Portland, May 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global infrared camera industry garnered $744.8 million in 2019, and is estimated to generate $1.37 billion by 2026 at a CAGR of 8.7% from 2020 to 2026.
Rise in end use cases of security and surveillance, and increase in adoption in quality control and inspection drive the growth of the global infrared camera market. Whereas, high initial costs for acquisition and maintenance restrain the market growth. On the other hand, surge in adoption for SWIR and increase in prominence in commercial end use cases usher new opportunities in the coming years.
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COVID 19 Scenarios-
- Various organizations, grocery stores and working companies including Amazon are using infrared cameras on workers to detect their body temperature. This has increased the demand for infrared cameras amid COVID-19.
- On the other hand, in April, the Food and Drug Administration as well relaxed some regulations on the usage of infrared cameras, in order to extend the access of technology.
- However, the supply chain is witnessing disruption to due complete lockdown.
Based on technology, the uncooled IR cameras segment accounted for the largest market share in 2019, contributing to more than three-fifths of the global infrared camera market, and is expected to maintain its lead status throughout the forecast period. However, the cooled IR cameras segment is expected to grow at the highest CAGR of 10.6% from 2019 to 2026.
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Based on end use, the defense and military segment contributed to the highest market share in 2019, contributing to more than one-fourth of the global infrared camera market, and is estimated to maintain its dominance in terms of revenue by 2026. Moreover, the commercial surveillance segment is estimated to maintain the fastest CAGR of 12.6% during the forecast period.
Based on region, Asia-Pacific held the major market share, contributing to nearly one-fourth of the total market share of the global infrared camera market in 2019, and is estimated to continue to contribute its lion's share throughout the forecast period. Moreover, this region is expected to grow at a CAGR of 9.9% from 2020 to 2026.
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Key market players in the report include Leonardo DRS, Global Sensor Technology Co., Ltd., Xenics, AIM Infrarot-Module GmbH, Lynred, FLIR System Inc., L3 Technologies, SemiConductor Devices, Boston Electronics Corporation, and Hamamatsu Photonics.
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