IR (Infrared) Camera Market to Grow at a CAGR of 9% from 2016 to 2024 - Hexa Research
IR (infrared) cameras are non-contact devices that detect infrared heat & convert it into electrical signals. When processed, these signals produce thermal images on video screens and calculate the temperature.
The worldwide IR (infrared) camera market is estimated to grow at a CAGR of 9% from 2016 to 2024 (forecast period). This should be attributed to escalating demand across emerging applications, such as automotive care, veterinary science, food service & distribution, healthcare & screening, etc. Inspection of aircrafts and maritime vessels is the other upcoming use of IR cameras.
These cameras offer quantifiable, non-invasive, and non-contact solutions for thermal imaging. They are employed to effectively mass-screen individuals at airports to identify epidemic outbreaks among travelers. The market stands to benefit from affordability owing to mass production.
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Technological advancements and increased product integration (with high resolution cameras and smart phones) contribute better industry prospects. Future opportunities would be generated via developments in remote sensing, hyper spectral imaging, & some other areas. However, curbs on defense expenditures by developed regions may adversely affect demand of IR Camera Market.
The IR (infrared) camera market can be categorized into materials, applications, and regions. Materials consist of silicon, sapphire, germanium, and zinc selenide.
Germanium earned 40% of the total revenues in 2015. Its advantages comprise better carrier mobility and higher nonlinear coefficients. Sapphire is mainly used in high-power and high-pressure applications. Silicon offers short thermal time constant and high uniformity.
Industrial, commercial, military & defense, medical imaging, and others constitute the applications. Military & defense is expected to occupy over one-thirds of the total IR Camera Market size by 2024. It favors IR cameras owing to their properties; like ruggedness, reliability, and extreme temperature withstanding-ability.
Commercial and medical imaging would fare well in the eight years ahead. The former is likely to grow at a CAGR of 10% during the forecast period. It includes security & surveillance, automotive night vision, thermography, and fire & rescue.
IR technology is non-invasive and hence preferred for medical imaging. IR cameras enable identification of the injured site. They play a major role in detecting cancerous and non-cancerous tumors.
Based on regions, the infrared camera market consists of Asia Pacific, North America, Europe, and RoW (Rest of the World). Asia Pacific will generate over USD 1.7 billion in 2024. High consumption in defense applications in India, South Korea, and Japan should add regional expansion.
North America is predicted to be one of the leading regions till 2024. This could be ascribed to its prominent vendors and technological superiority. Higher adoption of video surveillance cabling is yet another regional driver.
Several countries in the European Union have introduced regulations abiding by which new & refurbished buildings are required to obtain EPCs (Energy Performance Certificates). This is considered to support European demand. Key participants in the global infrared camera market comprise Axis Communications, FLIR Systems, Fluke Corporation, Samsung Techwin, and Testo AG.
Development of novel products, innovations in technologies, and consolidation through mergers & acquisitions are the major strategies adopted by these operators. Vertical integration is widely accepted as it fosters product innovations. It also aids in the efficient fulfillment of customer needs.
Technical proficiency, huge capital demand, and partnerships & acquisitions among vital players to enter developing geographical sectors are anticipated to boost entry hindrances for novel participants.
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