growth over the forecast period because of an increase in demand of smartphone, tablets, and smart TVs, and growth in industrial and home automation.
For business expansion, the report suggests innovation and new product development to provide greater accuracy and to reduce the cost of the sensors. Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of infrared sensors in smart homes and increasing use of infrared sensors for night vision and surveillance. Excelitas Technologies Corporation, Hamamatsu Photonics, Flir Systems Inc., Murata Manufacturing Co. Ltd., and Texas Instruments Inc. are among the major infrared sensor suppliers.
Lucintel, a global strategic consulting and market research firm, has analysed growth opportunities in the global infrared sensor market by sensor type, end use industry, and region and has come up with a comprehensive research report entitled “Global Infrared Sensor Market 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report aims to serve as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.