High requirement for security and surveillance along with surging product demand across various sectors will boost (Infrared) IR Camera industry size over the years to come. With unique properties such as black/white/gray palette, iron palette, and rainbow palette to boast of, IR cameras find widespread applications across the military & defense, commercial, medical, and industrial sectors.
According to Global Market Insights, Inc., “(Infrared) IR Camera Market size is expected to cross USD 6.8 billion, with a CAGR estimation of 9.5% over 2016-2023.”
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Military & defense applications contributed to more than 35% of the total revenue share in 2015, and is slated to grow at a healthy rate over 2016-2023. IR camera industry size in military & defense applications is predicted to exceed USD 2.4 billion by 2023. The prime factors for this significant revenue surge are increased surveillance requirements, growing R&D investments, high demand for products that have sufficient resistance to extreme conditions and temperature fluctuations, and the ability to identify defects in process and equipment control.
Efficient product features such as thermal sensitivity imaging, automation, fault detection, and built-in visual imaging will stimulate IR camera market in medical applications, which is slated to grow at a CAGR of 9.8% over 2016-2023. In addition, rising adoption of IR cameras for terminal disease detection, impact on body vitals, and suitable drug research will also fuel IR camera industry in healthcare applications in the years to come.
Increased product application for security and rescue missions will augment IR camera market in commercial applications, slated to increase at a CAGR of more than 10% over 2016-2023.
Sapphire being a highly durable material is used extensively for manufacturing camera lenses. Sapphire IR camera industry is expected to grow at a lucrative CAGR of 10.7% over 2016-2024, driven by favorable properties such as ability to sustain extreme temperatures, robustness, and scratch resistance.
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High thermal shock resistance will be one of the principal properties owing to which zinc selenide IR camera market size will catapult to great heights, with a CAGR anticipation of more than 10% over 2016-2023. Germanium being the leading material segment in 2015 is projected to register healthy gains over the period of 2016-2023. Germanium will continue to dominate the material landscape, pertaining to its excellent infrared transmission and mechanical properties.
High product demand across the automotive and oil & gas sectors along with increasing number of investments in military & defense will drive Asia Pacific IR camera industry over 2016-2023. Led by the U.S., North America dominated the global landscape in 2015. The huge demand for video surveillance cabling, mass screening, and the existence of most of the key players in the region will act as major drivers for regional market expansion.
Key industry players include Leonardo DRS, Fluke Corporation, Seek Thermal, Testo AG, FLIR Systems, Samsung, Axis Communications, and Raytheon Company.
Browse key industry insights spread across 102 pages with 28 market data tables & 27 figures & charts from the report Infrared Camera Market in detail along with the table of contents:
IR camera market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2023, for the following segments:
IR camera market by lens material
- Zinc selenide
IR camera market by application
- Military & defense
- Medical imaging
The above information is provided on a regional basis for the following:
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)
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