Infrared sensor is an electrically powered instrument that senses the characteristics of the surroundings that is done by detecting infrared radiation. This technology is also capable of measuring heat being emitted from a motion or an object. The advantage of the infrared sensors is lower power requirements and easy portability that is further helping infrared market to obtain significant growth in the near future.

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Growth Drivers
Low power consumption, increasing utility of infrared sensors in defense, increasing adoption of IoT devices, increasing focus towards automobile safety and initiatives for smart homes are the key factors that are pertaining towards the growth of infrared sensors market globally. Low power consumption makes the technology more economical leading to more popularity among possible consumers. Furthermore, increasing initiatives for the safety of passengers in the automobile industry and its utility on defense significantly contributes towards the growth of infrared sensors market at an extensive rate.

Challenges
High manufacturing expenditure and maintenance costs are the major factors that are hampering the growth of infrared sensor market globally. High costs make it difficult to be sold at reasonable prices, further the maintenance costs are even higher, which makes the sensors difficult to afford.

Geographic Overview
Geographically, infrared sensor market in North America is expected to generate the largest revenue by 2024 due to advanced initiatives were taken by the government towards the security concerns in an aspect of defense as well as automobile segments. Moreover, the presence of large players of the infrared sensor in this region is further revamping the growth of infrared sensor market in this region.

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Competitive Insight
Key players in the infrared sensor system market are launching new products in order to gain a competitive edge in the market and entering into mergers & acquisitions in order to improve their existing provider and penetrate deep into the global market. Some of the key players in the infrared sensor system market include Omron Healthcare. Inc., Raytheon, Nippon Avionics, Asahi Kasei, ULIS, Melexis, Teledyne and Hamamatsu Photonics.

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