Infrared Thermal Imaging Market to Reach $8.3 Billion by 2025
According to a new research report published by MarketsandMarkets, the global infrared thermal imaging market will reach $5.8 billion in 2020 and will grow to $8.3 billion by 2025, growing at a CAGR of 7.6% during the forecast period (2020-2025).
The report finds that the infrared thermal imaging market has witnessed significant growth over the past few years, mainly due to the widespread application of infrared thermal imaging related solutions in industrial verticals, especially in the security field. The report also states that the growing demand for thermal imaging cameras in the Asia Pacific region and the popularity of SWIR (Short Wave Infrared) cameras are also expected to drive the thermal imaging market significantly in the coming years.
The world is facing an economic crisis brought about by the pandemic. Also, this pandemic has led to a decline in the growth rate of the infrared thermal imaging market. Especially in 2020 and 2021, the demand for infrared imaging products has been negatively impacted by the shutdown of companies in most of the major demand sectors of this market. At the same time, the pandemic has interfered with the supply chain of the infrared imaging market, thus hindering the manufacture, distribution and installation of infrared imaging solutions.
The pandemic is expected to have a negative impact on the growth of the infrared imaging market in the short term. However, we also need to see that in recent months, products based on infrared thermal imaging technology have gained a wide adoption rate in body temperature measurement and many infrared thermal imaging companies have launched products for this application.
Because infrared thermal imaging technology has super night vision capability of all-weather imaging, in the fog, rain, snow, haze, darkness and other harsh environments can display clear imaging. Therefore, infrared thermal imaging cameras are widely used in security applications. It is particularly suitable for military and defense vertical areas for movement monitoring of people/objects, as well as chemical, biological, radiological and nuclear defense (CBRNE) detection. As a result, a number of infrared thermal imaging companies have contracts for the development or supply of infrared products for military and defense vertical areas.
At the same time, infrared thermal imaging cameras are also widely used in industrial and commercial buildings for security purposes, with non-contact temperature measurement of infrared thermal imaging cameras used in airports, subways and other transportation places to avoid the risk of cross-infection, while also saving manpower.
The infrared thermal imaging market is showing significant growth in Asia Pacific (especially in emerging countries). The region has invested a lot of money and government incentives for modernization of the military and defense, which is one of the major application areas for infrared thermal imaging equipment. Also, the demand for infrared thermal imaging systems is also growing in various industrial areas in Asia Pacific, such as electronics, semiconductor, and automotive, which is expected to drive the growth of the infrared imaging market in Asia Pacific.
Non-industrial vertical infrared imaging market to grow at the highest CAGR during forecast period
Based on vertical areas, the infrared imaging market has been segmented into two major categories: industrial and non-industrial market. Among the industries, the non-industrial area is expected to dominate and record the highest CAGR during the forecast period. In the non-industrial vertical areas, the military and defense as well as civil infrastructure areas have the highest demand for infrared imaging products.
Security applications will take the largest market share during forecast period
Security applications are expected to dominate the infrared thermal imaging market during the forecast period. Infrared cameras are widely used in security applications as they can provide visibility through fog and smoke in anypipeline conditions. Among these, infrared cameras in the long wave infrared and near infrared range are most preferred by the security market.
North America will have the largest market share during 2020-2025
North America is expected to account for the largest share of the infrared imaging market during 2020-2025. The high demand for infrared imaging products for security applications is one of the major factors driving the growth of the infrared imaging market in North America, while the military and defense as well as civilian infrastructure sectors generate the highest demand for infrared imaging cameras for such applications.
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