The global shortwave infrared (SWIR) market size is projected to reach a sizable valuation by the end of 2028. The market growth is attributable to the increased utilization of SWIR technology across emerging countries such as India and China, especially for commercial purposes. Fortune Business Insights™ provides this information in an upcoming report titled, “Shortwave Infrared (SWIR) Market, 2021-2028.” As per the report, the global market size has expanded at a rapid pace in recent years and will continue to witness robust growth during the forecast period.
COVID-19 Impact: Slowdown of Electronics Sector Creates Roadblocks for Manufacturers
The COVID-19 pandemic has impacted nearly every industry vertical, and the electronics sector is no exception. Amid strict containment measures, supply chain disruptions, and workforce shortages, electronics production has declined significantly. The global economic downturn also created several roadblocks for the manufacturers of electronics components. On account of the aforementioned factors, developments in the SWIR space have slowed down since the outbreak of COVID-19.
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On the basis of type, the market is classified into area scan and line scan.
Based on technology, the market is bifurcated into cooled and uncooled.
By application, the market is segmented into security and surveillance, monitoring and inspection, and detection.
On the basis of vertical, the market is divided into industrial and non-industrial.
In terms of the geographical outlook, the market is segregated into North America, Europe, Asia Pacific, and the Rest of the World.
The shortwave infrared (SWIR) market research report provides in-depth coverage of granular and actionable data. It focuses on major aspects such as key industry players, products, demanding technologies, and applications. The report offers comprehensive insights into the notable recent developments in the SWIR technology space. Additionally, it also covers several direct and indirect factors that have contributed to the global shortwave infrared (SWIR) market growth in the past few years.
Drivers & Restraints-
Expanding Scope in Commercial Applications to Spur SWIR Technology Demand
Shortwave infrared or SWIR refers to an advanced electromagnetic spectrum band that lies in the infrared range. Its application is increasing owing to the ability to capture better quality images compared to visible lights imaging. Furthermore, SWIR cameras can detect radiation that is invisible to the human eye. Due to these factors, SWIR technology is being increasingly utilized in commercial applications such as surveillance.
Increasing demand for SWIR cameras for commercial use-cases is being witnessed across developing regions. Countries such as India and China are actively investing in hi-tech imaging technologies for various applications. Strong demand for 3D-printed SWIR cameras represents a massive growth opportunity for the shortwave infrared (SWIR) market during the projected timeframe. The excessive cost of SWIR technology, however, may limit its adoption to some extent.
Continuous technological innovations in SWIR technology are being witnessed. Highlighting a recent instance, in April 2021, Elbit Systems Ltd. unveiled the new Advanced Multi-Sensor Payload System (AMPS NG) for military applications such as electro-optical airborne surveillance. The technology combines SWIR with the payload’s existing dual forward-looking infrared (FLIR) sensor, charge-coupled device, and daylight TV sensors.
Asia Pacific to Dominate Backed by Demand for SWIR Systems in Military & Defense Sector
Asia Pacific will generate substantial revenue in the global shortwave infrared (SWIR) market share throughout the analysis timeframe 2021-2028. The regional trends will be influenced by the surging demand for cost-efficient SWIR cameras across the military & defense sectors in China and India. SWIR technology is also experiencing robust demand from the regional medical and pharmaceutical sectors due to the advancing landscape of scientific research and development.
Established Players Focus on Product Innovation and Acquisitions to Gain Competitive Advantage
Leading market players are adopting strategies such as R&D investments, product innovation, technological collaborations, and long-term contracts with government and authorized bodies to bolster their market presence. A couple of recent industry developments are listed below:
April 2021– Lytid rolled out SIRIS – a new deep-cooled SWIR camera. Powered by a Lin/Log indium gallium arsenide sensor from New Imaging Technologies, the technologically advanced SWIR camera runs on advanced image processing algorithms.
July 2021 – Teledyne Technology completed the acquisition of FLIR Systems to expand its imaging sensors portfolio. Reportedly, the two companies are expected to merge in mid-2021.
A list of leading space semiconductor solutions providers present in the global market:
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