Short-wave Infrared Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Short-wave Infrared Imaging Market is expected to grow at a CAGR of 8.44% during the forecast period, 2022-2027. With the recent outbreak of COVID-19, there has been a global disruption in the supply chain. The COVID-19 outbreak has disrupted the global tech sector, especially hardware, electronic manufacturing services providers, and semiconductor companies, as operations in the global largest tech manufacturing hub are threatened.

• Short-wave infrared imaging (SWIR) is an advanced technique for producing images based on radiation in the region of the electromagnetic spectrum, which is invisible to the naked eye. Short-wave infrared (SWIR) imaging is distinct because the radiation of interest is nearer to the visible spectrum but will still permit temperature sensing, usually over 100 °C.
• Short-wave infrared (SWIR) imaging consists of a wavelength band from 0.7 – 2.5μm. SWIR imaging is used in various applications, including solar cell inspection, electronic board inspection, identification and sorting, surveillance, anti-counterfeiting, process quality control, etc.
• Vehicle navigation is increasingly relying on SWIR cameras. With the rise of self-driving cars, SWIR technology can assist in navigating through fog, snow, dust, and rain. Recently, Israeli start-up TriEye introduced a dashboard-mounted SWIR camera for the consumer car market that can successfully navigate through snow, fog, dust, and rain, responding to the expanding use of SWIR cameras in autonomous vehicles.
• A lot of investments are going on around the globe to develop short-wave infrared imaging technology. For instance, in January 2022, Emberion, a developer of high-performance short-wave infrared imaging using nanomaterials, raised EUR 6 million to accelerate infrared imaging business growth.
• Recently, Israeli start-up TriEye introduced a dashboard-mounted SWIR camera for the consumer car market that can successfully navigate through snow, fog, dust, and rain, responding to the expanding use of SWIR cameras in autonomous vehicles. According to a NASDAQ, driverless automobiles will likely dominate the market by 2030. Thus, these investments are also likely to create a scope for the market studied in this sector. 
• Due to ongoing testing, research, and collaborations between companies to develop autonomous cars, the number of autonomous vehicles is anticipated to grow robustly in the upcoming years. For instance, French autonomous vehicle maker, Navya introduced an all-electric and fully autonomous Autonom Cab, the first 100% autonomous robot taxi. Another company, Valeo, partnered with Docomo to jointly develop connected cars.

Scope of the Report

The market study analyses the market trends and opportunities for different types of short-wave infrared imaging, such as 1 micron, 1.7 micron, and 2.1 micron, that are used in the various end-user industries in multiple regions. Further, the study analyzes the impact of COVID-19 on the market players and its stakeholders across the supply chain. Additionally, the disruption factors impacting the market's growth in the near future have been covered in the study regarding drivers and restraints.

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Key Market Trends

Military & Defense Segment is Expected to Have a Significant Growth

• Infrared imaging is used in defense applications to enable high-resolution vision and identification in near and total darkness. The infrared (IR) wavelengths are essential for military and defense research and development because surveillance and targeting occur at night.
• The SWIR region bridges the gap between visible wavelengths and peak thermal sensitivity of infrared, scattering less than visible wavelengths and detecting low-level reflected light at longer distances, which is ideal for imaging through smoke and fog. Moreover, SWIR cameras are useful security and surveillance devices, sometimes by themselves and often combined with other imagers.
• In May 2021, a Melbourne-based firm received a contract to equip the Army drones with next-generation surveillance sensors to provide stable images day or night using infrared cameras. The sensor technology aims to enhance intelligence, surveillance, and reconnaissance (ISR) capability by leveraging an imaging system that uses electro-optical, short wave, and medium wave infrared cameras, along with laser range finding and target designation technology.
• Moreover, in November 2021, DARPA hired three groups to develop enhanced direct-view night-vision systems of a size and weight near those of typical eyeglasses as a part of its ENVision program. These three organizations will develop small and lightweight night-vision eyeglasses to extend visual access beyond near-infrared to include short-wave, mid-wave, and long-wave infrared spectral bands through a common aperture giving users access to spectral ranges from 1.5 to 12 microns.
• According to the UK parliament, defense spending in 2020/21 was GBP 42.4 billion in cash terms. This is a nominal rise of GBP 2.5 billion over the previous year and a real increase of GBP 1.7 billion. As a result, the yearly defense budget in 2024/25 will be GBP 6.2 billion more in cash terms than in 2020/21. However, the real worth of this spending rise is lower, especially in light of growing inflation. Defense spending is estimated to rise by GBP 1.5 billion when adjusted for inflation.

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