Portland, April 21, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global cooled IR camera market accounting for $242.7 million in 2018, and is projected to garner $736.4 million by 2026, growing at a CAGR of 13.5% from 2019 to 2026.
Rise in the application of cooled IR cameras in security and surveillance and surge in adoption of cooled IR cameras in quality control and inspection have boosted the growth of the global cooled IR camera market. However, high initial acquisition and maintenance costs hamper the market. On the contrary, surge in popularity of cooled IR cameras in commercial applications and surge in usage of cooled IR cameras for SWIR would create opportunities for the market players in the coming years.
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The global cooled IR camera market is divided on the basis of technology, end use, and country. Based on technology, the market is segmented into indium antimonide and mercury cadmium telluride. The indium antimonide segment held the largest share in 2018, accounting for around three-fifths of the market. However, the mercury cadmium telluride segment is projected to register the highest CAGR of 15.1% during the forecast period.
Based on end use, the market is categorized into defense & military, industrial, commercial surveillance, automotive, and others. The defense & military segment dominated the market in 2018, accounting for more than one-fourth of the market. However, the commercial surveillance segment is projected to register the highest CAGR of 16.8% during the forecast period.
The global cooled IR camera market is analyzed across the U.S. and the rest of the world. The market across the U.S. held more than one-third of the market, and is expected to manifest a CAGR of 12.6% during the study period.
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The global cooled IR camera market report includes an in-depth analysis of the major market players such as Xenics, DRS, Global Sensor Technology Co., ltd., Lynred, AIM Infrarot-Module GmbH, L3 Technologies, FLIR System Inc., Boston Electronics Corporation, SemiConductor Devices, and Hamamatsu Photonics. These players have adopted several strategies such as mergers & acquisitions, collaborations, partnerships, and new product launches to maintain their foothold in the market.
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