Infrared Camera Market to cross 10 Bn US-dollar by 2026
February 2020 by Gminsights
The Infrared Camera Market is set to grow from its current market value of more than $6 billion to over $10 billion by 2026; as reported in the latest study by Global Market Insights, Inc. Driven by positive application outlook across automotive, healthcare, defense and surveillance industries, global infrared camera market size is projected to gain remarkable traction over 2020-2026. Increasing cross-border activity and infiltration instances has prompted the governments of multiple countries to deploy high-security surveillance devices, which has generated substantial infrared camera industry demand. The same can be validated by the Indian government’s plans to set up high-tech surveillance cameras along its international borders with various countries, including China, Bangladesh, Pakistan, Myanmar, and Nepal.
IR cameras offer various outstanding features, such as automation and built-in visual imaging is expected to favor infrared camera market demand for automotive applications. Automakers are increasingly integrating IR cameras with Advanced Driver Assistance Systems (ADAS) to manufacture safer, secure, and efficient autonomous vehicles. Additionally, falling prices of infrared detectors will ensure thriving growth for infrared camera business in the auto industry.
The healthcare industry is highly adopting infrared cameras to identify various disease patterns and new applications of the product, specific to the industry are yet to be conceived. Medical & research organizations are generating substantial demand for IR cameras. Infrared cameras offer great strength and portability. Alongside, low weight and compact size of these cameras make them well suited for usage in medical equipment. Usage of IR cameras in medical equipment facilitate non-contact measurement processes, which aid childcare specialists and veterinarians to detect diseases with ease. Infrared cameras have made detection of breast cancer possible at the earliest stage. Budget-friendly & flexible diagnostic methods provided by these cameras will upsurge their adoption in the healthcare industry.
The infrared camera market is proliferating due to the mass adoption, coupled with a range of diverse applications in commercial, industrial, and government sectors. High investments from firms to ensure a high-surveillance system and increasing military spending in the Middle East & Africa and Asia Pacific are the key factors driving the market growth.
Europe infrared camera industry is forecast to grow at a CAGR of 6% over the analysis period. Infrared screening of residential constructions for sustainable energy audit processes will escalate the demand for handheld infrared cameras. Market players across Europe are focusing on improving their production capabilities to offer advanced products.
Key players contributing towards infrared camera market expansion include Fluke Corporation, Fujifilm Holdings Corporation, FLIR Systems, Axis Communications AB, DIAS Infrared GmbH, Testo AG, SiOnyx, LLC, Raytheon Company, Seek Therma, Panasonic Corporation, OPGAL OPTRONIC INDUSTRIES Ltd., and Optris GmbH.