Northbrook, IL -- (SBWIRE) -- 07/08/2021 -- The infrared imaging market is expected to grow from USD 5.8 billion in 2020 to USD 8.3 billion by 2025; it is expected to grow at a CAGR of 7.6% during the forecast period. The infrared imaging market has been witnessing significant growth over the past years, mainly 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 rise in the penetration of SWIR cameras are also expected to considerably boost the infrared imaging market in the coming years.
Infrared imaging market for nonindustrial vertical to grow at highest CAGR during the forecast period
Based on vertical, the infrared imaging market has been segmented into two broad categories: industrial and nonindustrial. 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.
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Security & surveillance application to account for largest market share during the forecast period
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.
North America to account for largest market share during forecast period
North America to account 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.
Key Market Players
FLIR Systems (US), Fluke (US), Sensors Unlimited (US), Leonardo DRS (US), Axis Communications (Sweden), Xenics (Belgium), Opgal Optronic Industries (Israel), New Imaging Technologies (France), Allied Vision Technologies (Germany), Lynred (France), are among the key players operating in the infrared imaging market.