Infrared Imaging Market Size to Reach Value of USD 10.29 Billion by 2028
Key players in the Infrared Imaging market include Leonardo DRS, Xenics NV, Lynred, FLIR Systems, Axis Communications, Opgal Optronics Industries Ltd., Allied Vision Technologies GmbH, Sensors Unlimited, IRCameras LLC, and Fluke.
Vancouver, British Columbia, Feb. 18, 2021 (GLOBE NEWSWIRE) — The global infrared imaging market size was USD 5,836.0 Million in 2020 and is expected to reach a market size of USD 10.29 Billion at a steady CAGR of 7.3% in 2028, according to latest analysis by Emergen Research. Increasing demand for infrared imaging can be attributed to growing demand for near-infrared imaging in the healthcare industry. Near-Infrared Spectroscopy offers a portable and affordable means for functional neuroimaging similar to Electroencephalography (EEG), without the need to severely restrict subject motion. Near-infrared spectroscopy is used for detection of vulnerable coronary plaques by identifying the chemical composition of substances on the basis of differential light absorption by different molecules in near-infrared spectrum. In addition, a significant benefit of near-infrared light is in tissue penetration to detect a tissue even with blood present between the target and detector.
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Key Highlights of Report
- In January 2021, FLIR Systems entered into an agreement with Teledyne Technologies to sell its assets for a value of USD 8.00 billion.
- Uncooled infrared cameras are more cost-effective as compared to cooled infrared cameras. Uncooled infrared camera sensors deliver higher yields than cooled infrared camera sensors, and uncooled infrared cameras do not need costly cryocoolers to lower the sensor temperature.
- Long wavelength infrared cameras are primarily used in applications requiring detection of temperatures. Long wavelength infrared cameras have ability to detect distinct differences in temperature, which is essential for the visualization of poor insulation and damaged electronics for home inspection.
- Indium gallium arsenide cameras, functioning in short wavelength infrared spectrum, enable users to see through silicon substrates, which are transparent in infrared light. Infrared cameras’ ability to see through semiconductor materials provides significant advantages to the manufacturing process as infrared images detect defects, including cracks in silicon wafers.
- Infrared imaging market in North America contributed largest revenue share to the global infrared imaging market in 2020, owing to high demand for infrared imaging products for security and surveillance purposes. Besides, increasing defense expenditure and robust presence of leading market players in the regions is driving market growth.
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Emergen Research has segmented the global infrared imaging market on the basis of technology, wavelength, application, industry vertical, and region:
- Technology Outlook (Revenue, USD Billion; 2021–2028)
- Cooled Infrared Imaging
- Uncooled Infrared Imaging
- Wavelength Outlook (Revenue, USD Billion; 2021–2028)
- Near Infrared
- Short Wave Infrared
- Mid-wave Infrared
- Long wave Infrared
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Security & Surveillance
- Monitoring & Inspection
- Industry Vertical Outlook (Revenue, USD Billion; 2021–2028)
- Aerospace & Defense
- Oil & Gas
- Electronics & Semiconductor
- Food & Beverage
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- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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