“Global Shortwave Infrared Market to reach a market value of USD 1.24 Billion by 2031 growing at a CAGR of 11.5%”
The Global Shortwave Infrared Market size is expected to reach $1.24 billion by 2031, rising at a market growth of 11.5% CAGR during the forecast period.
SWIR technology is increasingly used in medical imaging to enhance tissue visualization, identify abnormalities, and support surgical procedures. Its ability to provide detailed insights into biological structures with minimal interference has led to its rising adoption in healthcare settings, particularly for cancer detection, wound monitoring, and ophthalmology. Thus, the medical and healthcare segments procured 11% revenue share in the market in 2023.
The increasing demand for Shortwave Infrared (SWIR) imaging is driven by its unique ability to visualize objects and materials that are opaque to visible light. In industrial applications, SWIR technology is used for quality control, material inspection, and sorting in food processing, textiles, and plastics. Hence, increasing demand for SWIR imaging in industrial and commercial applications propels the market’s growth.
Additionally, the semiconductor and electronics industries are major drivers of SWIR technology adoption. SWIR imaging plays a critical role in inspecting the microstructures of semiconductor wafers during production. In conclusion, the rising utilization of SWIR in semiconductor and electronics manufacturing is propelling the market’s growth.
However, one key constraint for the market is the high manufacturing cost associated with producing SWIR imaging systems. The production of SWIR sensors and cameras requires specialized materials and complex manufacturing processes, which can be expensive. Therefore, high manufacturing costs and limited economies of scale hinder the market’s growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of imaging type, the market is segmented into spectral imaging, thermal imaging, and hyperspectral imaging. In 2023, the spectral imaging segment attained 51% revenue share in the market. Spectral imaging enables detailed material analysis by capturing data across multiple wavelengths, allowing for precise identification of chemical compositions and structural properties.
Based on technology, the market is categorized into cooled and uncooled. The cooled segment witnessed 47% revenue share in the market in 2023. Cooled SWIR sensors are equipped with cryogenic cooling systems that minimize thermal noise, enabling superior image clarity and accuracy, particularly in defense, aerospace, and scientific research.
Based on offerings, the market is divided into solution and services. The services segment held 29% revenue share in the market in 2023. This segment includes professional services like installation, maintenance, consulting, and system integration. These services are pivotal for the effective implementation and sustained performance of SWIR solutions.
By vertical, the market is divided into electronics & communication, military & defence, medical & healthcare, food & beverage, automotive, industrial and others. In 2023, the food & beverage segment held 10% revenue share in the market. SWIR technology application in this sector primarily focuses on quality control and inspection.
Free Valuable Insights: Global Shortwave Infrared Market size to reach USD 1.24 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated 26% revenue share in the market in 2023. Rapid industrialization, particularly in countries like China, Japan, and India, has increased demand for SWIR technology in manufacturing, quality control, and automotive inspection applications.
Report Attribute | Details |
---|---|
Market size value in 2023 | USD 528.89 Million |
Market size forecast in 2031 | USD 1.24 Billion |
Base Year | 2023 |
Historical Period | 2020 to 2022 |
Forecast Period | 2024 to 2031 |
Revenue Growth Rate | CAGR of 11.5% from 2024 to 2031 |
Number of Pages | 260 |
Number of Tables | 450 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
Segments covered | Offering, Imaging Type, Technology, Vertical, Region |
Country scope |
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Companies Included | Teledyne Technologies Incorporated, Corning Incorporated, Leonardo SpA (Leonardo DRS, Inc.), Hamamatsu Photonics K.K., Fortive Corporation (Fluke Corporation), Collins Aerospace (RTX Corporation), Xenics NV, Allied Vision Technologies GmbH, IRCameras LLC (Santa Barbara Infrared) and New Imaging Technologies (NIT) |
By Offering
By Imaging Type
By Technology
By Vertical
By Geography
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