MID-IR SENSORS MARKET ANALYSIS

Market Challenges And Opportunities

Market Restraints

Low scalability and high manufacturing cost are expected to hamper the global mid-IR sensors market growth during the forecast period

Various chemicals and biological substances can be accurately detected by mid-IR sensors, which is a major factor driving the mid-IR market growth. However, detection of each and every substance requires a specific light source and detector, which ultimately increases end-product cost. The demand for mid-IR sensors is increasing in the material and chemical detection market, however, low scalability and high manufacturing cost are expected to hamper growth of the global mid-IR sensors market over the forecast period.

Market Opportunities

An increase in demand for low-cost mid-IR sensors for consumer products is expected to create lucrative growth opportunities for players operating in the global mid-IR sensors market

Earlier, low-cost optical sensing technology was mainly limited to near-infrared (IR) and visible wavelengths; however, currently, there is an increase in demand for mid-IR wavelengths (2.5–25 µm) equipped with low-cost optical sensing technology for applications including thermal imaging spectroscopy, air quality monitoring, and consumer products. Among these applications, use of mid-IR sensors in consumer products is expected to provide lucrative growth opportunities to the key players. Mid-IR sensors can be used for composition analysis of edible oils, sugar and salt monitoring of food items, and other applications. According to Coherent Market Insights’ analysis, India consumer products registered a growth of 13.3% in the year 2018-2019 and it is expected to increase over the forecast period. Thus, an increase in demand for low-cost mid-IR sensors for consumer products is expected to create lucrative growth opportunities for players operating in the global mid-IR sensors market.