PUNE, India -- The report "Shortwave IR Market by Material (Mercury Cadmium Telluride & Indium Gallium Arsenide), Industry Vertical, (Semiconductor, Manufacturing & Process, Commercial, Automotive, Military & Defense), and Geography - Global Forecast to 2022", published by MarketsandMarkets, the global SWIR market is expected to grow from USD 66.5 Million in 2015 to USD 118.9 Million by 2022, at a CAGR of 8.6% from 2016 to 2022.
The major drivers for the global Short Wave Infrared (SWIR) market are technological development of shortwave IR detector in terms of size, weight, and power at low cost as well as the night sighting capabilities for military application. Night sighting capabilities are used in military as well as law enforcement agencies. It consists of imagers as well as detectors. Night sighting technology is used to detect objects in low light or total darkness using thermal radiations. These devices help to form intensified images which are not visible to naked eyes because of the insufficient light reaching to the eyes from the objects. Thus, night vision technologies with numerous applications are acting as a strong driver for Short Wave Infrared (SWIR) market.
The commercial industry segment is projected to lead the global Short Wave Infrared (SWIR) market during the forecast period:
The market size of commercial industry segment is expected grow at the highest CAGR till 2022. The main reasons for the rapid growth of commercial sector include the rising need for gas detection and vision enhancement systems in public and sensitive places; and reduction in the cost of commercial grade SWIR detectors.
The Indium Gallium Arsenide (InGaAs) segment is projected to lead the global shortwave IR material market during the forecast period:
Among all shortwave IR materials, indium gallium arsenide (InGaAs) segment is expected to grow at the highest CAGR till 2022. The major reason for the growth of InGaAs (detectors) is their efficient operability at room temperature. Limited or no requirement of cooling makes InGaAs types detectors portable, cost-effective, and more preferable among others.
North America region is projected to grow at the highest CAGR during the forecast period:
North America is expected to grow at the highest CAGR till 2022. North America is one of the most technologically advanced application markets due to the presence of prominent system suppliers, large companies, and detector manufacturers. The size of the region, the affluence of its consumers, and the competitiveness of OEMs has resulted in making this region an attractive market for shortwave IR detector manufacturers.
The leading players in the global shortwave IR market are Sensors Unlimited, Inc. (U.S.). Teledyne DALSA, Inc. (Canada), Xenics (Belgium), Allied Vision Technologies GmbH (Germany), and FLIR Systems Inc. (U.S.).
This report describes the market trends, drivers, and challenges with respect to the global shortwave IR market and forecasts the market till 2022. This global report provides a detailed view of the market across five regions, namely, North America, Latin America, Europe, Asia-Pacific, and Rest of the World (RoW).
Browse 36 Tables and 52 Figures spread through 113 Pages and in-depth TOC on "Shortwave IR Market" at http://www.marketsandmarkets.com/Market-Reports/shortwave-ir-market-52975079.html?utm_source=PRnewswire&utm_medium=Referral&utm_campaign=PaidPR
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