Increasing demand across verticals including military & defense, and industrial is anticipated to drive the IR camera market size in the coming years.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- (Infrared) IR Camera Market is forecast to be valued at USD 3 billion by 2023. Wide application of these devices across various sectors such as industrial, commercial and defense are driving the demand. Reduction in long wave infrared camera price trend will surge utility in security and automotive industries. Miniaturization has reduced its prices over time and hence led to an increase in the adoption rate. Rising demand in sectors such as assessing moisture, electrical defect detection, plumbing blockages, and leaks identification will contribute to market growth. Furthermore, growing consumer application in personal vision for radiometric will fuel the IR camera market growth.
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.
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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.
Major application areas include commercial, industrial, medical and military & defense. Military and defense dominated the industry with 35% revenue share in 2015. Temperature tolerance and ruggedness characteristics will drive the growth in this sector. Commercial applications are also expected to grow through the forecast timeline owing to extensive use in night vision, thermography, security & surveillance, and fire & rescue mission.
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North America will contribute major share in the market due to U.S. IR camera market dominance. This is mainly due to the technological advancements as well as the presence of strong industry participants in the region. Considerable application demand in APAC will drive the industry growth in the coming years.
Some of the key players include DRS, Samsung, Axis Communications, Fluke, Seek Thermal, FLIR Systems, Testo AG, Raytheon Company, etc. Companies seek consolidation through M&A activities as one of the long-term business growth strategies. The ecosystem is characterized by significant technical know-how, and high capex requirements this may inhibit new players from entering the industry.
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