The shortwave infrared (SWIR) market is anticipated to be worth $418.0 million by 2033. Over the next decade, the market is predicted to increase at a compound yearly growth rate of 7.8%. It is expected to reach $197.1 million by 2023.
Because ordinary cameras have limits in terms of light and surrounds, shortwave infrared cameras are used in particular scenarios. Shortwave infrared cameras are useful when there is fog, smoke, or other unexpected situations, such as during the rainy season.
Because military officials must detect suspicious behavior along the country’s borders, they routinely utilize these cameras for defense. Shortwave infrared cameras are used in low-light and nighttime conditions because they have a night vision mode.
They can easily differentiate between water vapors, temperatures, and different materials. Owing to these features, shortwave infrared devices can be used in spectroscopy, astronomy, and geology.
Increasing adoption of shortwave infrared devices for surveillance and tracking applications is expected to promote additional growth. Military uses for shortwave infrared technology are anticipated to surge tremendously.
Shortwave infrared cameras have arisen to provide monitoring services for securing dangerous areas. They can be mounted on trucks, buildings, and unmanned aerial aircraft. They have the ability to detect any dangers or criminal behavior.
Key Takeaways from Shortwave Infrared (SWIR) Market
- In the historical period, the shortwave infrared market flourished at a CAGR of 8.7%, reaching US$ 181.5 million in 2022.
- By 2033, it is anticipated that the USA shortwave infrared market size will be worth US$ 134.7 million.
- Between 2023 and 2033, the shortwave infrared market in the United Kingdom is anticipated to surge at a 7.0% CAGR.
- The forecast timeframe is expected to see the Japan shortwave infrared business generate an absolute dollar potential of US$ 15,3 million.
- The market for shortwave infrared in South Korea is anticipated to expand at a CAGR of 8.2% during the anticipated period.
“Spectroscopy and astronomy both make substantial use of shortwave infrared linear cameras. They are employed to locate distant galaxies objects. At the same time, they are used to assess characteristics such as temperatures and determine if galaxies contain water,” says a lead analyst at Future Market Insights.
Competitive Landscape: Shortwave Infrared (SWIR) Market
Market participants for shortwave infrared are consistently expanding their product lines and creating better analytical solutions. A select few shortwave infrared manufacturers are concentrating on partnerships, technological alliances, and product launch plans. The market’s tier 2 players want to expand their shortwave infrared market share.
The leading shortwave infrared firms include Raptor Photonics, Hamamatsu Photonics K.K., New Imaging Technologies, Allied Vision Technologies, Princeton Infrared Technologies Inc., Collins Aerospace, Leonardo DRS, InView Technology Corporation, Lynred, FLIR Systems Inc., Opgal Optronic, and IRCameras LLC among others.
For instance,
- In December 2021, TriEye, an Israel-based shortwave infrared sensing solutions provider, announced that it raised US$ 74 million in a funding round. It was led by M&G Investments, Varana Capital, and Samsung Ventures. This deal takes the total funding to the company to US$ 96 million. The funds will be utilized to commercialize spectrum enhanced detection and ranging (SEDAR). They are TriEye’s imaging and ranging solutions for advanced driver assistance systems and autonomous vehicles.
- In August 2021, Collins Aerospace, a USA-based defense equipment manufacturer announced that it has signed a definitive agreement to acquire FlightAware. The latter is a digital aviation company that provides decision making tools and global flight tracking solutions. Customer experience, data collection, and analytics from FlightAware are expected to help Collins Aerospace. It aims to provide a full ecosystem to its customers. The digital aviation solution is expected to help the defense and aviation industry bring a new revolution.
- In May 2021, Teledyne Technologies Incorporation based in the USA announced that it has acquired FLIR Systems. It designs and produces thermal imaging cameras and sensors. FLIR will be included in Teledyne’s digital imaging segment. It is expected to operate under the name Teledyne FLIR. Total consideration amount for the whole transaction is expected to be US$ 8.2 billion. Teledyne FLIR is set to provide a full spectrum of imaging technologies and complete imaging systems.
Get More Exclusive Insights into Shortwave Infrared (SWIR) Market Study
Future Market Insights, in its new offering, presents an unbiased analysis of the shortwave infrared market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study reveals extensive growth in the shortwave infrared market in terms of type (area scan, line scan), technology (cooled, uncooled), end user (electronics & communication, aerospace, food & beverages, automotive, medical & healthcare, military & defense), and Region.
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Shortwave Infrared (SWIR) Market Outlook by Category
By Type:
- Area Scan
- Line Scan
By Technology:
- Cooled
- Uncooled
By End User:
- Electronics and Communication
- Aerospace
- Food and Beverages
- Automotive
- Medical and Healthcare
- Military and Defense
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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