The
infrared
imaging market is expected to be
valued at USD 5.16 Billion in 2018 and is likely to reach USD 7.30 Billion by
2023, at a CAGR of 7.18% during the forecast period. Growing demand for
infrared imaging cameras in the security and surveillance application is one of
the major factors driving the growth of this market. Moreover, increasing
demand for infrared imaging cameras from APAC and rise in the penetration of
SWIR cameras are expected to considerably boost the infrared imaging market in
the coming years.
The
report segments the infrared imaging market by technology, wavelength,
application, vertical, and geography. This market is expected to be led by the
long-wave infrared (LWIR) segment during the forecast period. High demand for
LWIR products from the military and defense vertical is one of the major
factors leading to the dominant position of the LWIR segment in the infrared
imaging market. LWIR cameras have also significantly penetrated into various
industries, such as aerospace, automotive, food & beverages, civil infrastructure,
and medical, for multiple applications.
The
market for the monitoring and inspection application is expected to witness
significant growth during the forecast period. Rising demand for infrared
imaging cameras for predictive maintenance is one of the major factors
accelerating the growth of the infrared imaging market for the monitoring and
inspection application.
The
nonindustrial vertical accounted for a larger share of the overall infrared
imaging market. The high adoption of infrared imaging products, especially for
the security and surveillance application, has led to the dominance of this
vertical in this market.
North
America held the largest share of the market in 2017, and the market in this
region is expected to witness significant growth during the forecast period.
The high adoption of infrared imaging cameras in the US has led to the dominant
position of North America in the infrared imaging market.
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The
high cost of infrared imaging cameras, especially shortwave infrared cameras,
is currently the major restraining factor for the growth of the infrared
imaging market. Some of the major companies operating in this market are FLIR
Systems (US), Fluke (US), Sensors Unlimited (US), Leonardo DRS (US), Xenics
(Belgium), Opgal Optronic Industries (Israel), Axis Communications (Sweden),
New Imaging Technologies (France), Allied Vision Technologies (Germany), and
Sofradir (France).
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