Mid-IR Sensors Market to Exhibit a CAGR of 35.7% till 2027

The Global Mid-IR Sensors Market, By Type (Thermal Mid IR Sensors and Photon Mid IR Sensors), By Applications ( Thermal Imager, Gas Sensing, Spectral Sensing, Chemical Sensing, Bio-Sensing, Smart Sensors, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 112.4 billion by 2027, exhibiting a CAGR of 35.7% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Market Definition

Mid-wave infrared (mid-IR) is the spectral region where most of the fundamental structural information is produced. Measurements in that region can provide useful information from outside the visual spectrum. Mid-IR sensors bring the ability to sense temperature, distance, presence, motion, and texture. This extension of the human senses, in combination with digital systems promise a revolution in improved control of everything people use and touch.

The global mid-IR sensors market was valued at US$ 9.8 Bn in 2019 and is expected to exhibit a CAGR of 35.7% during the forecast period (2020 - 2027).

Market Driver

Increasing demand for environment monitoring using mid-IR molecular spectroscopy is expected to propel the global mid-IR sensors market growth during the forecast period

Environment monitoring is the process of analyzing and sampling specific components of the environment such as air, water, soil, and others for the presence of contaminants or unwanted particles. Different types of gases such as carbon dioxide (CO2), carbon monoxide (CO), and methane (CH4) can be analyzed by infrared molecular spectroscopy. Furthermore, gas monitoring is mandatory in industrial sites where toxic and flammable gases are present such as refineries, wastewater treatment plants, chemical plants, gas turbines, and others. Thus, the environment monitoring market is growing rapidly. According to Coherent Market Insights’ analysis, the global environmental monitoring market was valued at US$ 14.9 billion in 2018 with a CAGR of 10.2% during the forecast period.

Market Opportunity

Rising demand for smart sensors equipped with mid-IR sensors is expected to create lucrative growth opportunities for players operating in the global mid-IR sensors market

Smart sensors are used to monitor and control different parameters such as to sense light, heat, moisture, motion or any other entity. These entities are considered as input to the smart sensor, which converts these parameters to proportionally equal electric signals and further sends it for processing. The mid-IR sensor is primarily used for heat detection, gas detection, and others in smart sensors. The smart sensors market is expected to witness growth during the forecast period, owing to its usability in the machine to machine communication. According to Coherent Market Insights’ analysis, the global smart sensor market was valued at US$ 38,532.7 billion in 2019 and is expected to reach US$ 132,899.7 billion by 2027, registering a CAGR of 17.9% from 2020 to 2027. Thus, increasing demand for smart sensors equipped with mid-IR sensors is expected to create lucrative growth opportunities for players operating in the global mid-IR sensors market.

Market Restraints

High cost and bulky nature of mid-IR sensors are expected to restrain growth of the global mid-IR sensors market during the forecast period

Currently available mid-IR sensors are costly and bulky in nature. The cost includes maintenance cost, initial purchase cost, and others. According to Coherent Market Insights’ analysis, a single unit of the mid-IR sensor may cost around US$ 12,000. Due to its high price, its use in industries are limited. Thus, the high cost and bulky nature of mid-IR sensors are expected to restrain growth of the global mid-IR sensors market during the forecast period.

Competitive Section

Key players operating in the global mid-IR sensors market include Daylight Solutions, Inc., Structured Materials Industries, Inc., Maxion Technologies, SenseAir, Sofradir, Cascade Technologies, Inc., AdTech Optics, Inc., Block Engineering, LLC, HAMAMATSU PHOTONICS K.K., M-Squared Lasers Limited, Opto-Knowledge Systems, Inc., CMLaser Technologies Inc., Genia Photonics, IPG Photonics Corporation, Coherent, Inc., EKSPLA, Northrop Grumman Corporation, Quantum Composers, Inc., Coractive High-Tech Inc., and others.

Key Developments

Key companies in the market are focused on research and development activities, in order to gain competitive edge in the market. For instance, in March 2020, University of Montpellier in France successfully developed mid-infrared lasers on microelectronics-compatible silicon. This sensor is useful for air pollution monitoring, food safety analysis, and detecting leakage in pipes.

Segmentation

Market Taxonomy: