IR Camera Market size to exceed $6.8bn by 2023
Published Date: December 27, 2016 Author: Global Market Insights, Inc.
IR Camera Market size is poised to surpass USD 6.8 billion by 2023; according to a new research report by Global Market Insights, Inc.
While these devices were limited to niche and specific application sectors such as military and defense, technology developments have led to growth in the global IR camera market share. The presence of a viable pricing landscape coupled with uncooled imaging technology advancements is responsible for large IR camera market size across various end-use areas.
MEMS technology based microbolometers have gained prominence in the industry, and aided in faster commercialization of products such as thermal-technology based imagers. Miniaturization has led to lower IR camera market price trend, which is set to drive revenue growth over the next few years. Untapped growth areas, such as in the automotive sector, will provide opportunities for expansion for companies operating in the industry. Near-Infrared (NIR) based systems improve night-time driving conditions. For example, FLIR Systems has developed PathFindIR, a compact camera that helps the driver to detect potential hazards, ensuring faster reaction to any possible danger. The company works on the OEM solutions with Autoliv.
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.
Inherent limitations associated with thermal energy such as reflection from shiny surfaces and the inability to see through glass may restrain the IR camera market size over the forecast timeline.
Browse key industry insights spread across 102 pages with 28 market data tables & 27 figures & charts from the report, “(Infrared) IR Camera Market Size By Application (Commercial, Industrial, Medical, Military & Defense), By Material (Sapphire, Silicon, Germanium, Zinc Selenide), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2012 - 2023” in detail along with the table of contents:
Key insights from the report include:
- IR camera market size 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.
- Germanium will remain the leading material segment through the next few years. Key features that drive adoption include high refractive index and low optical dispersion. However, it is not a suitable material of choice in case of environments characterized by high temperatures.
- Military and defense applications occupied over 35% of the IR camera market share in 2015, and are further forecast to continue dominating revenue over the forecast timespan. Lower defense budgets in major regional economies may negatively impact growth across the segment.
- The commercial sector is forecast to remain attractive due to adoption for purposes such as building diagnosis, border security, nuclear power stations, airports, etc.
- The U.S. IR camera market share will continue to be significant, and the North American industry is forecast to exceed USD 2.5 billion by 2023, primarily due to growth in the commercial and industrial sectors.
- Major industry participants are FLIR Systems, Samsung, Axis Communications, Seek Thermal, etc. Applicability across numerous industry sectors through new product development and innovation represents the major strategic standpoint.
IR camera market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2023, for the following segments:
IR camera market by lens material
- Zinc selenide
IR camera market by application
- Military & defense
- Medical imaging
The above information is provided on a regional basis for the following:
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)