New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Mid IR Sensors Market” published by Consegic Business Intelligence, the market was worth USD 23.24 Billion in 2022 and is anticipated to reach over USD 264.03 Billion by the year 2030, growing at a CAGR of 36.10%.
Mid IR Sensors is defined as type of sensor designed to detect and measure electromagnetic radiation in the mid infrared range of wavelengths. The devices installed with Mid IR sensors are capable of capturing radiation that is emitted or absorbed by molecules in the materials. Thus, Mid IR sensors are employed to analyze the molecular composition of substances, identifying specific compounds, and monitor temperature variation.
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Moreover, Mid IR sensors are designed to capture spectral fingerprints to identify and quantify specific molecule or compound present in solid, liquid, and gas. The sensor consists of components including an infrared source, a sample chamber, and a detector. The infrared source emits radiation in the mid-infrared range, which passes through the sample, upon absorption of specific wavelength of radiation, detector is programmed to record any decrease in intensity of wavelength thus producing an absorption spectrum.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 264.03 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 36.10% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | 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. |
| By Type | Thermal Mid IR and Photon Mid IR |
| By Application | Gas Sensing, Thermal Imaging, Spectral Sensing, Chemical Sensing, Bio Sensing, and Others |
| By End Use | Consumer Electronics, Automotive, Healthcare, Industrial, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Mid IR Sensors Market Growth Drivers:
- Increasing demand of IR sensor for detection and sensing applications is boosting the market growth
- Growing adoption of Mid IR technology in healthcare sector is driving the market growth
Restraints
- Complex nature of Mid IR applications is limiting its market growth
Opportunities
- Adoption of Mid IR sensor in various sectors including biotechnology, consumer electronics, and others is expected to promote its market growth
Global Mid IR Sensors Market Segmentation Details:
Based on type, the thermal Mid IR segment contributed the largest shares to the market growth in 2022. Thermal Mid IR technology utilizes heat emissions from object to provide reading or data to the installed device. In general applications including temperature detection, thermal imaging, identification of heat source, and monitoring of energy source is boosting its marker growth. Moreover, its applications in sectors including building inspection, industrial maintenance, security surveillance, and others are promoting the market growth of thermal Mid IR sensors.
Based on application, gas sensing segment contributed the largest shares to the market growth in 2022. Owing to the popularity of gas sensing among sectors including chemical, oil and gas, and others. Gas sensing devices are widely applied in industries including detection of ammonia in cold storage plants, warehouses, oil refineries, and others. Moreover, aforementioned sectors are also projected to grow during the forecast period owing to rising demand for food and energy among growing populations.
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Based on end use, the industrial segment accounted for the maximum revenue share in the year 2022. Owing to the increasing demand for applications including drug formulation analysis, quality control, bioprocessing, material analysis, and others. Moreover, industrial applications including mineral and ore analysis by means of spectroscopy is further driving the market growth of the segment and is also projected to grow during the forecast period.
Based on region, North American region accounted for the largest revenue share in the year 2022. The adoption of Mid IR sensors in the North American region is primarily driven by technological advancement in the region including healthcare and medical applications, growth within industrial and process control, collaboration, and partnerships. Moreover, increasing investment in research and development by companies to develop new products and services to meet industry needs is promoting the market growth for Mid IR sensor.
Key Market Highlights
- Globally, Mid IR Sensors market is bifurcated based on the type into thermal Mid IR and photon Mid IR.
- Globally, Mid IR Sensors market is categorized based on application into gas sensing, thermal imaging, spectral sensing, chemical sensing, bio sensing, and others.
- In the context of end use, the market is separated into consumer electronics, automotive, healthcare, industrial, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in Mid IR Sensors market.
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List of Major Global Mid IR Sensors Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- 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.
Global Mid IR Sensors Market Segmentation:
- By Type
- Thermal Mid IR
- Photon Mid IR
- By Application
- Gas Sensing
- Thermal Imaging
- Spectral Sensing
- Chemical Sensing
- Bio Sensing
- Others
- By End use
- Consumer Electronics
- Automotive
- Healthcare
- Industrial
- Others
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Key Questions Covered in the Mid IR Sensors Market Report
- What is Mid IR Sensor?
- Mid IR Sensor is defined as type of sensor designed to detect and measure electromagnetic radiation in the mid infrared range of wavelengths. The devices installed with Mid IR sensors are capable of capturing radiation that is emitted or absorbed by molecules in the materials.
- What is the dominating segment in the Mid IR Sensors market by end use?
- In 2022, the industrial segment accounted for the highest market share of 35.7% in the overall Mid IR Sensors market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Mid IR Sensors growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for Mid IR Sensors from multiple industries including pharmaceuticals, research and development, and others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR of 36.5% during the forecast period due to factors including the growth of multiple industries including pharmaceuticals, environmental monitoring, energy, food and agriculture, and others.
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