The infrared cameras market was valued at US$ 5,259.70 million in 2019 and is projected to reach US$ 9,055.58 million by 2027; it is expected to grow at a CAGR of 7.1% from 2020 to 2027. North America is a technologically advanced region, with the US, Canada, and Mexico being the major economies. The region heavily invests in the military and defense sector to address the increasing terrorist activities and strengthen armoires of the nations. As North America attracts numerous technological developments, the adoption of infrared cameras is growing rapidly in the region. Moreover, with increasing military expenditure, infrared cameras are increasingly procured by the US armed forces. The majority of the countries in the region are deploying this technology by replacing regular cameras for improved surveillance and safety. North America has maximum number of infrared cameras manufacturers, thereby leading to a strong competition in the market. Rising competition in the region has encouraged these companies such as FLIR Systems, Inc., Fluke Corporation, Infrared Cameras Inc., and others to provide enhanced infrared cameras through continuous development at a lower cost than their counterparts in the market. The strong economic condition of countries present in the region is also a major supporting factor for the market growth.
The infrared cameras market is segmented into type, component, wavelength, and application.Based on type, the market is segmented into fixed and portable.
The fixed segment is expected to hold a larger market share during the forecast period.Based on component, the market is segmented into IR lens, IR sensor, processor, and others.
The processor segment contributed the largest revenue share in 2019, while the others segment is projected to be the fastest growing sector in terms of growth rate.Based on wavelength, the market is segmented into LWIR, MWIR, NIR, and SWIR.
Based on application, the market is segmented into consumer electronics, security and surveillance, aerospace and defense, and others. Further, in 2019, the security and surveillance segment led the infrared camera market globally.
In Europe, the UK is the hardest-hit country by the COVID-19 outbreak.It has suffered an economic hit due to a lack of revenue from various industries, as countries such as the UK, Germany, and Italy recorded the highest number of COVID-19 cases.
Additionally, the infrared cameras market is expected to get hampered even further with the outbreak of another variant of COVID-19 in the UK.The region is a significant manufacturing and industrial hub for sectors such as healthcare, aviation, manufacturing, automotive, and energy and power.
However, due to COVID-19 pandemic, many businesses in Europe face financial challenges as they had to reduce their activities substantially owing to lack of workforce, government-imposed restrictions, and decreasing sales.Nevertheless, the increasing adoption of infrared cameras by the automotive industry in the region is expected to provide growth opportunities to the market in the coming years.
For instance, in 2019, Veoneer Inc., an automotive technology provider based in Sweden, signed a contract with an undisclosed car manufacturer to provide infrared cameras for autonomous cars. Therefore, this is expected to drive the market growth in the region.
The overall infrared cameras market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast of the infrared cameras market with respect to all the segments.It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the infrared cameras market.
A few major players operating in the global infrared cameras market are Leonardo S.p.A.; Opgal; Teledyne DALSA; Seek Thermal; LYNRED; Thermoteknix Systems Ltd; Axis Communications AB; FLIR Systems, Inc.; Fluke Corporation; and Infrared Cameras Inc.
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