Dublin, Sept. 21, 2022 (GLOBE NEWSWIRE) -- The "Infrared Imaging Technology - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Infrared Imaging Technology estimated at US$5.4 Billion in the year 2022, is projected to reach a revised size of US$7 Billion by 2026, growing at a CAGR of 6.3% over the analysis period.
Uncooled, one of the segments analyzed in the report, is projected to record 6.6% CAGR and reach US$4.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cooled segment is readjusted to a revised 5.7% CAGR for the next 7-year period. By technology, uncooled segment is projected to dominate market growth, driven by robust demand for uncooled infrared imaging cameras in security and surveillance applications.
The low cost of manufacturing sensors for uncooled IR cameras as they require less expensive vacuum packaging is expected to boost demand for uncooled IR imaging products. Another advantage is that uncooled cameras have lower power consumption and fewer moving parts and therefore have much longer service lives and will work continuously for years without maintenance.
The U.S. Market is Estimated at $2.4 Billion in 2022, While China is Forecast to Reach $603 Million by 2026
The Infrared Imaging Technology market in the U.S. is estimated at US$2.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$603 Million by the year 2026 trailing a CAGR of 7.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.6% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR.
The market is forecast to witness robust growth opportunities driven by growing demand from non-industrial sector, growing adoption in new end-use applications, technological advancements in IR imaging technology, rising adoption in security and surveillance applications, increasing availability of reasonably priced infrared cameras.
Furthermore, rising demand for infrared imaging cameras in emerging economies and high penetration of SWIR cameras is poised to open up new avenues of growth in the upcoming years. The increasing use of IR cameras in quality control and inspections and steady uptake in consumer electronic market also presents untapped growth opportunities. IR imaging can be used as both a predictive and preventive tool, which makes it highly diverse.
However, high cost of infrared imaging systems in comparison with substitute technologies, strict import and export regulations, and lack of awareness about the technology hamper market prospects. SWIR cameras are expensive owing to the use of expensive semiconductor material such as indium gallium arsenide (InGaAs) sensors in their formulation.
By Application, Security & Surveillance Segment to Reach $4.1 Billion by 2026
Global market for Security & Surveillance by Application segment is estimated at US$3.2 Billion in 2022, and is projected to reach US$4.1 Billion by 2026 reflecting a compounded annual growth rate of 6.1% over the analysis period. The United States constitutes the largest regional market for Security & Surveillance segment, accounting for 42.8% of the global sales. China is poised to register the fastest compounded annual growth rate of 7.6% over the analysis period, to reach US$417.6 Million by the close of the analysis period.
Select Competitors (Total 55 Featured):
- Allied Vision Technologies GmbH
- Axis Communications AB
- Bosch Security Systems, Inc.
- FLIR Systems, Inc.
- Fluke Corporation
- General Dynamics Mission Systems, Inc.
- Hanwha Techwin Co., Ltd.
- L3Harris Technologies, Inc.
- Leonardo DRS
- Lynred
- New Imaging Technologies
- Opgal Optronic Industries
- Sensors Unlimited, Inc.
- Xenics NV
- Zhejiang Dali Technology Co., Ltd
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- 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
- World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
- 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
- Infrared Imaging Technology - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
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
- Major Industry 4.0 Technologies: Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020
- 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
- Defense Expenditure Worldwide in US$ Billion for the Years 2001 through 2019
- Leading Countries Ranked by Defense Budgets in US$ Billion for 2019
- Reprioritizing of Budgets Impacts Defense Spending, Affecting IR Imaging Market
- Japan Defense Budget: A Pre & Post COVID-19 Comparison (In US$ Billion) for 2021-2023
- UK Defense Budget: A Pre & Post COVID-19 Comparison (In US$ Billion) for 2021-2023
- Increase in Territorial Conflicts and Border Disputes Drive Focus onto Better Surveillance & Target Identification
- Number of Terrorist Incidents and Terrorism-related Deaths Worldwide: 2011-2018
- Focus on Soldier Modernization Programs Spurs Market Growth
- Soldier Modernization Initiatives Fuel Demand for Advanced IR Imaging Systems: Global Soldier Modernization Market Size (in US$ Billion) for 2018, 2021, 2024 & 2027
- 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
- Global Gas Leak Detection & Repair Market by Technology (in %) for 2020E
- 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
- Global Projected Penetration Rate (%) of Autonomous Vehicles for the Years 2021, 2023 and 2025
- As Aviation Industry Looks to Resume Normal Operations, Demand for IR Imaging Systems Poised to Grow
- Expected Losses in Global Aviation Industry (In US$ Billion)
- 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
For more information about this report visit https://www.researchandmarkets.com/r/ta6qdx
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