Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global infrared imaging market size was valued at USD 6.85 billion in 2022 and is expected to be worth USD 7.35 billion in 2023. The market is projected to reach USD 11.15 billion by 2030, recording a CAGR of 6.1% during the forecast period.
Infrared or IR imaging has gained significant popularity in recent years due to its varied applications in different industries. It is a method used to capture and visualize infrared light from various objects and convert it into visible images that can be interpreted by the human eye. The growing use of IR technologies in military, astronomy, and remote sensing applications is set to bolster the infrared imaging market growth.
Fortune Business Insights™ displays this information in a report titled, "Infrared Imaging Market, 2023-2030."
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List of Key Players Profiled in the Infrared Imaging Market Report:
- Teledyne Technologies Incorporated (U.S.)
- Fluke Corporation (U.S.)
- Leonardo DRS, Inc. (U.S.)
- L3 Harris Technologies, Inc. (U.S.)
- Zhejiang Dali Technology Ltd (China)
- Wuhan Guide Infrared Co., Ltd. (China)
- Hangzhou Hikvision Digital Technology Co., Ltd. (China)
- BAE Systems Plc (U.K.)
- Allied Vision Technologies GmbH (Germany)
- Lynred (U.S.)
- Axis Communications AB (Sweden)
- Seek Thermal Inc. (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.1% |
| 2030 Value Projection | USD 11.15 Billion |
| Market Size in 2023 | USD 7.35 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Infrared Imaging Market Growth Drivers | Rising Demand for Infrared Thermography from Defense Sector to Drive Market Growth |
| Increasing Adoption of Infrared Imaging in Agriculture and Precision Farming to Catalyze Market Growth |
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COVID-19 Impact:
COVID-19 Favored Market Growth Due to Rising Use of Infrared Thermography Scanners in Healthcare
The global supply chains of several industries was disrupted by the COVID-19 pandemic, thereby causing a major decline in the availability and delivery of infrared thermographic equipment. While various industry witnessed a decrease in their revenue growth, the healthcare industry recorded a notable increase in its revenue due to the robust demand for infrared imaging technologies. Infrared cameras were widely used during this period to screen and monitor temperatures at public spaces and hospitals.
Segments:
Uncooled Infrared Imaging Systems to Gain Momentum in Demand with Growing Need for Affordable, Compact IR Imaging
Based on technology, the market is divided into cooled infrared imaging and uncooled infrared imaging. The uncooled infrared imaging segment has captured the largest infrared imaging market share due to the rising demand for affordable and compact infrared imaging systems from various sectors.
Growing Demand for Reliable Surveillance & Homeland Security Solutions to Boost Demand for LWIR
By wavelength, the market is bifurcated into near-infrared, Short-Wave Infrared (SWIR), Mid-Wave Infrared (MWIR), and Long-Wave Infrared (LWIR). The LWIR segment will hold a dominant market share as instruments of this wavelength are mainly used in object detection, surveillance, homeland security, and several other scientific & industrial applications.
IR Imaging to Find Use in Security & Surveillance Applications Due to Its High Demand from Government Agencies
Based on application, the market is bifurcated into security & surveillance, monitoring & inspection, and detection. The security & surveillance segment captured the biggest market share as government agencies and law enforcement authorities are increasing the demand for IR imaging systems to increase the safety of citizens and public property.
Aerospace & Defense Sector to Use IR Thermography to Conduct Non-Destructive Inspection of Aircraft Engines
By vertical, the market is segregated into aerospace & defense, automotive, healthcare, industrial, and others. The aerospace & defense segment dominated the market as IR thermography is being used by the aerospace & defense industry for non-destructive testing and inspection of aircraft engines and equipment. These activities are being done to enhance the crew’s safety and avoid technical problems and breakdowns.
With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage:
The report has conducted a detailed analysis of the market and highlighted key aspects, such as optimization of operating services and R&D capabilities. It also offers leading insights into the market trends, forecast, and competitive landscape of various companies profiled, porter’s five forces analysis, regional analysis, and market competition. The report also covers key industry developments and includes many factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Growing Use of Infrared Imaging in Precision Farming and Agriculture to Improve Market Outlook
IR thermography is gaining popularity in the agriculture sector as well due to its increasing use in precision farming. The technology can help farmers monitor water stress, crop health, and pest infestations in crops. It can assist farmers in boosting fertilization, irrigation, and pesticide applications, which can boost the crop yield rate and increase resource efficiency, thereby driving market growth.
However, high research & development costs and initial investments might hinder the market development.
Regional Insights:
North America to Dominate Market Due to Notable Presence of OEMs
North America dominated the global market in 2022 and may retain its dominance in the future as the region has a vast presence of leading OEMs and is signing important merger & acquisition agreements.
Asia Pacific also held a major market share due to factors, such as the fast-paced development of infrastructure and industrialization.
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Detailed Table of Contents:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
3.4. Market Trends
4. Key Insights
4.1. Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
4.2. Latest Technological Advancements
4.3. Porters Five Forces Analysis
4.4. Supply Chain Analysis
4.5. Quantitative Insights - Impact of COVID-19 Pandemic on Global Infrared Imaging Market
5. Global Infrared Imaging Market Analysis, Insights and Forecast, 2019-2030
5.1 Key Findings / Definition
5.2. Market Analysis, Insights and Forecast - By Technology
5.2.1. Cooled Infrared Imaging
5.2.2. Uncooled Infrared Imaging
5.3. Market Analysis, Insights and Forecast - By Wavelength
5.3.1. Near-Infrared
5.3.2. Shortwave Infrared (SWIR)
5.3.3. Mid-wave Infrared (MWIR)
5.3.4. Long-wave Infrared (LWIR)
5.4. Market Analysis, Insights and Forecast - By Application
5.4.1. Security and Surveillance
5.4.2. Monitoring and Inspection
5.4.3. Detection
5.5. Market Analysis, Insights and Forecast - By Vertical
5.5.1. Aerospace and Defense
5.5.2. Automotive
5.5.3. Healthcare
5.5.4. Industrial
5.5.5. Others
5.6. Market Analysis, Insights and Forecast - By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Rest of World
6. North America Infrared Imaging Market Analysis, Insights and Forecast, 2019-2030
6.1. Market Analysis, Insights and Forecast - By Technology
6.1.1. Cooled Infrared Imaging
6.1.2. Uncooled Infrared Imaging
6.2. Market Analysis, Insights and Forecast - By Wavelength
6.2.1. Near-Infrared
6.2.2. Shortwave Infrared (SWIR)
6.2.3. Mid-wave Infrared (MWIR)
6.2.4. Long-wave Infrared (LWIR)
6.3. Market Analysis, Insights and Forecast - By Application
6.3.1. Security and Surveillance
6.3.2. Monitoring and Inspection
6.3.3. Detection
6.4. Market Analysis, Insights and Forecast - By Vertical
6.4.1. Aerospace and Defense
6.4.2. Automotive
6.4.3. Healthcare
6.4.4. Industrial
6.4.5. Others
TOC Continued...!
Competitive Landscape:
Key Companies to Introduce Technological Advancements to Expand Market Presence
The market has a vast presence of promising players, such as Leonardo DRS, Inc., Fluke Corporation, L3 Harris Technologies, Inc., Zhejiang Dali Technology Ltd., and Teledyne Technologies Incorporated, among others. These companies are signing merger & acquisition agreements and launching technologically advanced products and solutions to gain a strong competitive edge.
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Key Industry Development:
October 2022 - Teledyne FLIR Defense, a division of Teledyne Technologies Incorporated, revealed that it won a USD 48.7 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract. The deal involved delivering Maritime Forward Looking Infrared (MARFLIR) II sensors and different models of SeaFLIR 280-HD surveillance systems to the U.S. Coast Guard (USCG).
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