What’s Driving the IR Camera Market Trends? | Key Participants are Axis Communications, Bullard, FLIR Systems, Fluke Corporation, L3 Technologies, Pelco by Schneider Electric, Raytheon, Sofradir, Testo SE & Co. KGaA

IR Camera Market is gaining a heavy momentum with rapid adoption of infrared cameras in automotive, radiometric, and mobile sectors. Technological innovations have contributed significantly towards reduction in the costs of IR cameras and this is expected to steer the industry growth map. As per Global Market Insights, Inc., “IR camera market, valued at USD 3 billion in 2015, is projected to surpass USD 6.8 billion by 2023.” Inception of new technologies providing exceptional features such as built-in visual imaging and automation will generate more market demand over the coming six years. The growing popularity of these products can be attributed to its wide use for detecting electrical defects, leak identification, and plumbing blockages.

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Applications in the automobile sector is an untapped opportunity. Near-Infrared (NIR) centered systems improve night driving situations. With the advancements in driverless vehicles, the applicability of IR cameras in automobiles is expected to grow exponentially. Growing adoption of high-resolution devices in smartphones will lead to IR camera market growth.

Key participants of infrared (IR) Camera Industry: -
1. Axis Communications
2. Bullard
3. FLIR Systems
4. Fluke Corporation
5. IRISYS
6. L3 Technologies
7. Pelco by Schneider Electric
8. Raytheon
9. Seek Thermal
10. Sofradir
11. Testo SE & Co. KGaA

Infrared Bolometer Detectors (IBD) are thermal detectors which are aided by IR cameras. Arrays of these imagers are used in thermography, driver night vision, firefighting, surveillance and security. Cost driven price reduction of this technology will boost the IR camera market. The use of these devices for surveillance is highly regulated by various governments globally. The authority to carry out surveillance is necessary in public properties.

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The material segments of the IR camera market are sapphire, silicon, germanium and zinc selenide. The base material for germanium is non-hygroscopic which transmits good infrared rays this will be followed by the zinc selenide segment.

Major application areas include commercial, industrial, medical and military & defense. Military and defense dominated the industry with 35% revenue share in 2015. Temperature tolerance and ruggedness characteristics will drive the growth in this sector. Commercial applications are also expected to grow through the forecast timeline owing to extensive use in night vision, thermography, security & surveillance, and fire & rescue mission.

North America IR camera market is anticipated to surpass USD 2.5 billion by 2023. Mounting requirement for efficient mass screening as well as video surveillance is projected to push the regional demand. The U.S. is likely to dominate the regional revenue.

Asia Pacific IR camera market is expected to observe a substantial surge over 2016-2023. Growing security concerns coupled with heavy investments in defense activities is expected to drive the regional growth. High product demand in oil & gas and automobile sectors will further contribute towards the revenue.

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Introduction of new technologies in market and massive investments by various players in R&D activities to create new products will further boost IR camera market growth. Established firms will try to acquire maximum market share through strategic collaborations, joint ventures, and new product launches. Leak Surveys and IRCameras together launched nitrous gas imaging Infrared camera for LDAR sector. FLIR systems introduced new smartphones with thermal imaging technology to expand its business.

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Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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