Pune, India, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The introduction of advanced infrared camera is set to generate substantial demand among end users owing to the benefits of enhanced sensing and imaging capabilities. As the advantages of infrared camera over traditional systems or products have been attracting end users, infrared camera manufacturers are continuously upgrading their products for end users can procure advanced IR cameras. This factor is foreseen to bolster the growth of the infrared camera market.
Infrared Camera Market in terms of revenue was estimated to be worth $5.25 billion in 2019 and is poised to reach $9.05 billion by 2027, growing at a CAGR of 7.1% from 2020 to 2027 according to a new report published by The Insight Partners.
Growth in the automotive and construction industry is anticipated to drive the market during the forecast period.
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Global Infrared Camera Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.25 Billion in 2019 |
| Market Size Value by | USD 9.05 Billion by 2027 |
| Growth rate | CAGR of 7.1% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2019 |
| Segments covered | Type, Component, Wavelength, and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
In 2019, North America dominated the infrared camera market. The growth of the construction and food processing industry in North America is mainly observed in the residential and commercial sectors. The region heavily invests in the military and defense sector to address the increasing terrorism and strengthen armories of the nations. Additionally, as North America promotes numerous technological developments, the adoption of infrared camera integrated with advanced features is growing rapidly in the region. Moreover, with increasing military expenditure, the procurement of infrared camera is increasing by the US armed forces. Most of the countries in the region are already deploying this technology by replacing regular cameras for improved surveillance and safety. North America has maximum number of infrared camera manufacturers, which leads to a strong competition in the market. Rising competition in the region has encouraged these companies to provide enhanced infrared camera through continuous development, at a lower cost compared to their counterparts in the market. The strong economic condition of countries in the region is the major supporting factor for market growth.
Securing office premises, public places, commercial buildings, and others requires cameras that can aid enhanced visibility, especially in low-light conditions. Hence, the IR camera has a major importance in security and surveillance applications for night surveillance. The COVID-19 pandemic has further enhanced the demand for IR cameras to measure body temperature. Market players are developing advanced systems to secure the perimeter with advanced cameras. For instance, in March 2020, Infrared Cameras Inc., a US-based company, introduced a new solution—installation of infrared camera on metal detectors for measuring the skin temperature in real-time. Further, Teledyne DALSA, a provider of digital imaging technology, has announced the launch of a new camera under LWIR cameras product line. This new Calibir GXM camera can be used to detect elevated skin temperature. These cameras are suitable for defense and security applications requiring low noise equivalent temperature difference (NETD) and networked cameras.
Infrared Camera Market: Segmental Overview
Based on type, the portable segment is anticipated to grow at a faster pace during 2020-2027. The portable cameras are ideal for electrical inspections, preventive maintenance, and frontline troubleshooting. Increasing electrical utilities, electrical contractors, building inspection, thermal imaging, plant maintenance, and industrial applications, the scope of infrared camera is growing at an exponential pace. Based on component, the processor segment accounted for more than 30% share in global infrared camera market in 2019. Processor enhances the infrared camera image processing speed and accuracy. The processor enables vision processing for AI applications. With the integration of IoT and AI technology in infrared cameras, the data amount is increasing, which requires advanced processor. In terms of wavelength, the LWIR segment dominated the infrared camera market in 2019. The accuracy and detailed measurement are supplementing the demand for LWIR cameras. The ability to measure temperature in various areas such as home equipment, farming, and solar field to visualize the damage of electronics, insulation, and water is bolstering the demand for infrared cameras.
The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human’s movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor and electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The infrared camera market players also experienced a slowdown in the volumes because the manufacturing facilities were operating with a limited workforce. This has had a negative impact on the market. Additionally, temporary closure has also resulted in reduced procurement of infrared cameras among industries during the first quarter of 2020. The COVID-19 might have its impact in the first six months of 2021 as well.
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Infrared Camera Market: Competition Landscape & Key Developments
Axis Communications, Leonardo SpA, FLIR Systems Inc., Fluke Corporation, ICI (INFRAREDCAMERAS INC), Opgal, Teledyne Dalsa, Seek Thermal Inc., Sofradir Group, and Thermoteknix System Ltd are among the key companies operating in the global infrared camera market. The leading companies in the market are looking forward to introducing new infrared camera products to attract end users and tapping prevailing business opportunities.
Recent Developments:
- In March 2020, Seek Thermal, introduced Seek ScanTM, a simple and low-cost thermal imaging system designed to automate body temperature screening using skin temperature as a proxy. Seek Scan is specifically designed and calibrated to deliver accurate skin temperature measurements while enabling social distancing protocols.
- In June 2020, FLIR Systems, Inc. declared modified thermal cameras for fast and safe non-contact elevated skin temperature screening.
Go through further research published by The Insight Partners:
Infrared Aerial Camera Market - Global Analysis and Forecast to 2030.
Thermal Imaging Cameras Market - Global Analysis and Forecast to 2030.
Near Infrared (NIR) Camera Market - Global Analysis and Forecast to 2030.
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