Mar 12, 2021   SOURCE: BusinessWire

Outlook on the Infrared Cameras Global Market to 2027 - by Type, Component, Wavelength and Application - ResearchAndMarkets.com

The "Infrared Cameras Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type, Component, Wavelength, and Application" report has been added to ResearchAndMarkets.com's offering.

According to this report the market is expected to reach US$ 9,055.58 million by 2027 and is likely to register a CAGR of 7.1% from 2020 to 2027.

Several industries such as aerospace and defense, automotive, healthcare, and others are investing heavily in advanced technologies to strengthen their capabilities with advanced machinery and offer enhanced services to customers. The market players present in countries such as Russia, the US, and France are developing advanced infrared cameras for the global market. Rising procurement of infrared cameras by the US Army is propelling its market growth. Developing nations such as India, China, and Indonesia are strengthening their military capabilities due to rising border clashes with neighboring countries. Furthermore, the adoption of infrared cameras has increased in the automotive sector due to the ongoing COVID-19 pandemic. For instance, in March 2020, the Chinese government planned to install temperature monitoring infrared cameras on the public transport.

Furthermore, the rising defense expenditure of countries such as the US, China, and India is expected to drive the growth of the market. Additionally, the increasing number of product launches by companies such as FLIR Systems, Inc. is expected to drive the growth of the market. For instance, in April 2020, FLIR Systems, Inc. launched FLIR Ranger HDC MR high-definition medium-wave infrared (MWIR) border-security surveillance system. The system assists in countering illegal drug smuggling, unmanned aerial vehicles (UAVs), and human trafficking. Therefore, these factors are expected to drive the growth of the market.

Manufacturing, automotive, semiconductor and electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The infrared cameras market players also experienced a slowdown in the volumes because the manufacturing facilities were operating with a limited workforce. This has had a negative impact on the market. Additionally, the temporary closure has resulted in reduced procurement of infrared cameras among industries during the first quarter of 2020, and the scenario is likely to continue in the first six months of 2021.

The automotive OEMs are increasingly emphasizing non-destructive testing (NDT) methods to detect flaws on a developed component or product. The use of infrared camera facilitates the auto maker to visualize defects, also reduce the cost and time for detecting defects or flaws. The functions of catalysts and electric systems of cars and motor assemblies can also be tested with the help of infrared camera systems. Moreover, several defects of multiple products and components in the automotive industry are detected through temperature changes. Therefore, various auto makers are focusing on infrared cameras to detect defects on windows and seats. This practice is foreseen to grow among the automotive industry players across the world, which would boost the infrared camera market in terms of value and volume.

The introduction of advanced infrared cameras is set to generate substantial demand among the end users owing to the benefits of enhanced sensing and imaging capabilities. As the advantages of infrared cameras over traditional systems or products have been attracting end users, the infrared camera manufacturers are continuously upgrading their products for end users can procure advanced IR cameras. This factor is foreseen to bolster the growth of the infrared cameras market.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the infrared camera market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the infrared camera market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Accentuation in Use of IR Cameras at Borders and Airports
  • Stimulating Demand from Automotive Sectors

Restraints

  • Export Restrictions to Hinder the Market Growth

Opportunities

  • Continuous Development of Robust IR Cameras
  • COVID-19 has Spurred the Procurement of IR Cameras

Future Trends

  • Artificial Intelligence-enabled IR Cameras

Companies Mentioned

  • Leonardo
  • Opgal Optronic Industries Ltd
  • Teledyne DALSA
  • Seek Thermal, Inc.
  • LYNRED
  • Thermoteknix Systems Ltd
  • Axis Communications AB
  • FLIR Systems, Inc.
  • Fluke Corporation
  • Infrared Cameras Inc.

For more information about this report visit https://www.researchandmarkets.com/r/gavw39