Global Infrared Imaging Market Expected To Reach $ 9.58 Billion By 2020 With A CAGR Of 8.3%

Date: 2016-09-18

The IR imaging market is poised for high growth on account of growing adoption in previously untapped applications. IR cameras were initially developed for military applications, which accounted for a majority of the global market revenue. For several years, the technology was limited to military & defense, academia, and niche markets. Developments in uncooled IR imaging technology coupled with the availability of reasonably priced IR cameras led to the commercialization of the IR imaging market. IR cameras have gained prominence in several applications such as firefighting, industrial imaging, security, and surveillance.

The Infrared Imaging market was estimated at USD$ 6.43 billion in 2015, and is anticipated to reach USD$ 9.58 billion by 2020, expanding at a CAGR of 8.3% between 2016 and 2020. Based on spectral range, the market can be segmented into Short Wave Infrared (SWIR) imaging, Medium Wave Infrared (MWIR) imaging, Long Wave Infrared (LWIR) imaging, and Far Wave Infrared (FWIR) imaging. Reduction in LWIR camera prices is expected to have a positive bearing on the penetration of the technology in security, surveillance, and automotive markets. The technology plays an important part in providing night-vision option in automobiles.

The infrared imaging market is led by the surveillance application which is further segmented into three types: military surveillance, homeland security, and industrial surveillance. The high demand for infrared imaging products, especially for military surveillance applications is one of the major factors driving the growth of the infrared imaging market for the surveillance application. The features of infrared imaging cameras such as wide field of vision, rapid processing, and the ability to identify the sources of movement in low-light conditions has led to increased use  of theses cameras for the military surveillance application.

North America held the largest market share in 2015, followed by Europe and Asia-Pacific. The U.S. accounted for the largest share of the North American infrared imaging market. This is attributed to the continuous technological developments in the U.S., followed by Canada and Mexico. Asia-Pacific offers potential growth opportunities owing to the increasing adoption of infrared imaging products in various applications such as surveillance and consumer electronics that are driving the infrared imaging market.
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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520



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