Infrared Camera Market size likely to exceed revenue of USD 6.82 billion by 2023

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Infrared camera market size likely to exceed revenue of USD 6.82 billion
by 2023: Global Market Insights Inc.
(Infrared) IR camera market size was USD 3.24 billion in 2015, and is predicted to generate
over USD 6 billion in revenue by 2023, with more than 9% CAGR expectations from 2016 to
2023; as per a new research report by Global Market Insights, Inc.
Surging demand across several applications is anticipated to fuel revenue. Increased adoption
of integrated solutions for closed circuit television cameras, smartphones and automotive
applications has enabled thermal imaging to be leveraged within these areas, and has
significantly driven IR camera market demand. The industry is also expected to be benefited
by increasing adoption across new consumer applications such as personal vision for basic
radiometric purposes.
Product penetration in the residential sector has increased considerably owing to low IR
camera market price trend in this sector. In addition, high demand across several industries
including healthcare and screening, food service and distribution, automotive, veterinary
science, maritime vessel inspections and aircraft inspection are likely to offer potential
opportunities over the forecast timeframe. High investment coupled with availability of cost
effective devices due to mass production is expected to augment growth.
Development of microbolometer, a detector based on micro-electromechanical (MEMS)
technology has led to increasing commercialization of thermal imagers, which in turn has
spurred IR camera market growth. Growing horizontal adoption, low environmental impact and
availability of low cost products are further expected to propel demand.
Decline in military and defense budget by countries such as Canada, U.S., France and Italy
may pose a challenge to industry participants.
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Europe (Infrared) IR camera market size, by application, 2012 - 2023 (USD Million)
Browse key industry insights spread across 102 Pages with 28 market data tables & 27 figures
from the report, “(Infrared) IR Camera M arket 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:
https://www.gminsights.com/industry-analysis/IR-infrared-camera-market
The zinc selenide segment was valued at over USD 495 million in 2015, and is
expected to surpass USD 1.1 billion by 2023. This can be primarily attributed
to rising adoption of ZnSe lenses in medical imaging applications.
Germanium accounted for more than 35% of the IR camera market share in
2015. This material is non-hygroscopic and also exhibits good mechanical
properties.
Commercial sector is expected to grow at 10.4% CAGR from 2016 to 2023
owing to growing infrared camera adoption across various applications
including transportation systems and security & surveillance.
Key insights of IR Camera Market:
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Medical imaging applications will reach over USD 550 million in sales
estimations by 2023; key use cases include identification of the site of tissue
damage in case of injuries.
Europe IR camera industry was worth just over USD 900 million in 2015. Video
surveillance cabling and infrastructure industry is expected to drive growth in
the U.S.
Asia Pacific IR camera market share is forecast to reach over 26% by 2023.
Increased defense spending, chiefly in Japan, South Korea and India, is
expected to favorably impact regional demand over the forecast period.
Key players include FLIR Systems, Axis Communications AB, and Samsung
Techwin. Industry participants focus on strengthening their product portfolio.
For instance, FLIR Systems introduced smartphones with thermal imaging
ability in order to expand its product offering.
Global Market Insights has segmented the IR camera industry on the basis of material,
application and region:
Global IR Camera Market Material Analysis (Revenue, USD Million, 2012 -
2023)
Germanium
Silicon
Zinc Selenide
Sapphire
Global IR Camera Market Application Analysis (Revenue, USD Million, 2012 -
2023)
Military & Defense
Industrial
Commercial
Medical Imaging
Others
Segmentation of IR Camera Market: