Infrared Camera Market Size

Infrared Camera Market Size

Infrared Camera Market size exceeded USD 6 billion in 2019 and is set to grow at 7% CAGR between 2020 and 2026. The global industry shipments are projected to reach 3.5 million units by 2026 owing to increasing deployment of cameras for all-weather and lighting surveillance purposes in various end-use sectors.

An infrared camera detects infrared energy of any object within a certain Field of View (FOV), improving object detection, identification, and classification. The camera is widely used for military, commercial, and industrial purposes. The growing commercialization and declining sensor & detector prices along with advancements in microbolometer technology are propelling the infrared camera market growth.

According to the Stockholm International Peace Research Institute (SIPRI), in 2018, the U.S., India, France, China, and Saudi Arabia together accounted for 60% of the global military spending. In FY2018, developing countries such as China and India increased their defense budget by 5.0% and 3.1% respectively from FY2017. In December 2019, the Indian government announced its plan to deploy high-security surveillance cameras along its land border with neighboring countries. Infrared cameras will offer improved night-vision and all-weather surveillance to the Border-Security Forces (BSF).
 

Infrared cameras seamlessly operate in harsh environments such as water vapors, smoke, fog, and haze. This ability provides infrared camera an edge over other surveillance equipment when deployed for several industrial & commercial applications such as glassware manufacturing, in-plastic injector molding, and weld monitoring. Automotive and aerospace industries are rapidly adopting the camera due to its sharp night-vision ability and easy integration into automotive as well as cockpit software. The growing adoption of the equipment in several end-use industries is driving the market revenue.