Dublin, Nov. 23, 2020 (GLOBE NEWSWIRE) -- The "Infrared Imaging Technology - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Crumbling Economic & Business Fundamentals Take a Painful Bite Out of the Infrared Imaging Technology Market. On Cards Are Losses Amounting to US$351.6 Million for the Year 2020.
The global market for Infrared Imaging Technology is expected to decline by -6.6% in the year 2020 and thereafter recover and grow to reach US$7.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.3%. The pandemic is having a considerable impact on world economy and all industries. The asphyxiated economy has set into motion a cascading effect of a marked recession which is being felt by businesses and consumers alike. Global GDP is expected to dip into the red at -3% with the US economy shrinking by a shocking -5.9%.
With roots in China, the world's supply chains are facing unprecedented disruption & shutdown. Interwoven with a demand crisis, the supply chain shocks are exerting a compounded blow to manufacturing companies worldwide. The worst affected industry in this pandemic driven crisis is manufacturing with its complex supply chains, labor intensive processes, and interdependencies. Division of labor, modular manufacturing strategies, outsourcing to reduce costs and increase the efficiency, consistency, and quality of each operations, have made the manufacturing sector most vulnerable amid the lockdown restrictions.
An indication of the grim state of affairs is the fact that global manufacturing PMI is already declining and will fall to an estimated all-time low of 38.4 points in 2020 as compared to 53.8 in 2019. This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Global industrial output is plummeting sharply with the U.S posting steep declines of -16.5% & -15.2% in March & April 2020.
Business investment confidence is tumbling amidst poor demand, falling profits, liquidity crunch and a reeling global economy. The great lockdown of 2020 has crushed the global economy and with it the manufacturing sector. The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide. Global merchandize trade is expected to plummet by 15% to 30% in the year 2020 highlighting the magnitude of disruption.
Against this backdrop, it requires very little speculation to measure the impact on manufacturing. In the United States alone over 80% of manufacturers are bracing for losses. The impact will mean crunch on capital resources; workforce layoffs/reduction and loss in productivity; supply chain disruptions; difficulties with funding; and increase in cybersecurity risks and fraud. Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected.
The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders. In the midst of this crisis, demand for advanced materials used in manufacturing is taking a heavy blow as cash strapped companies struggle to cope. With manufacturing industry collapsing like a pack of cards, materials in the value chain are facing the biggest business setback ever.
Competitors identified in this market include, among others:
- Allied Vision Technologies GmbH
- Axis Communications AB
- Cox Communications, Inc.
- C-Thermal
- Episensors, Inc.
- FLIR Systems, Inc.
- Fluke Corporation
- IRCameras LLC
- L3 Technologies, Inc.
- Leonardo DRS
- New Imaging technologies
- Opgal Optronic Industries Ltd.
- Princeton Infrared Technologies, Inc.
- Princeton Instruments, Inc.
- Raptor Photonics Limited
- Sensors Unlimited Inc.
- Sofradir Group
- Tonbo Imaging Private Limited
- Xenics NV
- Zhejiang Dali Technology Co., Ltd
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Economic Recession
- COVID-19 Impact on Infrared Imaging Technology
- Thermal Imaging as Promising Fever Screening Method to Dodge COVID-19 Storm
- Caveats Regarding Use of Infrared/Thermal Imaging for Fever Detection
- Vendors Highlight Thermal Imaging Systems to Deal with COVID-19 Challenge
- Organizations Rise Up with Thermal Imaging to Reopen & Ensure Business Continuity
- Once a Niche Market, Infrared Cameras Enjoy Rising Demand amid COVID-19
- Regulatory Response to Potential 'Virus Spotters'
- Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
- An Introduction to Infrared Imaging Technology
- Uncooled & Cooled Infrared Imaging
- Global Market Prospects & Outlook
- Uncooled Segment Leads Global Market
- Security & Surveillance Emerges as the Key Application Segment
- China & Asia-Pacific to Boost Market Growth
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Significance of IR Technology in Industrial Imaging Applications
- Growing Prominence of Infrared Cameras in Inspection & Quality Control Applications
- Fast Evolving Role of Industry 4.0 & Smart Factory to Steer Future Expansion
- Thermal Imagers for Remote Temperature Measurement
- Rising Demand for Infrared Imaging Products from Non-Industrial Sectors
- Sustained Demand for Infrared Imaging Technology in Military Applications
- With Defense Budgets Coming Under Intense Pressure, IR Imaging Market Witnesses Challenging Times
- Reprioritizing of Budgets Impacts Defense Spending, Affecting IR Imaging Market
- Increase in Territorial Conflicts and Border Disputes Drive Focus onto Better Surveillance & Target Identification
- Focus on Soldier Modernization Programs Spurs Market Growth
- Improving Target Identification, Threat Assessment and Monitoring: Essential Capabilities of IR Imaging Systems
- US Companies Offer Support to US Air Force for EO/RF-Related Technology Development
- Imaging Infrared Technology Finds Favor in IR Missile Guidance
- Thermal Cameras: An Important System for Securing Borders
- Infrared and Thermal Cameras Find Use in ISR Operations
- Advanced LWIR Technology to Power Near-Room Temperature Thermal Imaging
- LWIR Imagers with Superior Dynamic Range
- Security & Surveillance Applications Present Significant Potential for Infrared Imaging Market
- Emerging Applications of SWIR Cameras to Boost Market
- Infrared Imaging Technology's Growing Role in Gas Detection
- IR Imaging Technology Finds Growing Use in Healthcare Sector
- Infrared Cameras for Medical Diagnostic Reasons
- IR Imaging Cameras Rise in Prominence for COVID-19 Screening
- Autonomous Vehicles Integrate IR Imaging Technology
- As Aviation Industry Looks to Resume Normal Operations, Demand for IR Imaging Systems Poised to Grow
- Consumer Electronics Industry Witnesses Increasing Use of IR Technology
- IR Imaging Cameras: Sensing IR Radiation
- Primary Use-Cases of Thermal Imaging Cameras
- Glitches of Thermal Imaging Cameras
- Infrared Cameras Help Identify & Correct Distortions in Production
- Emerging Infrared Imaging Technology Applications: An Overview
- Technological Advances in IR Imaging Technology & Development of Low Cost Cameras to Propel Market
- NIR-II Opens New Vistas for Biomedical Imaging
- FIR: The Solution for Complete Autonomous Cars
- High Cost of Infrared Cameras: A Key Market Restraint
- Civil Rights & Privacy Concerns Miring Adoption of Thermal Imaging
- Strict Trade Regulations Impede Demand for Infrared Imaging Products
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 55
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