Global Infrared Sensor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $692 Million by 2024 from $286 Million in 2016, growing at a CAGR of 11.7% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 12.1% and 11.9%, respectively, during the forecast period.
Increasing applications of infrared sensors in military as well as in civil applications are the major factors supporting the growth of the infrared sensors market. Moreover, increasing disposable income which has led to increase in demand for smartphones and tablets coupled with expanding computerization of building and industrial sector would support the growth of the market.
By working mechanism type, passive IR sensor and active IR sensor accounted for 56.3% and 43.7%, respectively, in 2016. In functionality sector, thermal infrared sensor and quantum infrared sensor accounted for 57.5% and 42.5% share respectively, in the year 2016. And by end use, oil & gas and mining accounted for the highest share in 2016, with 20.4% and 14.8% respectively.
Asia Pacific is the fastest growing region in the global cosmetics ingredient market, and is expected to continue this trend due to increasing demand for smartphone and smart TVs coupled with increasing growth in industrial and home computerization. North America accounts the largest share of the market with 33.4% followed by Asia Pacific with 24.7%, in the year 2016.
The key market players include Honeywell International Inc., Hamamatsu Photonics, Nippon Avionics, Excelitas Technologies Corp., Murata Manufacturing Co., Ltd, Raytheon Company, Nippon Ceramic Co. Ltd, Texas Instruments Inc., Omron Corporation, and Sofradir. For instance, in November 2016, Excelitas Technologies Corp., introduced its CaliPile sensors, that represents a new range of intelligent IR sensors that includes highly-sensitive infrared detectors, associated electronic circuitry.and others.