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 (Infrared) Camera Market size 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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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 size, 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 cameras are used when the area to be surveyed is totally devoid of lighting or has very poor lighting conditions. These cameras use infrared technology to carry out surveillance, which was initially used by the military to produce gun lights, night vision cameras, and binoculars. The global IR Camera Market is surging due to increasing use of this technology in military & defense sector for detecting minute details over long distance. Military & defense IR Camera Market is anticipated to surpass USD 2.4 billion by 2023, driven by the excellent product characteristics of high temperature resistance and ruggedness.
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Various applications of infrared camera for medical, transportation, fire & rescue missions, thermography, and night vision will propel commercial IR Camera Market, which is estimated to grow at an annual rate 10% from 2016-2023. Medical imaging segment will particularly witness heavy adoption of infrared cameras, owing to its use in hospitals to detect life threatening diseases.
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.
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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