(Infrared) IR Camera Market size to hit $6.82 Billion by 2023: Global Market Insights, Inc.
(Infrared) IR camera market size is forecast to hit USD 6.82 billion by 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.
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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.
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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.
Key insights from the report include:
- 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.
- 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.