The Shortwave Infrared (SWIR) Market is expected to grow significantly over the coming years. It is anticipated to grow from USD 166 million in 2021 to USD 277 million by 2027, with a strong Compound Annual Growth Rate (CAGR) of 8.9%. The market is expected to grow as a result of a number of factors, including the growing use of SWIR technology in fields including security and surveillance, monitoring and inspection, and detection. The SWIR market is predicted to have significant expansion due to developments in scanning kinds, technologies, and verticals, offering potential prospects for market participants worldwide.

Due to the widespread use of SWIR technology in both industrial and non-industrial sectors for a variety of applications, including security, surveillance, monitoring, and inspection, the market for shortwave infrared (SWIR) has seen significant expansion recently. But the COVID-19 pandemic epidemic has slowed the market's expansion, which has reduced demand for SWIR cameras in applications including monitoring industrial processes, monitoring industrial furnaces, checking solar cells, sorting inspections, and improving driver vision. The pandemic disrupted businesses and the global economy, which limited SWIR camera usage and reduced manufacturing, which markedly slowed the market's growth trajectory.

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Uncooled SWIR technology to have the largest market size in SWIR market during the forecast period

The uncooled SWIR technology is anticipated to have the biggest market size during the time of forecasting. The huge demand for uncooled SWIR cameras, notably in the non-industrial vertical with a focus on the military and defence industry, is what fuels this supremacy. Compared to their cooled counterparts, uncooled SWIR cameras are preferred for their lower cost. Uncooled SWIR cameras offer a more cost-effective alternative because of their cheaper price, even though cooled SWIR cameras have detectors with higher sensitivity. The uncooled category is anticipated to maintain its leadership as demand for SWIR technology continues to develop across a variety of industries, offering significant potential prospects for industry players in the global SWIR market.

Non industrial vertical to grow with highest CAGR in SWIR market during the forecast period

The SWIR market is anticipated to grow at the highest Compound Annual Growth Rate (CAGR) in the non-industrial vertical over the anticipated timeframe. The widespread use of SWIR cameras in the military and defence industry, particularly for applications involving vision augmentation, is credited with this increase. In addition, the scientific research sector is anticipated to experience significant rise in demand for goods based on SWIR technology. Notably, the rising demand for SWIR technology-based goods in the scientific research sector is being further driven by North America, notably for area scan SWIR cameras. The non-industrial vertical is positioned to drive considerable growth and create attractive prospects for industry participants in the SWIR market as SWIR technology usage spreads across numerous non-industrial applications.

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North America accounts for the largest share of the SWIR market during the forecast period

During the projection period, North America is anticipated to hold the biggest market share for SWIR. Due to the region's prominence in the medical, scientific research, and military & defence sectors as well as the region's high demand for SWIR cameras, the region already held the leading position in 2021. Additionally, the area is home to a number of businesses that sell SWIR cameras, which helps to fuel the market expansion in North America. Leading SWIR camera manufacturers with headquarters in North America include Teledyne FLIR (US), Collins Aerospace (US), Princeton Instruments (US), IRCameras (US), and Photon etc. (Canada), demonstrating the importance of the continent in the SWIR market.

The report profiles key players in the SWIR market and analyzes their market shares. Players profiled in this report are Collins Aerospace (US), Teledyne FLIR (US), Xenics (Belgium), New Imaging Technologies (France) and Allied Vision Technologies (Germany), Raptor Photonics (UK), Lynred (France), Opgal Optronic (Israel), Photon etc. (Canada), Himamatsu Photonics (Japan), Intevac (US), InView Technology (US), Sierra-Olympic Technologies (US), FluxData (US), IRCameras (US), Episensors (US), Princeton Infrared Technologies (US), Leonardo DRS (US), InfraTec (Germany), Tonbo Imaging (India), COX (South Korea), C-THERMAL (Austria), Dali Technology (China), Axis Communication (Sweden) and HGH Infrared Systems (France).

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