Infrared Camera Market Expected to Reach USD 5.10 Billion by 2020: Grand View Research, Inc.
The Global IR (Infrared) Camera Market is expected to reach USD 5.10 billion by 2020, according to a new study by Grand View Research, Inc. IR cameras help identify the site of tissue damage in case of injuries and are expected to witness surging demand in medical imaging applications. They have been extensively used by airports during the outbreak of epidemics to identify and screen passengers with elevated body temperatures. Microbolometer development has resulted in increased commercialization, which is also expected to be a key market driver.
High demand for IR cameras across several emerging market segments including food service and distribution, healthcare and screening, veterinary science, automotive care, maritime vessel inspections, and aircraft inspection offer opportunities for market growth. Incorporating infrared cameras in smartphones at lower costs is expected to present vistas for market growth for companies operating in the market. Declining defense spending may pose a barrier to the global IR camera market over the next six years.
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Further key findings from the study suggest:
- Germanium accounted for over 35% of the IR camera market in 2013. Sapphire lenses are extremely hard, durable and exhibit good transmission range covering UV to IR range. These lenses are suitable for high-pressure, high power applications, and the segment is expected to witness high growth over the next six years.
- Military and defense was the largest application segment in 2013; these applications have challenging requirements for temperature tolerance, ruggedness, and reliability. Reduction in IR camera prices is expected to have a positive bearing on the penetration of technology in security, surveillance, and automotive markets as technology play an important part in providing night-vision option in automobiles.
- North America is expected to be the key regional market over the forecast period owing to the presence of major industry participants. Technological advancements along with the presence of key industry players contributed to regional market growth. Furthermore, video surveillance cabling and infrastructure market is expected to drive regional market growth. Increased use in automotive, oil & gas and other commercial applications is expected to play a pivotal role in the penetration of IR cameras in the Asia Pacific.
- Key companies operating in the market are FLIR Systems, Axis Communications, Samsung Techwin, Fluke Corporation, Testo AG, etc. Major market strategies adopted by industry participants include product development and innovation, as well as mergers and acquisitions.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.