Global Infrared (Thermal) Camera Market (by Technology, Application, Material & Region): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)

NEW YORK, May 22, 2020 /PRNewswire/ -- The global infrared camera market is expected to reach US$11.54 billion in 2024, witnessing growth at a CAGR of 7.60%, over the period 2020-2024. Factors such as increasing adoption for security & surveillance, growing penetration of consumer electronics, surging preference of autonomous vehicles, expanding urbanization and upsurge in economic growth are expected to drive the market. The growth of the market would be challenged by high cost associated with initial acquisition and maintenance, lack of accuracy in infrared camera functionality and stringent import and export regulations. A few notable trends may include rising applications in healthcare sector, technological innovations, growing miniaturization of products and escalating usage of infrared cameras for SWIR.

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The global infrared camera market can be categorized on the basis of technology, application and material. Depending on the technology, the global infrared camera market can broadly be divided into uncooled and cooled infrared camera. In terms of application, the global infrared camera market can be categorized into military & defense, industrial, commercial, medical imaging and other. Whereas, on the basis of material, the global infrared camera market can be segmented into germanium, silicon, zinc selenide and sapphire.

The fastest growing regional market is North America due to growing demand for infrared cameras for monitoring and inspection of commercial and residential buildings, gradually decreasing costs of infrared cameras, rapid development of high speed infrared cameras, accelerating economic growth and expanding urbanization. Asia Pacific represents the second largest infrared camera market and is already well-penetrated at developed market levels due to increasing defense spending and rising demand for infrared cameras by the regional developing economies such as India, Japan and China.

Scope of the report:

-- The report provides a comprehensive analysis of the global infrared camera market segmented on the basis of technology, application and material.
-- The major regional and country markets (North America, Asia Pacific, Europe and Rest of the World) have been analyzed.
-- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
-- The competitive landscape of the market, along with the company profiles of leading players (Raytheon Technologies Corp., Leonardo S.p.A., Fortive Corporation (Fluke Corp.), FLIR Systems, Inc., Canon, Inc. (Axis Communications AB) and Hanwha Corporation (Hanwha Techwin) are also presented in detail.

Key Target Audience:

-- Infrared Camera Manufacturers
-- Infrared Camera Service/Equipment Providers and Distributors
-- Research Institutes and Organizations
-- Government Bodies & Regulating Authorities

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