Infrared Imaging Market worth $9.6 billion by 2028

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06 Jul, 2023, 15:45 BST

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CHICAGO, July 6, 2023 /PRNewswire/ -- The infrared imaging market is expected to reach USD 9.6 billion by 2028 from USD 6.7 billion in 2023, at a CAGR of 7.3% during the 2023–2028 period according to a new report by MarketsandMarkets™. The major factor driving the market growth of the infrared imaging market is rising adoption of infrared imaging owing to ability of infrared imaging technology that enable to be used in harsh environments and rise in use of SWIR cameras in machine vision applications.

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Browse in-depth TOC on "Infrared Imaging Market" 125 – Tables61 – Figures210 – Pages

Infrared Imaging Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$6.7 billion

Estimated Value by 2028

$9.6 billion

Growth Rate

Poised to grow at a CAGR of 7.3%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Technology, Wavelength, Application, Vertical and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

High cost of infrared cameras to challenge adoption

Key Market Opportunities

Emerging infrared imaging applications in automotive sector

Key Market Drivers

Increasing use of infrared cameras in quality control and inspection application

Uncooled technology segment to witness highest CAGR of the infrared imaging market during the forecast period.

Uncooled cameras in infrared imaging have experienced significant growth due to several key factors. Firstly, their cost-effectiveness compared to cooled cameras eliminates the need for expensive cooling systems, making them more accessible to various industries. Secondly, their smaller size and portability enable integration into different platforms, enhancing flexibility. Thirdly, uncooled cameras' durability and reliability in harsh environments make them suitable for demanding applications. Their energy efficiency and instant startup time are advantageous in power-constrained and time-critical scenarios. Additionally, continuous monitoring capabilities and technological advancements have further increased adoption across security, defense, automotive, industrial, and healthcare industries.

By wavelength, Long-wave infrared (LWIR) is anticipated to capture the largest market share in infrared imaging market.

The integration of LWIR cameras into devices enhances their capabilities through the addition of thermal imaging features. These cameras have become smaller thanks to technological advancements, facilitating their seamless integration into smartphones, drones, wearables, and other devices. This integration enables real-time thermal imaging, granting users immediate access to thermal information for various applications, including inspections, maintenance, and security.

Security & Surveillance by application to hold largest market share during the forecast period in infrared imaging market.

In the field of security & surveillance, incorporating infrared imaging is crucial for intrusion detection and perimeter monitoring, even under low-light conditions. It enables the use of thermal analytics to identify anomalies and enhances visibility in challenging environments like fog or smoke. Infrared cameras facilitate covert operations, strengthen facial recognition capabilities, and play a vital role in emergency response scenarios by aiding in search and rescue operations.

Non-industrial vertical is expected to register the highest CAGR during the forecast period in the infrared imaging market.

In 2023, the non-industrial vertical accounted for the largest share of the infrared imaging industry and is also expected to record the highest CAGR during the forecast period. The non-industrial segment of the infrared imaging market has experienced substantial growth. The military & defense, and civil infrastructure segments generate the highest demand for infrared imaging products in the non-industrial vertical. The military utilizes infrared imaging for enhanced situational awareness, target acquisition, and night vision capabilities.

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Asia Pacific is expected to register the highest CAGR during the forecast period in the infrared imaging market.

The Asia Pacific region has witnessed significant growth in the infrared imaging market due to several factors. Firstly, the increasing defense spending by countries in the region has driven the demand for infrared imaging systems for military applications. Secondly, the rising adoption of infrared cameras in sectors like industrial automation, surveillance, and transportation has boosted market growth.

The report profiles key players in infrared imaging companies such as Teledyne FLIR LLC (US), Fluke Corporation (US), Raytheon Technologies Corporation (US), Leonardo DRS (US), Axis Communications AB (Sweden), L3Harris Technologies (US), Inc, Xenics nv (Belgium), Zhejiang Dali Technology Co., Ltd. (China), OPGAL Optronics Industries Ltd (Israel) and Allied Vision Technologies GmbH (Germany).

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