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The Shortwave Infrared (SWIR) Market Size will reach an estimated value of USD 393.58 million by 2031. In 2023, the market stood at USD 196.02 million, and it is anticipated to register a CAGR of 9.1% during the forecast period spanning 2024-2031, As per the Research by SNS Insider.
Growing Demand Across Industries Drives the Growth of Shortwave Infrared (SWIR) Market
The shortwave infrared (SWIR) market has experienced considerable growth in recent years, fueled primarily by the escalating adoption of SWIR cameras within the military and defense vertical. This surge in demand is the outcome of SWIR cameras’ exceptional capabilities—notably, their ability to see through challenging environments and identify targets effectively.
The accelerating demand for SWIR cameras from burgeoning economies like China and India is a pivotal factor driving market expansion. Furthermore, the widespread adoption of SWIR cameras across a multitude of commercial applications is further bolstering the market. In the future, the demand for 3D-printed SWIR cameras promises to be a lucrative market opportunity. However, the high expenses associated with procuring SWIR cameras pose a potential obstacle to market growth.
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Top Companies Featured in Shortwave Infrared (SWIR) Market Report:
- Collins Aerospace
- Xenics
- Allied Vision Technologies
- Lynred
- Photon
- Teledyne FLIR
- New Imaging Technologies
- Raptor Photonics
- Opgal Optronic
- Hamamatsu Photonics
The SWIR market has seen continuous advancements with new product launches:
- In June 2021, Teledyne FLIR Systems introduced the A500f/A700f cameras specifically designed for fire detection and monitoring applications.
- Allied Vision Technologies expanded its Alvium CSI-2 camera series in May 2021 with new features and high-quality Pregius S global shutter CMOS sensors.
- Lytid (France) launched its innovative SIRIS deep-cooled SWIR camera in April 2021. This camera utilizes advanced Lin/Log indium gallium arsenide sensors from New Imaging Technologies and incorporates powerful image processing algorithms.
- Elbit Systems Ltd. (Israel) introduced the AMPS NG, an Advanced Multi-Sensor Payload System, in April 2021 for military electro-optical airborne surveillance. The AMPS NG integrates SWIR technology alongside existing charge-coupled devices, dual-forward-looking infrared (FLIR), and daylight TV sensors.
Dominance of Area Scan Cameras:
Area scan SWIR cameras lead this segment of the SWIR market (2023) and are forecast to maintain their dominance. Their widespread use in applications spanning industrial process monitoring, industrial furnace monitoring, solar cell inspection, driver vision enhancement, imaging through atmospheric obscurants, security, and surveillance drives this trend.
Uncooled Technology Leads the Market:
Uncooled SWIR camera technology is predicted to command the market during the forecast period. Increased demand for these cameras from non-industrial sectors, in particular military and defense, owing to their cost-effectiveness compared to cooled SWIR cameras, is a major factor.
Impact of the Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has significant implications for the SWIR market. Supply chain disruptions, particularly affecting critical raw materials and components, contribute to production delays and higher manufacturing costs for SWIR cameras. Increased defense budgets across several nations, prompted by geopolitical instability, may offer a degree of counterbalance by fueling demand for SWIR technology in military applications.
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North America is expected to maintain the largest revenue share of the Shortwave Infrared (SWIR) Market throughout the forecast period
North America led the Shortwave Infrared (SWIR) Market in 2023. The region’s leading position is attributed to the presence of numerous key players in the military & defense, scientific research, and medical sectors – major drivers of demand for SWIR cameras. Additionally, several prominent SWIR camera companies are located in North America. Examples include Teledyne FLIR (US), Collins Aerospace (US), IRCameras (US), and Photon, etc. (Canada).
Asia Pacific is expected to secure a sizable share of the SWIR market due to the growing demand for cost-effective SWIR cameras within the defense sectors of China and India. Additionally, the rise in SWIR technology demand from the pharmaceutical and medical industries fuels the growth of commercial applications, including scientific research and development and various medical applications.
Key Takeaways for the Shortwave Infrared (SWIR) Market Study
- Technological advancements and the emergence of new applications are expected to foster market expansion.
- Area scan cameras dominate the market due to their versatility across various applications. Uncooled SWIR technology is projected to lead due to its cost-effectiveness, particularly in non-industrial segments.
- The SWIR market is experiencing significant growth driven by factors like increasing demand for advanced imaging solutions, technological advancements, and expansion into new application areas.
- The report assesses the impact of global events like the Russia-Ukraine War and potential economic slowdowns on the SWIR market growth trajectory.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Shortwave Infrared (SWIR) Market Segmentation, By Offerings
9. Shortwave Infrared (SWIR) Market Segmentation, By Material
10. Shortwave Infrared (SWIR) Market Segmentation, By Scanning Type
11. Shortwave Infrared (SWIR) Market Segmentation, By Technology
12. Shortwave Infrared (SWIR) Market Segmentation, By Application
13. Shortwave Infrared (SWIR) Market Segmentation, By Vertical Industry
14. Regional Analysis
15. Company Profile
16. Competitive Landscape
17. USE Cases and Best Practices
18. Conclusion
Continued….
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