Infrared Cameras Market is expected to reach US$ 9,055.58 Mn by 2027

Infrared Cameras Market to Grow at a CAGR of 7.1% to reach US$ 9,055.58 Million from 2020 to 2027

North America is a technologically advanced region, with the US, Canada, and Mexico being the major economies. The region heavily invests in the military and defense sector to address the increasing terrorist activities and strengthen armories of the nations. As North America attracts numerous technological developments, the adoption of infrared cameras is growing rapidly in the region. Moreover, with increasing military expenditure, infrared cameras are increasingly procured by the US armed forces. The majority of the countries in the region are deploying this technology by replacing regular cameras for improved surveillance and safety. North America has maximum number of infrared cameras manufacturers, thereby leading to a strong competition in the market. Rising competition in the region has encouraged these companies such as FLIR Systems, Inc., Fluke Corporation, Infrared Cameras Inc., and others to provide enhanced infrared cameras through continuous development at a lower cost than their counterparts in the market.

Click HERE To get SAMPLE PDF (Including Full TOC, Table & Figures) @ https://www.theinsightpartners.com/sample/TIPRE00007466/?utm_source=OpenPR&utm_medium=10452

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. 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 the public transport.

In Europe, the UK is the hardest-hit country by the COVID-19 outbreak. It has suffered an economic hit due to a lack of revenue from various industries, as countries such as the UK, Germany, and Italy recorded the highest number of COVID-19 cases. Additionally, the infrared cameras market is expected to get hampered even further with the outbreak of another variant of COVID-19 in the UK. The region is a significant manufacturing and industrial hub for sectors such as healthcare, aviation, manufacturing, automotive, and energy and power. However, due to COVID-19 pandemic, many businesses in Europe face financial challenges as they had to reduce their activities substantially owing to lack of workforce, government-imposed restrictions, and decreasing sales. Nevertheless, the increasing adoption of infrared cameras by the automotive industry in the region is expected to provide growth opportunities to the market in the coming years. For instance, in 2019, Veoneer Inc., an automotive technology provider based in Sweden, signed a contract with an undisclosed car manufacturer to provide infrared cameras for autonomous cars. Therefore, this is expected to drive the market growth in the region.

Top Company Profiles:
Leonardo S.p.A.
Opgal
Teledyne DALSA
Seek Thermal
LYNRED
Thermoteknix Systems Ltd
Axis Communications AB
FLIR Systems, Inc.
Fluke Corporation
Infrared Cameras Inc.

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.

Key Findings of Study:

The automotive OEMs are increasingly emphasizing non-destructive testing (NDT) methods to detect flaws on a developed component or product. The use of infrared camera facilitates the auto maker to visualize defects, also reduce 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 auto makers 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.

Interested in purchasing this Report? Click Here: https://www.theinsightpartners.com/buy/TIPRE00007466/?utm_source=OpenPR&utm_medium=10452

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 the 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.

Contact Us:
The Insight Partners
Email: sales@theinsightpartners.com
Phone: +1-646-491-9876

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 Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.