Infrared Camera is anticipated to register a CAGR of ~8.6% over 2019-2028. The surge in the adoption of IR cameras for application such as inspection and quality control would help the industry grow in the coming years. The rise in end use of the Infrared Cameras such as in surveillance and security is anticipated to boost the industry in the forecast period. The steep surge in popularity of the IR Cameras in commercial end-use would flourish in the coming years.
Top Driver: Surge in end use of infrared cameras in surveillance and security
The emerging trend of the usage of infrared cameras in the security and surveillance would help the industry grow in the forecast period. Public security and safety is a major concern nowadays. Government is taking initiatives and introducing advanced technologies for controlling the terrorist activities, criminal activities and other anti-social behavior. The advancement in the technology is carried out such that solutions for security which are cost-effective, safe and feasible for use. Infrared Cameras offers longer range up to longer range of kilometers even in darkness and hence is helpful for assistance in surveillance. The added feature includes better performance, higher imaging capabilities and greater reliability and is anticipated to help the industry flourish in the near future.
Defense and Military to Make Crucial Contribution to Growth of Global IR Camera Market
Among end use segments of the global Infrared Camera market, Defense and Military segment is anticipated to grow at a higher rate. The growing demand for the security is anticipated to propel the industry in the forecast period. The government is investing over the surveillance cameras and other technologies such that the terrorist attacks, anti-social behavior and the criminal activities can be controlled. The range of the infrared being higher and hence is useful for military operations. Every developed and developing country is expected to focus upon their defense systems and would invest upon IR Cameras due to its efficiency in identifying the movement and is portable.
The industrial segment is expected to grow at the highest CAGR, owing to the surge in demand for the appropriate means for better surveillance and hence the raised security concerns can be managed.
Technological advancements to Benefit North America Market
North American countries such as the US are focusing more over the technological advancements, which would help the industry grow in the forecast period. Furthermore, the presence of the major players in the North-American region is expected to boost the industry in the coming years. The government is also focusing over the investments over the ways to keep an eye by various end use segments. The Asia Pacific region is anticipated to gain the highest CAGR due to the increase in the number of security issues in the region and the growth in population in the region.
Though the COVID-19 is sustaining and hence the stipulated lockout situation the need for surveillance in every industry is increasing. The various industries are having demand for having supervision over their organizations to avoid theft and destruction of any important document. The infrared cameras are assisting in the supervision of the region which is to be kept under constant observation, which is the need of the hour and would help the IR camera industry to grow.
Players to Focus on Expanding Applications
The key players in the global Infrared Camera include Global Sensor Technology Co., ltd., L3 Technologies, Leonardo DRS, Xenics, FLIR System Inc., Lynred, Boston Electronics Corporation, SemiConductor Devices, AIM Infrarot-Module GmbH, and Hamamatsu Photonics
Foresight Autonomous Holdings Ltd.: In September 2019, Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems, announced the signing of a strategic cooperation agreement with Wuhan Guide Infrared Co. Ltd., a $2.7 billion Chinese corporation traded on the Shenzhen Stock Exchange. Guide Infrared, through its subsidiary Global Sensor Technology, develops, manufactures and markets infrared thermal imaging systems. Furthermore, the parties will cooperate in the marketing, development, and distribution of Foresight’s QuadSight vision system, incorporating Guide Infrared’s solutions, to potential customers in Greater China.
FLIR Systems: In April 2020, FLIR Systems, Inc. announced the FLIR A400/A700 Thermal Smart Sensor and Thermal Image Streaming fixed camera solutions for monitoring equipment, production lines, critical infrastructure, and screening for elevated skin temperatures. These highly configurable smart camera systems provide accurate, non-contact temperature monitoring across a wide range of disciplines: manufacturing process control, product development, emissions monitoring, waste management, facilities maintenance, and Environmental, Health, and Safety (EHS) improvements.
Staqu: Gurgaon-based start-up Staqu had launched a new thermal camera under its video analytics platform, JARVIS. The latest technology will alert the system of anyone with a body temperature of above 37°C and examines heat signatures directly through the cameras, enabling authorities to identify and further inspect suspected virus carriers.
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