Shortwave Infrared (SWIR) Market estimated to be worth $258 million by 2024

According to the new market research report "Shortwave Infrared (SWIR) Market by Scanning Type (Area Scan and Line Scan), Technology (Cooled and Uncooled), Application (Security & Surveillance, Monitoring & Inspection, and Detection), Vertical, and Geography - Global Forecast to 2024", the SWIR market is expected to be worth USD 147 million in 2018 and reach USD 258 million by 2024, at a CAGR of 9.87% from 2018 to 2024. The growth of this market can be attributed to the high demand for SWIR cameras from the nonindustrial vertical, especially from military & defense sector for security & surveillance application.

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Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the SWIR market and other dependent submarkets listed in this report.

• Key players in the industry and markets have been identified through extensive secondary research
• The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
• All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

Report Objectives

The following are the major objectives of the study.

• To describe and forecast the shortwave infrared (SWIR) market, in terms of value, by technology, scanning type, application, and vertical
• To describe and forecast the SWIR market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
• To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
• To profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
• To analyze the competitive developments such as contracts, partnerships, expansions, product developments, and research and development (R&D) in the SWIR market 

Market for monitoring & inspection application to grow at highest CAGR during forecast period

The SWIR market for the monitoring and inspection application is expected to witness the highest growth during the forecast period. 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.

North America expected to hold largest share of SWIR market in 2018

North America is expected to hold the largest share of the SWIR market in 2018. The US currently accounts for the largest share of the SWIR market in North America, followed by Canada and Mexico. APAC is expected to witness significant growth in the SWIR market during the forecast period. China, India, and Japan are the key countries contributing to the growth of the SWIR market in APAC. Security & surveillance, and monitoring & inspection are the key applications for which SWIR cameras are used in these regions.

A few key players operating in the SWIR market are Sensors Unlimited (US), FLIR Systems (US), Xenics (Belgium), New Imaging Technologies (France), Allied Vision Technologies (Germany), Sofradir (France), Raptor Photonics (UK), Hamamatsu Photonics K.K. (Japan), and Opgal Optronic Industries (Israel).

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