February 23, 2024

Rising Military and Defense Spending to Boost the Growth of the Global Mid-IR Sensors Market

The global Mid-IR Sensors Market is estimated to be valued at US$ 31.63 Bn in 2023 and is expected to exhibit a CAGR of 36% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Mid-IR sensors are designed to detect infrared radiations in the wavelength range of 3-8μm. They are used in several application segments including military & defense, industrial, scientific research, and life sciences. Mid-IR sensors help identify materials and detect gas leaks, and are hence finding widespread adoption in various industry verticals for measurement and detection applications. They offer advantages such as high sensitivity, reliability and stability over long-wavelength conditions.

Market key trends:
One of the key trends in the mid-IR sensors market is growing adoption in gas sensing and spectroscopy applications. Mid-IR sensors are increasingly being used for molecular gas detection owing to their ability to detect the fundamental vibrational modes of molecules. They help identify different types of gases and are widely used for atmospheric monitoring, industrial process control, air quality monitoring, and breath analysis. Rising focus on environmental protection and industrial safety is expected to drive the demand for mid-IR gas sensors.

Porter’s Analysis

Threat of new entrants: The Mid-IR Sensors market requires high investments in R&D for designing and manufacturing complex sensor technologies. This poses a barrier for new companies.

Bargaining power of buyers: The presence of several global players provides buyers with greater purchasing power and ability to negotiate on prices.

Bargaining power of suppliers: Key components and parts used in Mid-IR sensors have specialized manufacturers with established supply networks globally. This gives them bargaining power over customers.

Threat of new substitutes: No direct substitutes exist for Mid-IR sensors currently. However, alternative technologies can emerge as substitutes with advancement in R&D.

Competitive rivalry: The Mid-IR Sensors market has few global players operating at large scale with widespread geographic presence and production capacities.

Key Takeaways

The global Mid-IR Sensors market is expected to witness high growth, exhibiting CAGR of 36% over the forecast period, due to increasing demand for thermal imaging applications across industries. The market size for 2023 is estimated at US$ 31.63 Bn.

Regionally, North America dominated the global Mid-IR Sensors market in 2023 with over 40% market share. Presence of leading sensor manufacturers and adoption of thermal cameras in industries like surveillance, medical, and military is driving growth. Asia Pacific is anticipated to be the fastest growing region during the forecast period supported by growing infrastructural development and industrial automation.

Key players operating in the Mid-IR Sensors market are Honeywell International, Hamamatsu Photonics K.K., Daylight Solutions, Cascade Technologies, M Squared Lasers Limited, Teledyne FLIR LLC, IPG Photonics Corporation, Changchun New Industries Optoelectronics Tech. Co., Ltd. These players are focusing on new product launches, partnerships, and expansions to gain higher market share.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it