SecurityWorldMarket

23/12/2020

Research predicts short-term lull for infrared imaging market

Northbrook, Il (USA)

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% from 2020 to 2025. The market has been witnessing significant growth over the years, mainly due to the high adoption of infrared imaging solutions in nonindustrial and industrial verticals in emerging use cases. However, the Covid-19 outbreak is likely to result in a decline in the growth rate of the infrared imaging market, especially in 2020 and 2021, this is according to the latest information from Marketsandmarkets.

The researchers attribute the decline to the fact that many organisations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the demand for infrared imaging products. The Covid-19 pandemic has also disrupted the supply chain of the infrared imaging market, thus hindering the manufacturing, distribution, and installation of infrared imaging solutions.

Uncooled segment to hold the largest share

Uncooled segment will lead the infrared imaging market, according to Marketsandmarkets, in terms of size, in 2020. Long-wave infrared cameras and near infrared cameras mostly employ uncooled detectors. These cameras are widely adopted in the security & surveillance application, which accounts for a majority share of the infrared imaging market. This is one of the key factors that is expected to lead to the dominance of the uncooled segment in the infrared imaging market.

Monitoring & inspection application to see growth

In terms of use, the market for the monitoring & inspection application is expected to record the highest CAGR between 2020 and 2025. The rising demand for infrared imaging cameras for predictive maintenance is accelerating the growth of the infrared imaging market for the monitoring & inspection application.

North America hold the largest share

North America is expected to hold the largest share of the infrared imaging market by 2020. The analysts found that the US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. Europe is expected to account for the second-largest share of the infrared imaging market during the forecast period. The UK and Germany are significant demand-generating countries for infrared imaging solutions in this region.

A few key players operating in the infrared imaging market, as named by the analysts are Flir Systems, Fluke, Sensors Unlimited, Leonardo DRS, Dali Technology, Lynred, Axis Communications, Xenics, Opgal Optronic Industries, and New Imaging Technologies.


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