CHICAGO, Aug. 27, 2024 /PRNewswire/ -- The Shortwave Infrared (SWIR) Market is expected to be valued at USD 631 million in 2024 and is projected to reach USD 1,068 million by 2029, growing at a CAGR of 11.1% during the forecast period according to a new report by MarketsandMarkets. Additions to existing applications in various industries and technological advancements in SWIR are key factors driving the expansion of the SWIR market.
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Shortwave Infrared (SWIR) Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 631 million |
Estimated Value by 2029 | $ 1,068 million |
Growth Rate | Poised to grow at a CAGR of 11.1% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Camera, Lenses, Spectral Imaging, Security & Surveillance, Monitoring & Inspection, Technology, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Fundamental limits of FOV (Field of Vision) |
Key Market Opportunities | Use in disaster management and response |
Key Market Drivers | Enhanced vision and 3D sensing by SWIR in automotive vertical |
Restraints such as temperature influence on image quality hinder market growth. Growth of SWIR cameras is driven by technological advances that reduced their cost and made them more accessible. It is used in various industries, much beyond defense and agriculture. Growing concerns about the environment and closer monitoring of unwanted contaminants in food safety or waste management are some of the many other ways in which this market seeks to expand. Better demand for improved imaging even in low-light conditions and more and more industrial processes getting automated-combined with AI use-are only adding to this increment. However, factors such as expansion in emerging markets such as consumer electronics will provide lucrative opportunities for market players in the coming years.
Spectral imaging by imaging type to witness the highest CAGR during the forecast period.
Spectral imaging is projected to have highest CAGR because of its growing applications in various industries. Spectral imaging has the ability to get detailed information and materials and their composition. The industries include medical research, food & beverage, automotive among others. Additionally, technological advancements are making the technology more affordable for industries to adopt. With increasing industries looking for accurate and non-invasive methods of analysis, the demand for spectral imaging is likely to rise. In addition, advancements in AI and machine learning can better the capability of spectral imaging, thereby fuelling adoption and growth.
SWIR market for monitoring & inspection by use case to hold high market share during the forecast period.
Monitoring & inspection is expected to have a high market share due to rising demand of safety, efficiency, quality control, adherence to safety standards and security. As industries seek to prevent hazards, monitoring & inspection becomes necessary. Technologies like SWIR which offer detailed analysis have become more crucial for industries to adopt. SWIR imaging can reveal details invisible to normal cameras, such as moisture content, material composition, or surface defects in applications important to the work of manufacturing, agriculture, and food processing, thus leading to very precise inspection of quality and safety.
Modules by offering in SWIR market to exhibit the highest CAGR during the forecast period.
Modules offer advanced imaging capabilities with better performance in low light and in challenging environments. They can be easily integrated into various industries' systems, from security to industrial inspection. Technological advancements and demand for high-resolution imaging solutions are expected to boost the module market in the forecast period. These modules combine SWIR sensors with integrated optics and processing into compact, ready-to-use modules that reduce the burden for original equipment manufacturers when integrating SWIR technology into many types of devices and applications. As such, it finds use across various visions, ranging from defense and security to industrial automation and environmental monitoring.
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Based on region SWIR industry for North America is expected to hold the highest market share during the forecast period.
North America has an established and expanding manufacturing sector, especially in the automotive and semiconductor industries. The region has shown investments in research and developments while increasing the adoption of advanced technologies, thereby boosting demand for SWIR systems. The region's established industries, such as medical research and automotive, also boost the demand for SWIR technologies. North America leads in the adoption of AI and automation in industrial processes; SWIR imaging in this case provides high accuracy and efficiency. Most manufacturers and suppliers of SWIR technologies are located in North America, which ensures a stronghold of the market, allowing it to grow in this region.
Key Players
The SWIR companies includes major Tier I and II players like Teledyne FLIR LLC (US), Allied Vision Technologies GmbH (Germany), Collins Aerospace (US), Corning Incorporated (US), and Leonardo DRS (US), and others. These players have a strong market presence in advanced packaging across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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