Global Infrared Imaging Market Size – Industry Trends & Forecast Report 2027
The global infrared imaging market is estimated to have reached USD 5.3 billion in 2020 and is further projected to reach USD 8.4 billion by 2027, growing at a CAGR of 6.8% during 2021-2027 (forecast period). The infrared imaging market has been witnessing significant growth over the past years, owing to the high adoption of infrared imaging solutions in the nonindustrial vertical, especially for security and surveillance applications. The increasing demand for infrared imaging cameras from APAC and the rise in the penetration of SWIR cameras are also expected to considerably boost the infrared imaging market in the coming years. The primary key factors driving the market include growing demand from the industrial and automation industry, requirement of high contrast images, cross-industry collaboration.
Global Infrared Imaging Market Overview:
Infrared Imaging is opted for producing images that are invisible through the naked eye. The device operates at an electromagnetic spectrum of 9,000-14,000 nanometers. Infrared imaging caters to its application in diverse end-user industries such as transportation, manufacturing, information technology among others. Currently, the private and security segment is the dominating segment for the global infrared imaging market and is anticipated to be dominant in the forecast period. This is followed by industrial, healthcare, defense, and law enforcement. Wide Area Surveillance System refers to an intelligence-based automated solution that offers wide-area surveillance capability to predict, detect, track, identify, classify, respond, and resolve incursions. This solution enhanced situational awareness for force protection, critical assets and infrastructure, and special event security.
Global Infrared Imaging Market Forecast and Trends
High adoption of infrared imaging products in security & surveillance application
Infrared cameras find widespread adoption in the security & surveillance application due to their ability to be used in harsh environments, such as fog, haze, smoke, and water vapor. They are especially suited to the military & defense vertical, where they are used for human/object movement monitoring; and chemical, biological, radiological, and nuclear defense (CBRNE) detection. Companies operating in the market have received a number of contracts for the development or supply of infrared products for the military & defense vertical. This is widely used for security & surveillance purposes in industrial and commercial buildings. They are particularly suited for temperature measurement as they allow a safe distance to be maintained between operators and subject and require less manpower.
Increasing number of surgical procedures worldwide
An increasing number of surgical procedures worldwide due to the high prevalence of chronic lifestyle associated diseases is majorly driving the infrared imaging market. The growing prevalence of cardiovascular diseases, gastrointestinal diseases, neurovascular diseases, and cancer is expected to drive the infrared imaging market. According to WHO, cancer is one of the leading causes of death, presenting a rise of 18.1 million new cases in 2019 and approximately 9.8 million deaths in the same year. The unavailability of effective pharmaceutical treatment and growing preference for minimally invasive surgical procedures are the factors expected to drive the infrared imaging market.
Stringent import and export regulations limit the growth of the infrared imaging market
The International Traffic in Arms Regulations (ITAR) implemented by the US Department of State requires commodity jurisdiction approval for the sale of restricted infrared cameras in the US. Infrared camera manufacturers cannot exchange their products with a person or an entity, whether inside the US or abroad, without export authorization, and are liable to face penalties in case of non-compliance with the regulation. Commodity jurisdiction approval to sell these products is required by manufacturers and distributors, which adds to the complications and costs involved in the sale and purchase of infrared cameras. This regulation is restricting infrared camera manufacturers based in the US from expanding their reach outside the country.
High cost of infrared cameras
The high cost of infrared cameras compared to other substitute technologies available in the market has hindered their widespread adoption. SWIR cameras are usually more expensive than LWIR and MWIR cameras. A majority of SWIR cameras are supported by indium gallium arsenide (InGaAs) sensors, which is an expensive semiconductor material, accounts for a major share of the total price of the camera. The glass lens supporting the InGaAs sensor is also more expensive than the lenses used in other infrared products. The higher cost of a SWIR camera restricts its widespread adoption and impacts the overall infrared imaging market.
Impact of COVID-19 in the industry
The world is facing an economic crisis caused by the COVID-19 pandemic. The pandemic like various other markets has also led to a decline in the growth rate of the infrared imaging market. The COVID-19 pandemic has disrupted the supply chain of the infrared imaging market, thus hindering the manufacturing, distribution, and installation of infrared imaging solutions. While the COVID-19 pandemic is expected to negatively impact the growth of the infrared imaging market in the short run, it has also led to the rising adoption of infrared imaging products for body temperature measurement. In recent months, a number of companies operating in the infrared imaging market have launched products for the said application.
Global Infrared Imaging Market: By Technology
On the basis of technology, the market is categorized as cooled infrared imaging & uncooled infrared imaging. Amidst this category, the uncooled infrared camera market will witness steady growth, as the cameras are cheap and require lower maintenance due to the absence of cryogenic cooling units. The availability of low-cost uncooled infrared detectors from suppliers and enhanced manufacturability contribute to the development of cheap uncooled cameras. Low-cost, easy integration with any security system and lower maintenance cost is driving the adoption of cameras in surveillance systems in various end-use industries.
Global Infrared Imaging Market: By Application
On the basis of application, the global infrared imaging market is segregated into security & surveillance, monitoring & inspection & detection. The infrared imaging market is expected to be led by the security & surveillance application during the forecast period. Infrared cameras are being widely adopted for security & surveillance applications because they provide visibility through fog and smoke, and under any illumination conditions. Infrared cameras operating in the long-wave infrared and near-infrared range are the most favored for surveillance & security applications.
Global Infrared Imaging Market: By Vertical
On the basis of vertical, the global infrared imaging market is segregated into industrial & non-industrial. Among these, the nonindustrial vertical is expected to dominate as well as record the highest CAGR during the forecast period. The military & defense, and civil infrastructure segments generate the highest demand for infrared imaging products in the nonindustrial vertical. Thermal imaging systems are widely in use for military use. With the reducing prices of IR technology, their use for civilian surveillance applications is considered widely. They are used in industry to detect serious faults in equipment, process control, and quality control.
Global Infrared Imaging Market: Regional insights
The global infrared imaging market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Amidst this category, North America accounts for the largest share of the infrared imaging market during the forecast period. High demand for infrared imaging products for the security & surveillance application is one of the major factors fueling the growth of the infrared imaging market in North America. The military & defense, and civil infrastructure segments generate the highest demand for infrared imaging cameras for this application.
· In October 2020, FLIR Systems (US) expanded its Exx-Series of advanced thermal imaging cameras with the launch of four new products: the E96, E86, E76 and E54. These cameras are designed to help professionals detect the early signs of building issues, identify hot spots, troubleshoot electrical and mechanical systems, and prevent problems before they cause damage that leads to expensive repairs.
· In June 2020, New Imaging Technologies expanded its WiDySenS family with the launch of a new SWIR camera, WiDySenS 640A-STE. This product is ideal for embedded applications in UAVs, drones, land or naval platforms.
Key players for global infrared imagingmarket include: Flir Systems, Fluke, Sensors Unlimited, Leonardo Drs, Axis Communications, Xenics, Opgal Optronic Industries, New Imaging Technologies, Allied Vision Technologies, Lynred, Cox, C-Thermal, Ircameras, Princeton Infrared Technologies, Dali Technology, Tonbo Imaging, L3harris Technologies, Raptor Photonics, Episenors& Princeton Instruments.The infrared camera industry is a highly competitive market with the presence of a large number of players. The low-entry barriers for new entrants are expected to further increase market competitiveness. Market players are investing in supplier companies to enhance their product ability.
Scope of the Report
Ø Cooled Infrared Imaging
Ø Uncooled Infrared Imaging
Ø Near Infrared
Ø Shortwave Infrared
Ø Mid-wave Infrared
Ø Long-wave Infrared
Ø Security & Surveillance
Ø Monitoring & Inspection
Ø Asia Pacific
Ø North America
Ø Middle East & Africa
Ø Latin America