Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 421.7 Million | USD 615.3 Million | 6.5% | 2021 |
FrequentlyAsked Questions
One of the primary reasons driving market expansion in the forecast period is the increased demand for motion- and people-sensing devices. In addition, the growing use of the product in the military and defense industries for surveillance, target detection, and target tracking due to its compact size and ability to detect light from a distance is boosting market growth in the coming years.
According to the Market Research report, the Infrared Detectors Market size was worth about 421.7 (USD million) in 2021 and is predicted to grow to around 615.3 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 6.5 percent.
North America is expected to remain the largest market over the forecast period, with the United States serving as the region's primary growth engine. The region's domination is due to the huge defense industry of the United States and the rapid adoption of technology by the region's other non-industrial sectors. The market growth can be attributed to the growing use of spectroscopy and the rising use of biomedical devices.
Some of the main competitors dominating the Infrared Detectors Market include - Murata Manufacturing, Excelitas Technologies, Hamamatsu Photonics, and FLIR Inc.
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