Increased product application for security and rescue missions will augment IR camera market in commercial applications, slated to increase at a CAGR of more than 10% over 2016-2023.
Ocean View, DE -- (SBWIRE) -- 04/02/2020 -- High requirement for security and surveillance along with surging product demand across various sectors will boost Infrared Camera market size over the years to come. With unique properties such as black/white/gray palette, iron palette, and rainbow palette to boast of, IR cameras find widespread applications across the military & defense, commercial, medical, and industrial sectors.
Military & defense applications contributed to more than 35% of the total revenue share in 2015, and is slated to grow at a healthy rate over 2016-2023. IR camera industry size in military & defense applications is predicted to exceed USD 2.4 billion by 2023. The prime factors for this significant revenue surge are increased surveillance requirements, growing R&D investments, high demand for products that have sufficient resistance to extreme conditions and temperature fluctuations, and the ability to identify defects in process and equipment control.
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The automotive sector is witnessing proliferating demand for infrared cameras due to its wide range of diverse applications various advanced vehicular systems. These cameras are integrated in Advanced Driver Assistance Systems (ADAS) to improve the safety, security and efficiency of autonomous vehicles. Evidently, numerous automobile manufacturers are venturing with infrared camera makers to innovate new and advanced products.
IR camera offers sophisticated properties like ruggedness and portability, making them ideal for healthcare institutes. These cameras can be used to identify several disease patterns just by analyzing a patient's body temperature. Its low weight and compact size comes as an additional advantage, evidently helping doctors and practitioners to easily operate these devices.
Key participants of infrared Camera Market: -
1. Axis Communications
3. FLIR Systems
4. Fluke Corporation
6. L3 Technologies
7. Pelco by Schneider Electric
9. Seek Thermal
11. Testo SE & Co. KGaA
On the regional front, Europe is considered to be a thriving revenue ground for local IR camera manufacturers. Estimates say that the regional market could observe more than 6% growth by 2026. IR cameras are mainly used for infrared screening of residential buildings for energy audit processes. This could boost the demand for handheld IR cameras in the region.
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Besides, regional infrared camera market players are shifting their efforts toward enhancing their product capabilities and production facilities. Taking March 2018 for instance, Xenics has successfully modernized its equipment, expanded its production capabilities, added extra cleanroom space and reviewed processing techniques. This allowed the firm to considerably lower the dark current in SWIR detectors, offering a larger dynamic range and enhance the signal-to-noise ratio of SWIR cameras.
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