Global IR Detector Market Set for Growth

The global IR detector market is expected to reach $466 million by 2022, according to a new report by Allied Market Research.

Registering a compound annual growth rate of 9.7 percent, the market will benefit from the presence of key market players in the U.S. and Asia-Pacific, rapid industrialization in manufacturing sectors, a rise in demand for better security and monitoring systems, increased application of IR detectors in the residential consumer electronics sector and an increase in government initiatives in the aerospace and defense sector.

While the North America segment led the market, the Asia-Pacific segment is projected to be the fastest growing region throughout the analysis period. China has the biggest market for IR detector manufacturers and consumers, with a surge in security concerns, manufacturing industry activities and increased expenditures in the emerging markets, such as Japan and India, strengthening market growth.

Allied Market Research is a global market research firm, providing custom and syndicated market research reports.