Market Size of Global Infrared Optoelectronics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Infrared Optoelectronics Market Analysis
The Global Infrared Optoelectronics Market is expected to register at a CAGR of 7.5 % over the forecast period (2021-2027).With the Outbreak of COVID-19, IRay Technology, a high-tech company specializing in infrared FPA detectors and thermal imaging modules, moved quickly to start producing infrared thermal imagers. As a result, infrared thermal imaging is the optimal and advanced technology, with a wide range of screening, real-time monitoring, and precision of 0.3°C to 0.5°C.
- The National Science Foundation announced to fund a new effort to bring atomic-level precision to the equipment and technologies that underpin much of modern life, which will change industries such as information technology in the coming decades. For instance, in September 2021, The Center for Integration of Modern Optoelectronic Materials on Demand announced a five-year, USD 25 million Science and Technology Center grant sponsored by the University of Washington.
- Growing consumption of advanced manufacturing and fabricating technologies is further driving the consumption of optoelectronic components in the industrial sector, with the use of Infrared (IR) Inspection windows.
- Furthermore, COVID-19 pandemic is espected to impact the given market's growth positively as, Infrared Optoelectronics is an essential component of several modern technologies. In recent years, the healthcare and automotive industries have become important adopters of infrared optoelectronics. The use of infrared optical sensors in biosensing applications in the healthcare business allows for monitoring heart rate and other key organs in the human body.
- Furthermore, the growing need for advanced technologies in the automobile industry is creating a market opportunity for infrared optoelectronics. Most automakers are incorporating infrared components in their vehicles for ambient light detection, estimate, gestured control of the infotainment panel, and night vision. These new application areas help Optoelectronics expand its market share in rising industries.
