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Increasing demand for shortwave infrared (SWIR) products for monitoring & inspection application driving market growth
The SWIR market is expected to grow at a CAGR of 9.87% from 2018 to 2024, to reach $258 million by 2024 from $147 million in 2018.
Rising demand for SWIR cameras for quality control is among the major factors accelerating the growth of the SWIR market for the monitoring and inspection application. Food & beverages, electronics & semiconductors, pharmaceuticals, glass, and aerospace are among the industries that use SWIR cameras for the monitoring and inspection application.
However, the high price of SWIR cameras compared with other substitute technologies has hampered the widespread application of these cameras. This is currently the major factor limiting the growth of the said market.
Market for cooled SWIR products to witness significant growth during forecast period
The SWIR market, by technology, is segmented into cooled and uncooled cameras. Cooled SWIR cameras have detectors that are usually more sensitive than uncooled SWIR cameras, while the cost of uncooled cameras is generally lower than that of cooled cameras. The high cost of cooled SWIR cameras is currently limiting the penetration rate of these cameras. However, technological advancements in the SWIR industry are expected to lower the cost of SWIR cameras, thereby boosting the growth of the cooled SWIR market.
Area scan segment to hold larger share of SWIR market in 2018
In this report, the SWIR market, by scanning type, has been segmented into area scan and line scan. Among the two, the area scan segment is expected to hold a larger share of the market throughout the forecast period. The dominant position of this segment can be attributed to the high adoption of area scan SWIR cameras in the nonindustrial vertical, especially for the security and surveillance application.
North America to hold largest share of SWIR market from 2018 to 2024
In terms of market size, North America is expected to dominate the SWIR market during the forecast period as it is likely to witness significant growth in the said market during the forecast period. The increasing demand for SWIR cameras, especially cooled cameras, from the scientific research sector is one of the key factors accelerating the growth of the market in North America.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the SWIR market.