Global Infrared Camera Market to Surpass $5B by 2020, Report Forecasts
Reduction in IR camera prices is expected to have a positive bearing on the penetration of technology in security, surveillance and automotive markets.
North America is expected to be the key regional market over the forecast period owing to presence of major industry participants.
SAN FRANCISCO -The global Infrared (IR) camera market is expected to reach $5.1 billion by 2020, according to a new study by Grand View Research, based here.
IR cameras help identify the site of tissue damage in case of injuries, and are expected to witness surging demand in medical imaging applications. The cameras have been extensively used by airports during the outbreak of epidemics to identify and screen passengers with elevated body temperatures. Microbolometer development has resulted in increased commercialization, which is also expected to be a key market driver, according to the report.
High demand for IR cameras across several emerging market segments including food service and distribution, healthcare and screening, veterinary science, automotive care, maritime vessel inspections and aircraft inspection offer opportunities for market growth. Incorporating infrared cameras in smartphones at lower costs is expected to present vistas for market growth for companies operating in the market. Declining defense spending may pose a barrier to the global IR camera market over the next six years, the report states.
Military and defense was the largest application segment in 2013; these applications have challenging requirements for temperature tolerance, ruggedness, and reliability. Reduction in IR camera prices is expected to have a positive bearing on the penetration of technology in security, surveillance, and automotive markets as technology plays an important part in providing night-vision option in automobiles.
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North America is expected to be the key regional market over the forecast period owing to presence of major industry participants. Technological advancements along with the presence of key industry players contributed to regional market growth. Furthermore, video surveillance cabling and infrastructure market is expected to drive regional market growth.
Increased use in automotive, oil and gas and other commercial applications is expected to play a pivotal role in the penetration of IR cameras in Asia Pacific.
The report cites key companies operating in the market are FLIR Systems, Axis Communications, Samsung Techwin, Fluke Corp., Testo AG, among others. Major market strategies adopted by industry participants include product development and innovation, as well as mergers and acquisitions.
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