Sofradir and its subsidiary ULIS announce their merger and new company name: Lynred. Lynred was created to respond to a need for an all-inclusive infrared (IR) product offering to the global aerospace, defense, industrial and consumer markets.
In response to increasing market requirements, the company has attained a critical mass geared to shortening the time-to-market process of new products. Its US entity remains a subsidiary and has been renamed Lynred USA. Lynred is the new identity under which its 1,000 staff will provide the widest range of advanced IR technologies to global markets, assure a long-term and reliable product supply and accompany client projects with the best possible IR design and equipment integration support.
Lynred is actively pursuing growth in this market. The world military infrared imaging systems market was estimated at $8.5 billion (approx. €7.6bn) in 2018 and is expected to grow to $14 billion (approx. €12.5bn) in 2023.
Extrapolated market data also indicates that the market for cameras for industrial and consumer applications has the potential to increase from $2.9 to $4.1 billion in the same period. This translates to a global potential annual market growth rate of around 10% at camera and system level. Lynred will advance developments of next generation IR detectors with the $167.4M financial investment it is making in the Nano2022 project over the next five years