Surge in end use cases of security and surveillance along with increase in adoption in quality control and inspection drive the growth of the global infrared camera market
PORTLAND, Oregon, March 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Infrared Camera Market by Technology (Cooled IR Camera and Uncooled IR Camera), and End Use (Defense & Military, Industrial, Commercial Surveillance, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global infrared camera industry garnered $744.8 million in 2019, and is estimated to generate $1.37 billion by 2026, witnessing a CAGR of 8.7% from 2020 to 2026.
Drivers, restraints, and opportunities
Surge in end use cases of security and surveillance along with increase in adoption in quality control and inspection drive the growth of the global infrared camera market. However, high initial costs for acquisition and maintenance hinder the market growth. On the other hand, surge in adoption for SWIR and rise in prominence in commercial end use cases create new opportunities for the next few years.
The uncooled IR cameras segment to maintain its lead status throughout the forecast period
Based on technology, the uncooled IR cameras segment accounted for the largest market share in 2019, contributing to more than three-fifths of the global infrared camera market, and is expected to maintain its lead status throughout the forecast period. This is attributed to lesser expensive nature, fewer moving parts, and longer service life as compared to cooled alternatives. However, the cooled IR cameras segment is expected to grow at the highest CAGR of 10.6% from 2019 to 2026, owing to superior image quality provided by these cameras.
The defense and military segment to maintain its dominance in terms of revenue by 2026
Based on end use, the defense and military segment contributed to the highest market share in 2019, contributing to more than one-fourth of the global infrared camera market, and is estimated to maintain its dominance in terms of revenue by 2026. This is due to surge in government initiatives for usage of infrared cameras in this sector for gaining superior visual range for identifying targets in different lighting and weather conditions. Moreover, the commercial surveillance segment is estimated to maintain the fastest CAGR of 12.6% during the forecast period, owing to surge in implementation in long range and mid-range surveillance.
Asia-Pacific to offer lucrative opportunities, North America to follow
Based on region, Asia-Pacific held the major market share, contributing to nearly one-fourth of the total market share of the global infrared camera market in 2019, and is estimated to continue to contribute its lion's share throughout the forecast period. Moreover, this region is expected to grow at a CAGR of 9.9% from 2020 to 2026. This is due to accessibility of high-end enhanced technologies and rise of manufacturing industries. North America held the second-highest share in terms of revenue in 2019 and will maintain its position by 2026.
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