April 17, 2024
Mid-IR Sensors Market

Mid-IR Sensors Market Poised to Witness Robust Growth Driven by Increasing Adoption in Chemical Sensing and Gas Detection Applications

The mid-IR sensors market is estimated to witness high demand owing to increasing applications in chemical sensing and gas detection applications. Mid-IR sensors detect the absorption of electromagnetic radiation in the mid-infrared spectrum which lies between visible and far-infrared light. Mid-IR sensors offer various advantages over traditional sensors such as high accuracy, sensitivity and selectivity. Their compact size and wireless capabilities make them suitable for industrial and consumer applications including predictive maintenance, quality control, pollution monitoring and breath analysis.

The Global mid-IR sensors market is estimated to be valued at US$ 36.44 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the mid-IR sensors market are Nestlé S.A, Nissin Food Holdings Co., Ltd., Nestlé S.A, Nissin Food Holdings Co., Ltd. Indofood CBP Sukses Makmur Tbk PT, Tingyi (Cayman Islands) Holding Corporation, Uni-President Enterprises Corporation, Acecook Vietnam Joint Stock Company. These players are focusing on new product development and expanding their production capacities to cater to the growing demand.

The market is expected to witness significant opportunities owing to the increasing applications of mid-IR sensors in the industrial, healthcare, environmental monitoring and defense sectors. Moreover, the advancement of Internet of Things is enabling the integration of mid-IR sensors in various smart devices for moisture detection, hazardous gas leak detection and breath analysis.

Globally, the mid-IR market is anticipated to be dominated by Asia Pacific owing to presence of emerging economies like China and India with flourishing end-use industries. Meanwhile, North America and Europe are expected to remain lucrative markets driven by widespread R&D activities and advanced applications of mid-IR sensors in these regions.

Market drivers

Strict government regulations regarding workplace safety and pollution monitoring are fueling the adoption of Mid-IR Sensors Market Size for applications like leak detection, ambient air quality monitoring and process gas analysis. Furthermore, growing investments by major players to develop highly sensitive and compact mid-IR sensors at affordable costs will accelerate the market demand over the forecast period.

PEST Analysis

Political: Government regulations and policies play important role in the mid-IR sensors market. Regulations related to emission monitoring and pollution control are positively impacting the demand for mid-IR sensors.

Economic: Rising disposable incomes in developing economies and increasing investments in industries like manufacturing and oil & gas are fueling the adoption of mid-IR sensors for quality inspection and precision measurement applications.

Social: Increasing concerns regarding environment protection and public safety are raising the importance of emission monitoring solutions based on mid-IR sensors. Sensors are widely used to detect toxic gases.

Technological: Advancements in fabrication technology are enabling the development of miniaturized and cost-effective mid-IR sensors with improved sensitivity and accuracy. Integration of AI and IoT is further expanding the scope of applications.

Geographical regions:

The North American region dominated the mid-IR sensors market in terms of value in the historical period due to large scale adoption across various industries like oil & gas, manufacturing, medical etc. The region is expected to continue its dominance during the forecast period as well owing to strong presence of sensor manufacturers and extensive R&D activities. Europe and Asia Pacific are also major regional markets led by Germany, UK, China and Japan respectively. These regions collectively accounted for over 50% share of the global market value in the historical period.

The Asia Pacific region is projected to witness the fastest growth in the mid-IR sensors market during the forecast period. This growth can be attributed to rapidly expanding manufacturing sector, increasing investments in infrastructure development projects and rising focus on pollution monitoring and control in major countries like China, India and South Korea. Government initiatives to promote ‘Made in China 2025’ and ‘Made in India’ programs are favoring domestic sensor players through production incentives and funding for R&D activities. In addition, growing industrial automation, adoption of smart factory concept and increasing consumer spending on consumer electronics are some of the key demand driving factors in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it