Overview:

According to BlueWeave Consulting, the global infrared imaging market is estimated to have reached USD 5.3 billion in 2020 and is further projected to reach USD 8.4 billion by 2027, growing at a CAGR of 6.8% during 2021-2027 (forecast period).

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The factors which are driving the growth of the infrared imaging market are the increasing deployment of Infrared imaging in the booming smartphones and smart camera market, increase in contactless payments, improved user experience, and reduction in size and cost of semiconductor chips. Infrared imaging technology is anticipated to be used in a host of applications in the future due to the increasing demand for online and in-store payments in a retail store, increasing demand for connectivity between devices for information and data sharing.

Segmentation:

Based on the wavelength, the infrared imaging market is segmented into the near-infrared, shortwave infrared, mid-wave infrared & long-wave infrared. Amidst this category, the long-wave infrared (LWIR) camera segment will witness high growth due to its ability to operate efficiently in harsh environments such as smoke or aerosol. These cameras are much efficient in detecting objects, which span a very wide temperature range requiring intra-scene imaging of both hot & cold objects. The cameras are widely adopted for long-range surveillance due to their long-range FOV. Furthermore, LWIR-enabled technology cameras are used for military & firefighting applications.

Regional Analysis:

North America has dominated the infrared imaging market in 2019 and is expected to lead the market in the future as well owing to the high disposable income of consumers, speedy adoption of technologically advanced medical devices, and diagnostic techniques. The rise in numbers of cosmetic and reconstructive surgeries in the region due to growing awareness and increased spending power, and the growing geriatric population prone to a various lifestyle associated chronic conditions are few other drivers of the near-infrared imaging market.

Key Players:

The leading players” in the global infrared imaging market include Flir Systems, Fluke, Sensors Unlimited, Leonardo Drs, Axis Communications, Xenics, Opgal Optronic Industries, New Imaging Technologies, Allied Vision Technologies, Lynred, Cox, C-Thermal, Ircameras, Princeton Infrared Technologies, Dali Technology, Tonbo Imaging, L3harris Technologies, Raptor Photonics, Episenors& Princeton Instruments. These players are focusing on growth strategies, such as new product launches, expansion, collaborations, partnerships, and acquisitions. The market players are making a huge investment in supplier companies to enhance their product ability.

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