Miniaturization has led to lower IR camera market price trend, which is set to drive revenue growth over the next few years
Sellbyville, DE -- (SBWIRE) -- 04/05/2019 -- IR camera market for products fitted with sapphire lens will grow at 10.7% CAGR from 2016 to 2023. The material presents high degree of durability and is scratch-resistant and robust in nature which will drive growth in the coming years. It can also withstand extreme conditions and temperature fluctuations, making it well-suited for use in numerous industry verticals.
IR camera market is gaining a heavy momentum with rapid adoption of infrared cameras in automotive, radiometric, and mobile sectors. Technological innovations have contributed significantly towards reduction in the costs of IR cameras and this is expected to steer the industry growth map.
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Applications in the automobile sector is an untapped opportunity. Near-Infrared (NIR) centered systems improve night driving situations. With the advancements in driverless vehicles, the applicability of IR cameras in automobiles is expected to grow exponentially. Growing adoption of high-resolution devices in smartphones will lead to IR camera market growth.
Infrared Bolometer Detectors (IBD) are thermal detectors which are aided by IR cameras. Arrays of these imagers are used in thermography, driver night vision, firefighting, surveillance and security. Cost driven price reduction of this technology will boost the IR camera market. The use of these devices for surveillance is highly regulated by various governments globally. The authority to carry out surveillance is necessary in public properties.
The material segments of the IR camera market are sapphire, silicon, germanium and zinc selenide. The base material for germanium is non-hygroscopic which transmits good infrared rays this will be followed by the zinc selenide segment.
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Infrared (IR) Cameras further find applications across commercial, military & defense, and medical imaging sectors. Military & Defense application, which accounted for more than 35% of IR camera market share in 2015, is anticipated to play a major role in industry expansion over the coming years. IR camera market revenue in the commercial sector is projected to grow at a rate of 10% over the period from 2016 to 2023.
Geographically, North America holds the largest share of the global infrared camera industry and is expected to dominate the market with target revenue slated to reach USD 2.5 billion by 2023. This land is booming due to presence of established industry players in majority. U.S. is the prominent country driving the regional landscape, which also led the global revenue generation in 2015. Factors such as growth in the industrial and commercial sectors will augment infrared camera market share in the coming years.
Notable participants in IR camera market include Samsung Techwin, FLIR Systems, Seek Thermal, Axis Communications, Fluke, Raytheon Defense contractor company, and Testo AG. Market players are particularly focused on product innovation and advancements. Heavy investments in research have resulted in many positive outcomes, one of which includes the introduction of smartphones with thermal imaging ability, a truly revolutionary piece of hi-tech.
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