SWIR Market for Monitoring and Inspection to Grow at Highest CAGR During Forecast Period

The shortwave infrared (SWIR) market is expected to be valued at USD 147 million in 2018 and is likely to reach USD 258 million by 2024, at a CAGR of 9.87% during the forecast period. The high demand for SWIR cameras from the military & defense sector is among the major factors driving the growth of the SWIR market. Moreover, SWIR cameras are increasingly used in machine vision and commercial applications; this factor is also expected to considerably boost the growth of the said market in the coming years.

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The market for cooled SWIR technology-based products is expected to witness significant growth during the forecast period. One of the prime factors boosting the growth of the said market is the ability of the cooled SWIR cameras to generate more accurate and higher resolution images than uncooled SWIR cameras.

The market for the line scan SWIR products is expected to grow at a high rate during the forecast period. The major applications of line scan cameras are in the industrial vertical. These cameras are well suited for applications requiring imaging of fast-moving objects, and their cost is lower than that of area scan cameras, thereby leading to their wide adoption in the industrial vertical.

Among all applications, the SWIR market for the monitoring & inspection application is expected to grow at the highest rate from 2018 to 2024. 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.

The SWIR market for the nonindustrial vertical is expected to grow at a high rate during 2018–2024. Military & defense and civil infrastructure are the 2 major segments within the nonindustrial vertical that generate high demand for SWIR products. Military & defense is among the first few verticals that witnessed the adoption of infrared imaging cameras. This vertical also generates the largest demand for SWIR cameras and are used for numerous applications. In the civil infrastructure segment, SWIR cameras are mainly used for the security and surveillance application.

Among all regions, the SWIR market in APAC is expected to grow at the highest rate during the forecast period. This growth is attributed to the high economic growth witnessed by major developing economies in the region. Key countries in APAC include China, Japan, and India. The key players are grabbing opportunities by expanding their global reach and launching new products.

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