It was estimated prior to this unanticipated outbreak Infrared Detector Market will reach CAGR of 6.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Infrared Detector Market Insights
Infrared Detector market is likely to witness an excellent CAGR of 6.3% during the forecast period. Gaining popularity of technology and rapid adoption of infrared detectors in various industries is likely to propel excellent growth in the market over the next five years.
Market Share Analysis
Infrared Detector Market Share: By Wavelength Type
Based on the wavelength type, the market is segmented as near infrared and short-wave infrared, mid-wave infrared, and long-wave infrared. The long-wave infrared is likely to remain dominant in the market during the forecast period, owing to wider applicability in various industries with high demand from military & defense industry for security and surveillance applications.
Infrared Detector Market Share: By End-User Type
Based on the end-user type, the infrared detector market is segmented as industrial and non-industrial. The non-industrial segment is estimated to remain the largest end-user of the market during the forecast period, driven by high demand from military & defense and residential & commercial sectors.
Infrared Detector Market Share: By Region
In terms of regions, North America is projected to remain the largest market over the next five years, with the USA being the key growth engine of the region’s market. The dominance of the region is attributed to large defense industry of the USA and rapid adoption of the technology by other non-industrial sectors of the region.