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High demand in security and surveillance application fueling growth of infrared imaging market
The infrared imaging market is expected to grow at a CAGR of 7.18% between 2018 and 2023, to reach USD 7.30 billion by 2023 from USD 5.16 billion in 2018. High demand for infrared imaging products in the security and surveillance application, especially from the nonindustrial vertical, is one of the major factors fueling the growth of this market. One of the major factors restraining the growth of this market is the high price of infrared imaging cameras.
Infrared imaging market for shortwave infrared to grow at highest CAGR during forecast period
The market for shortwave infrared SWIR is expected to witness significant growth during the forecast period. Currently, the price of SWIR cameras is higher than most MWIR, LWIR, and NIR cameras, which has restricted their widescale adoption. However, owing to technological advancements and efforts made by SWIR camera manufacturers to launch lowpriced SWIR cameras, the price of these cameras is expected to decrease in the near future. This factor is likely to increase the penetration of SWIR cameras.
Infrared imaging market for industrial vertical to witness significant growth during forecast period
The infrared imaging market for the industrial vertical is expected to witness significant growth during the forecast period. Growing demand for infrared imaging products for the monitoring and inspection application is one of the major factors fueling the growth of the infrared imaging market in the industrial vertical.
Infrared imaging market in APAC to witness significant growth during forecast period
The infrared imaging market in APAC is expected to grow at the highest CAGR during the forecast period. China, Japan, and India are some of the major countries driving the growth of this market in APAC. High demand for infrared imaging products in security and surveillance, and monitoring and inspection applications in these countries is one of the major factors fueling the growth of the market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the infrared imaging market. Following is the breakup of the profiles of primary participants for the report:
By Company Type: Tier 1 35 %, Tier 2 45%, and Tier 3 20%
By Designation: CLevel Executives 35%, Directors 25%, and Others 40%
By Region: North America 45%, Europe 20%, APAC 30%, and RoW 5%
The report profiles the key players in the infrared imaging market and analyzes their market ranking. The players profiled in this report are FLIR Systems US, Fluke US, Sensors Unlimited US, Leonardo DRS US, Axis Communications Sweden, Xenics Belgium, Opgal Optronics Industries Israel, New Imaging Technologies France, Allied Vision Technologies Germany, Sofradir France, COX South Korea, CThermal Austria, DALI Technology China, Tonbo Imaging India, IRCameras US, Princeton Infrared Technologies US, L3 Technologies US, Raptor Photonics UK, Princeton Instruments US and Episensors US.
This report segments the infrared imaging market by technology, wavelength, application, vertical, and geography. The report also describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.
Reasons to Buy This Report
The report would help leaders/new entrants in the infrared imaging market in the following ways:
1. The report segments the infrared imaging market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities pertaining the infrared imaging market.
3. The report would help stakeholders understand their competitors better and gain insights to improve their position in the infrared imaging market. The competitive landscape section describes the competitor ecosystem.
Original Article: Infrared Imaging Market by Technology Cooled Infrared Imaging and Uncooled Infrared Imaging, Wavelength Near Infrared, Shortwave Infrared, Midwave Infrared, and Longwave Infrared, Application, Vertical, and Geography Global Forecast to 2023 [Report UpdatNEXT ARTICLE