IR camera market for products fitted with sapphire lens will grow at 10.7% CAGR from 2016 to 2023. The material presents high degree of durability and is scratch-resistant and robust in nature which will drive growth in the coming years. It can also withstand extreme conditions and temperature fluctuations, making it well-suited for use in numerous industry verticals.
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.
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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.
Infrared (IR) Cameras further find applications across commercial, military & defense, and medical imaging sectors. Military & Defense application, which accounted for more than 35% of Infrared (IR) Camera Market share in 2015, is anticipated to play a major role in industry expansion over the coming years. IR camera market revenue in the commercial sector is projected to grow at a rate of 10% over the period from 2016 to 2023.
IR camera market share in healthcare applications will grow at 9.8% CAGR estimation from 2016 to 2023. It is a non-invasive technology and helps effectively detect potentially life threatening conditions, which will drive growth across the sector. Major use cases of thermography in the medical space include determining the impact of diseases on the core body temperature, researching the effect of drugs, etc. Across airports, these devices prove instrumental in cases of epidemic outbreak, since they help detect passengers that exhibit elevated body temperature.
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Geographically, North America holds the largest share of the global IR camera market and is expected to dominate the market with target revenue slated to reach USD 2.5 billion by 2023. This land is booming due to presence of established industry players in majority. U.S. is the prominent country driving the regional landscape, which also led the global revenue generation in 2015. Factors such as growth in the industrial and commercial sectors will augment infrared camera market share in the coming years.
Asia Pacific infrared camera industry is growing at a significant pace. High demand for surveillance and security are the chief aspects driving the market growth over the coming six years. Moreover, Asia Pacific shows strong growth rate, owing to rising demand across automotive and oil & gas applications.
Notable participants in IR camera market include Samsung Techwin, FLIR Systems, Seek Thermal, Axis Communications, Fluke, Raytheon Defense contractor company, and Testo AG. Market players are particularly focused on product innovation and advancements. Heavy investments in research have resulted in many positive outcomes, one of which includes the introduction of smartphones with thermal imaging ability, a truly revolutionary piece of hi-tech.
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