Shortwave Infrared Industry size is expected to register 8% CAGR between 2024 and 2032 propelled by Growing demand of SWIR in defense and security.
Selbyville, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) — Shortwave Infrared Market is estimated to reach USD 350 million in revenue by the end of 2032, as per a recent study by Global Market Insights Inc.
The rapid rate of industrialization, hefty defense budgets, and the growing adoption of advanced imaging technologies will positively influence the market growth. To illustrate, the Department of Defense (DOD), in FY 2024, distributed $2.09 trillion among its 6 sub-components.
Rising advances in shortwave infrared (SWIR) technology have made way for the development of more compact and affordable SWIR cameras, making them accessible to a broader range of applications and industries. For example, in August 2024, Teledyne FLIR IIS introduced its Forge®️ 1GigE SWIR 1.3 MP camera that captures images in visible light and SWIR light spectrums with 5μm pixels to provide an extended 400nm to 1700nm spectral range. Compliance with safety and environmental regulations is further driving the adoption of SWIR technology in various industries, mainly across Europe and North America, where stringent standards are in place.
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Rising preference for cooled technology
Shortwave infrared market size from the cooled technology segment is likely to grow at a robust pace between 2024 and 2032, led by advantages of higher sensitivity and better signal-to-noise ratio. Cooled SWIR technology is increasingly employed in scientific research for applications, such as spectroscopy, astronomy, and environmental monitoring. The ability to detect subtle variations in the SWIR spectrum also makes cooled cameras ideal for these highly specialized fields. Surging usage in industries for quality control and inspection, particularly in harsh environments or processes involving high temperatures will define segment growth.
Growing penetration in agriculture
Shortwave infrared market size from agriculture end use segment is expected to witness lucrative expansion by 2032. The growth can be ascribed to rising adoption to identify nutrient deficiencies in crops by detecting specific spectral signatures associated with various nutrient levels and optimize fertilization practices. SWIR technology also helps in assessing soil erosion and land degradation by detecting changes in soil structure and vegetation cover, further enabling better land management practices.
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Europe to emerge as a lucrative market
Europe shortwave infrared market size is estimated to record significant valuation by 2032 led by rising medical and biomedical research to cater to applications, such as tissue imaging and diagnosis. European governments and private companies are heavily investing in the development of SWIR technology. The presence of well-established defense and security sectors along with the surging adoption of SWIR cameras in surveillance systems for border security, critical infrastructure protection, and military operations will favor regional market growth.
Shortwave Infrared Market Participants
Some of the prominent shortwave infrared firms include Allied Vision Technologies GmbH, Hamamatsu Photonics K.K., FLAC Systems, Inc., InfraTec GmbH, New Imaging Technologies (NIT), IRCameras LLC, NITROSYS GmbH, Princeton Infrared Technologies, Inc., Photon, Teledyne DALSA, Raptor Photonics Ltd., Sierra-Olympic Technologies, Inc., Sensors Unlimited, Inc., Sofradir, and Xenics. These market players are working on collaborative strategies, technological advances and R&D investments to widen their global presence. For instance, in June 2023, semiconductor laser provider Coherent Corp. and SWIR sensing technology firm TriEye Ltd. joined forces to showcase laser-illuminated SWIR imaging systems for robotic and automotive applications.
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