Infrared Cameras Market Size Worth US$ 9,055.58 Million by 2027: The Insight Partners

According to the new research report, titled "Infrared Cameras Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type (Fixed and Portable), Component (IR Lens, IR Sensor, Processor, and Others), Wavelength (LWIR, MWIR, NIR, and SWIR), and Application (Consumer Electronics, Security and Surveillance, Aerospace and Defense, and Others)," published by The Insight Partners, the market is expected to reach US$ 9,055.58 million by 2027 and is likely to register a CAGR of 7.1% from 2020 to 2027.

Infrared Cameras Market in APAC to Grow at Highest CAGR During 2020-2027

Several industries such as aerospace and defense, automotive, healthcare, and others are investing heavily in advanced technologies to strengthen their capabilities with advanced machinery and offer enhanced services to customers. The market players present in countries such as Russia, the US, and France are developing advanced infrared cameras for the global market. The rising procurement of infrared cameras by the US Army is propelling its market growth. Developing nations such as India, China, and Indonesia are strengthening their military capabilities due to rising border clashes with neighboring countries. Furthermore, the adoption of infrared cameras has increased in the automotive sector due to the ongoing COVID-19 pandemic. For instance, in March 2020, the Chinese government planned to install temperature-monitoring infrared cameras on public transport.

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Furthermore, the rising defense expenditure of countries such as the US, China, and India is expected to drive the growth of the market. Additionally, the increasing number of product launches by companies such as FLIR Systems, Inc. is expected to drive the growth of the market. For instance, in April 2020, FLIR Systems, Inc. launched FLIR Ranger HDC MR high-definition medium-wave infrared (MWIR) border-security surveillance system. The system assists in countering illegal drug smuggling, unmanned aerial vehicles (UAVs), and human trafficking. Therefore, these factors are expected to drive the growth of the market.

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 cameras market players also experienced a slowdown in volumes because the manufacturing facilities were operating with a limited workforce. This has had a negative impact on the market. Additionally, the temporary closure has resulted in reduced procurement of infrared cameras among industries during the first quarter of 2020, and the scenario is likely to continue in the first six months of 2021.

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Key Findings of Study:

Automotive OEMs are increasingly emphasizing non-destructive testing (NDT) methods to detect flaws in a developed component or product. The use of an infrared camera facilitates the automaker to visualize defects, and also reduces the cost and time for detecting defects or flaws. The functions of catalysts and electric systems of cars and motor assemblies can also be tested with the help of infrared camera systems. Moreover, several defects of multiple products and components in the automotive industry are detected through temperature changes. Therefore, various automakers are focusing on infrared cameras to detect defects on windows and seats. This practice is foreseen to grow among the automotive industry players across the world, which would boost the infrared camera market in terms of value and volume.

The introduction of advanced infrared cameras is set to generate substantial demand among end users owing to the benefits of enhanced sensing and imaging capabilities. As the advantages of infrared cameras 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 cameras market.

Swift advancements pertaining to technologies, various initiatives by governments, and a growing number of military systems manufacturing industries are expected to drive market growth in APAC. APAC is expected to register a substantial growth rate in the infrared cameras market during the forecast period owing to the factors such as increasing military expenditure, rising territorial conflicts, and growing industrialization. APAC countries have been investing extensively in defense owing to increased tensions between neighboring countries. According to the SIPRI, in 2019, China's defense budget was ~US$ 261 billion, while India had a budget of US$ 71.1 billion. Furthermore, increasing automotive and healthcare industries in the region are expected to drive market growth in the region.

The List of Companies - Infrared Cameras Market

A few major players operating in the global infrared cameras market are Leonardo S.p.A.; Opgal; Teledyne DALSA; Seek Thermal; LYNRED; Thermoteknix Systems Ltd; Axis Communications AB; FLIR Systems, Inc.; Fluke Corporation; and Infrared Cameras Inc.

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Contact Person: Sameer Joshi

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About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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