Infrared Cameras Market Report Covers Detailed Industry Scope, Future Scenario and Outlook to 2027

The "Infrared Cameras Market" was valued at US$ 5,259.70 million in 2019 and is projected to reach US$ 9,055.58 million by 2027; it is expected to grow at a CAGR of 7.1% 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.

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Companies Profiled in this report includes:

• Leonardo
• Opgal Optronic Industries Ltd
• Teledyne DALSA
• Seek Thermal, Inc.
• LYNRED
• Thermoteknix Systems Ltd
• Axis Communications AB
• FLIR Systems, Inc.
• Fluke Corporation
• Infrared Cameras Inc.

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. The strong economic condition of countries present in the region is also a major supporting factor for the market growth.

The infrared cameras market is segmented into type, component, wavelength, and application. Based on type, the market is segmented into fixed and portable. The fixed segment is expected to hold a larger market share during the forecast period. Based on component, the market is segmented into IR lens, IR sensor, processor, and others. The processor segment contributed the largest revenue share in 2019, while the others segment is projected to be the fastest growing sector in terms of growth rate. Based on wavelength, the market is segmented into LWIR, MWIR, NIR, and SWIR. Based on application, the market is segmented into consumer electronics, security and surveillance, aerospace and defense, and others. Further, in 2019, the security and surveillance segment led the infrared camera market globally.

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Infrared Cameras Market Segmentation:

By Type:
• Fixed
• Portable

By Component:
• IR Lens
• IR Sensor
• Processor

By Wavelength:
• LWIR
• MWIR
• NIR
• SWIR

By Application:
• Consumer Electronics
• Security and Surveillance
• Aerospace & Defense

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.

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