According to
the new market research report "Infrared
Imaging Market with COVID-19 Impact Analysis by Technology (Cooled and
Uncooled), Wavelength (Near Infrared, Shortwave Infrared, Mid-wave Infrared,
and Long-wave Infrared), Application, Vertical, and Geography - Global Forecast
to 2025", The
infrared imaging market is expected to grow from USD 5.8 billion in 2020 to USD
8.3 billion by 2025; it is expected to grow at a CAGR of 7.6% from 2020 to
2025. The infrared imaging market has been witnessing significant growth over
the years, mainly due to the high adoption of infrared imaging solutions in
nonindustrial and industrial verticals in emerging use cases. However, the
COVID-19 outbreak is likely to result in a decline in the growth rate of the
infrared imaging market, especially in 2020 and 2021. This is because
organizations in most of the major demand-generating verticals are currently,
or were, non-operational in various countries, thereby negatively impacting the
demand for infrared imaging products. The COVID-19 pandemic has also disrupted
the supply chain of the infrared imaging market, thus hindering the
manufacturing, distribution, and installation of infrared imaging solutions.
Uncooled
segment to hold the largest share of the infrared imaging market, by
technology, in 2020
Uncooled segment
will lead the infrared imaging market, by technology, in terms of size, in
2020. Long-wave infrared cameras and near infrared cameras mostly employ
uncooled detectors. These cameras are widely adopted in the security &
surveillance application, which accounts for majority share of the infrared
imaging market. This is one of the key factors that is expected to lead to the
dominance of the uncooled segment in the infrared imaging market.
The market
for monitoring & inspection application to grow at the highest CAGR during
the forecast period
On the basis of
application, the infrared imaging market has been broadly classified into three
segments: security & surveillance, monitoring & inspection, and
detection. Among these, the market for the monitoring & inspection
application is expected to record the highest CAGR between 2020 and 2025. The
rising demand for infrared imaging cameras for predictive maintenance is
accelerating the growth of the infrared imaging market for the monitoring &
inspection application.
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North
America to hold the largest share of infrared imaging market by 2020
North America is
expected to hold the largest share of the infrared imaging market by 2020. The
US leads the market in North America owing to its well-established economy that
encourages government and private investments in new technologies. Europe is
expected to account for the second-largest share of the infrared imaging market
during the forecast period. The UK and Germany are significant
demand-generating countries for infrared imaging solutions in this region.
A few key players
operating in the infrared imaging market are FLIR Systems (US), Fluke (US),
Sensors Unlimited (US), Leonardo DRS (US), DALI Technology (China), Lynred
(France), Axis Communications (Sweden), Xenics ((Belgium), Opgal Optronic
Industries (Israel), and New Imaging Technologies (France).
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