At a CAGR of 7.1%, the global Infrared Cameras market is projected to reach US$ 9,055.58 Million by 2027, says The Insight Partners
the 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. The report highlights key factors driving the market growth and prominent players with their developments in the market.
Infrared Cameras Market Forecast to 2027 - COVID-19 Impact andGlobal Analysis By Type (Fixed and Portable), Component (IR Lens, IR Sensor,Processor, and Others), Wavelength (LWIR, MWIR, NIR, and SWIR), and Application(Consumer Electronics, Security and Surveillance, Aerospace and Defense, andOthers)
According to our latest study on“Infrared Cameras Market Forecast to 2027 – COVID-19 Impact and Analysis – byType (Fixed and Portable), Component (IR Lens, IR Sensor, Processor, andOthers), Wavelength (LWIR, MWIR, NIR, and SWIR), and Application (ConsumerElectronics, Security and Surveillance, Aerospace and Defense, and Others),”the market was valued at US$ 5,259.70 million in 2019 and is projected to reachUS$ 9,055.58 million by 2027; it is expected to grow at a CAGR of 7.1% from2020 to 2027. The report highlights key factors driving the market growth andprominent players with their developments in the market.
The governments and defense forces in the developed anddeveloping countries are gearing up their border security forces with anobjective to prevent intrusion and cross-border trespassing. The modern-day IRcameras are capable of detecting targets from a long distance, which enablesthe security forces to prevent any unauthorized or illegalimmigration. The demand for such advanced IR cameras is continuouslysurging among defense forces and governments. Therefore, several infraredcameras market players are developing and introducing significant products tomeet the demands. For instance, FLIR Systems, Inc., an industry-recognized IRcamera manufacturer, unveiled FLIR Ranger HDC MR, a robust, high-definitionmedium-wave infrared (MWIR) border-security surveillance system in 2020. Thecamera has the capability to detect unlawful activities in adverse weatherconditions, utilizing embedded computing analytics and image processingsolution to minimize the cognitive workload and allow operators todifferentiate between true threats and false alarms. This solution is expectedto generate substantial demand among the border security forces, which wouldhelp the company increase its annual sales and facilitate the infrared camerasmarket to surge over the years.
The airports on the other hand are among the key users ofinfrared cameras. The airports face substantial challenges in securing thepremises and country from intrusion, smuggling, theft, and other vandalisms.The short-wavelength infrared (SWIR) cameras have the capability to detectsmuggling or theft goods, as well as suspect individuals depending on theirbehavior. This enables the airport securities to take necessary actions andomit the threat. In addition, during this COVID-19 pandemic, several airportauthorities have begun to install thermal or infrared cameras integrated withthermal scanning technology to scan the body temperatures and other activitiesof the passengers. For instance, in September 2020, NEC Corporation of Americanand Infrared Cameras Inc. (ICI) has installed infrared cameras at variousHawaiian airports. This development has substantially increased the safety ofpassengers and airport workers. Thus, increasing procurement of IR cameras bythe airport authorities across the world to prevent any unlawful activities andscan individuals is expected to drive the infrared cameras market over theyears.
Impact of COVID–19 Pandemic on APAC Infrared Cameras Market
The tumultuous time amid COVID-19 pandemic has urged governmentsworldwide to impose strict restrictions on vehicles and human movement. Due totravel bans, mass lockdowns, and business shutdowns, the pandemic has affectedeconomies and countless industries in various countries. The lockdownimposition has resulted in lesser production of commodities, goods, andservices. Manufacturing, automotive, semiconductor and electronics, oil &gas, mining, aviation, and other industries have witnessed a decline in theiroperations due to the temporary shutdown of activities. The infrared camerasmarket players also experienced a slowdown in the volumes because themanufacturing facilities were operating with a limited workforce. This has hada negative impact on the market. Additionally, temporary closure has resultedin reduced procurement of infrared cameras among industries during the firstquarter of 2020, and the scenario is likely to continue in the first six monthsof 2021.