Infrared Imaging Market Size, Share, Industry Growth at a CAGR of 7.3%
Chicago, May 16, 2024 (GLOBE NEWSWIRE) -- The global infrared imaging market size is estimated to be worth USD 6.7 billion in 2023 and is projected to reach USD 9.6 billion by 2028, growing at a CAGR of 7.3% during the forecast period. Increased adoption of infrared imaging products in security & surveillance application is one of the major drivers that fuels IR camera market growth.
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*Major Infrared Imaging companies include:*
· Teledyne FLIR LLC (US),
· Leonardo DRS (US),
· Axis Communications AB (Sweden),
· Zhejiang Dali Technology Co.,Ltd. (China),
· OPGAL Optronics Industries Ltd (Israel),
· L3Harris Technologies (US), Inc,
· Fluke Corporation (US),
· Raytheon Technologies Corporation (US),
· Xenics nv (Belgium), and
· Allied Vision Technologies GmbH (Germany).
*Infrared Imaging Market Dynamics:*
**Driver: Increasing use of infrared (IR) cameras in quality control and inspection application**
The increasing use of infrared cameras in quality control and inspection applications has emerged as a significant trend in various industries. These highly advanced cameras enable businesses to enhance their quality control processes by providing non-destructive and non-contact testing capabilities. By capturing and analyzing thermal patterns, infrared cameras can identify anomalies, defects, or variations in temperature that may indicate potential issues with products or equipment. This technology allows for real-time monitoring, precise measurement, and efficient analysis, resulting in improved product quality, reduced waste, and enhanced overall operational efficiency.
**Restraint: Limitations associated with image resolution and sensitivity of infrared (IR) cameras**
The limited resolution and sensitivity lead to restrict the adoption of infrared imaging in certain high-precision applications and industries that demand exceptional image quality and detail. This leads to reliance on alternative imaging technologies or the need for supplementary methods to achieve the desired level of accuracy.
**Opportunity: Emerging infrared imaging applications in automotive sector**
Emerging infrared imaging applications in the automotive sector are driving innovation and transforming the driving experience. Infrared imaging technology offers advanced capabilities that enhance vehicle safety, convenience, and efficiency. One notable application is in driver monitoring systems, where infrared cameras can detect driver drowsiness or distraction by monitoring eye movements and alerting the driver in real time.
**Challenge: High cost of infrared cameras to challenge adoption**
The higher cost of a SWIR camera restricts its widespread adoption and impacts the overall infrared imaging market. While LWIR and MWIR cameras are also expensive, their price varies as per the application. For instance, infrared imaging cameras used for building inspection are usually less expensive than those used in research and development applications.
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