Infrared Imaging Market Worth 7.30 Billion USD by 2023
PUNE, India, March 7, 2018 /PRNewswire/ --
According to the new market research report "Infrared Imaging Market by Technology (Cooled Infrared Imaging and Uncooled Infrared Imaging), Wavelength (Near Infrared, Shortwave Infrared, Mid-wave Infrared, and Long-wave Infrared), Application, Vertical, and Geography - Global Forecast to 2023", published by MarketsandMarkets(TM), the market is expected to grow from USD 5.16 Billion in 2018 to USD 7.30 Billion by 2023, at a CAGR of 7.18% between 2018 and 2023. The growth of this market can be attributed to the high demand for infrared imaging products from the military and defense sector, primarily for security and surveillance application.
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Uncooled infrared imaging segment held larger share of infrared imaging market in 2017
On the basis of technologies, the uncooled infrared imaging segment leads the infrared imaging market. The cost of uncooled infrared imaging cameras is generally lower than that of cooled infrared imaging cameras. This is one of the major reasons for the high demand for uncooled infrared imaging cameras.
Security and surveillance application to dominate infrared imaging market during forecast period
On the basis of applications, security and surveillance is currently leading the market. It will continue to dominate the market during the forecast period. The ability of infrared imaging products to enhance visibility even in restricted visibility conditions, such as complete darkness and bad weather conditions, has led to their wide adoption for the security and surveillance application.
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Market for nonindustrial vertical to grow at higher CAGR during forecast period
On the basis of verticals, the market for nonindustrial vertical is expected to witness higher growth during the forecast period. Military and defense, and civil infrastructure are the 2 major segments within the nonindustrial vertical that generate the highest demand for infrared imaging products and are driving the growth of this segment.
North America held largest share of infrared imaging market in 2017
North America held the largest share of the infrared imaging market in 2017. The US accounted for the largest share of the infrared imaging market in North America, followed by Canada and Mexico. The US Army is one of the major users of infrared imaging products, contributing to the leading position of North America in the infrared imaging market.
Some of the players operating in the infrared imaging market include FLIR Systems (US), Fluke (US), Sensors Unlimited (US), Leonardo DRS (US), Princeton Infrared Technologies (US), L3 Technologies (US), Axis Communications (Sweden), Xenics (Belgium), Opgal Optronic Industries (Israel), New Imaging Technologies (France), Sofradir (France), C-Thermal (Austria), Tonbo Imaging (India), Raptor Photonics (UK), and Episensors (US).
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