Global infrared camera market size is projected to gain remarkable traction over 2020-2026. Increasing cross-border activity and infiltration instances has prompted the governments of multiple countries to deploy high-security surveillance devices, which has generated substantial infrared camera industry demand. The same can be validated by the Indian government’s plans to set up high-tech surveillance cameras along its international borders with various countries, including China, Bangladesh, Pakistan, Myanmar, and Nepal.
In terms of revenue, infrared camera market size is forecast to cross the USD 10 billion mark by 2026.
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Infrared cameras offer a slew of desirable features, which make them well-suited for application across diverse industry terrains. Speaking in terms of application, the automotive industry is likely to emerge as a profitable revenue terrain for infrared camera market. Global automakers are focusing on integrating infrared cameras in ADAS (Advanced Driver Assistance Systems) to create safer, secure, and efficient autonomous vehicles. Rise in number of partnerships among manufacturers and integrators will offer new dimensions to automotive and aerospace sectors.
Growing proliferation of infrared cameras in building, automation/process control, electrical/mechanical, maritime, and security applications will boost business expansion. Widespread adoption of handheld infrared cameras in medical & research institutes due to their effectiveness in the respective fields may complement industry growth. Moreover, declining prices of infrared sensors and detectors will foster market size over the coming years.
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Wide-ranging application spectrum of these cameras has resulted in inflated demand from government, commercial, and industrial sectors. Growing focus of governments across the Middle East & Africa and Asia Pacific region to increase their defense budgets due to international threats may positively influence business growth. Moreover, high investments from corporate firms to ensure reliable surveillance may supplement industry share.
In the healthcare sector, infrared cameras are used to detect various disease patterns by observing body temperature. Infrared cameras are compact, lightweight, sturdy and portable and can aid doctors in diagnosis. Non-contact measurement process ensures that patients are not unnecessarily triggered during observation. The process is widely utilized by veterinarians and childcare specialists to easily detect diseases. IR cameras are also used by doctors to detect breast cancer at the earliest stage.
Advanced infrared cameras are offering flexible and budget-friendly diagnostic methods to the healthcare sector and are expected to witness high demand from the healthcare sector over the analysis period.
Europe infrared camera industry is forecast to grow at a CAGR of 6% over the analysis period. Infrared screening of residential constructions for sustainable energy audit processes will escalate the demand for handheld infrared cameras. Market players across Europe are focusing on improving their production capabilities to offer advanced products. For instance, Xenics, a global leader in infrared imaging solutions increased its production capabilities, reviewed processing techniques, added extra cleanroom space and modernized its equipment in 2018. These changes aided the company to significantly enhance the signal-to-noise ratio, reduce the dark current in SWIR detectors, and offer a larger dynamic range in its SWIR cameras.
Key players contributing towards infrared camera market expansion include Fluke Corporation, Fujifilm Holdings Corporation, FLIR Systems, Axis Communications AB, DIAS Infrared GmbH, Testo AG, SiOnyx, LLC, Raytheon Company, Seek Therma, Panasonic Corporation, OPGAL OPTRONIC INDUSTRIES Ltd., and Optris GmbH.
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