In the previous 2022 report from Marketsandmarkets, the SWIR sector had been experiencing a decline due to the Covid 19 pandemic.  The pandemic had caused restricted adoption of SWIR cameras owing to the severe global and economic disruptions, which resulted in production curtailment leading to a serious decline in business inputs.

Diverse applications

However, a healthy growth is now predicted, driven by technological advances that have reduced costs and made the technology more accessible. SWIR is used in various industries, much beyond defence and agriculture. Growing concerns about the environment and closer monitoring of unwanted contaminants in food safety or waste management are some of the many other ways in which this market seeks to expand. Better demand for improved imaging even in low-light conditions and more and more industrial processes becoming automated-combined with AI use-are only adding to this increment. However, factors such as expansion in emerging markets such as consumer electronics will provide lucrative opportunities for market players, according to the analysts.

Spectral imaging becomes more wide spread and affordable

Spectral imaging is projected to have highest CAGR because of its growing applications in various industries. Spectral imaging has the ability to extract information on materials and their composition. The industries include medical research, food & beverage, automotive among others. Additionally, technological advancements are making the technology more affordable for industries to adopt. With increasing industries looking for accurate and non-invasive methods of analysis, the demand for spectral imaging is likely to rise. In addition, advancements in AI and machine learning can better the capability of spectral imaging, thereby fuelling adoption and growth.

Monitoring & inspection

Monitoring & inspection is expected to have a high market share due to rising demand of safety, efficiency, quality control, adherence to safety standards and security. As industries seek to prevent hazards, monitoring & inspection becomes necessary. Technologies like SWIR which offer detailed analysis have become more crucial for industries to adopt. SWIR imaging can reveal details invisible to normal cameras, such as moisture content, material composition, or surface defects in applications important to the work of manufacturing, agriculture, and food processing, thus leading to very precise inspection of quality and safety.

Integration opportunities with modules

Modules offer advanced imaging capabilities with better performance in low light and in challenging environments. They can be easily integrated into various industries' systems, from security to industrial inspection. Technological advancements and demand for high-resolution imaging solutions are expected to boost the module market in the forecast period. These modules combine SWIR sensors with integrated optics and processing into compact, ready-to-use modules that reduce the burden for original equipment manufacturers when integrating SWIR technology into many types of devices and applications. As such, it finds use across various visions, ranging from defense and security to industrial automation and environmental monitoring.

North America holds the greatest market share

North America has an established and expanding manufacturing sector, especially in the automotive and semiconductor industries. The region has shown investments in research and developments while increasing the adoption of advanced technologies, thereby boosting demand for SWIR systems. The region's established industries, such as medical research and automotive, also boost the demand for SWIR technologies.North America leads in the adoption of AI and automation in industrial processes; SWIR imaging in this case provides high accuracy and efficiency. Most manufacturers and suppliers of SWIR technologies are located in North America, which ensures a stronghold of the market, allowing it to grow in this region.

Key players

Perhaps not so surprisingly the SWIR market includes major Tier I and II players - those covered in the report include companies such as Teledyne Flir, Allied Vision Technologies, Collins Aerospace, Corning Incorporated, and Leonardo DRS, amongst others.