IR camera Market Growth Analysis 2019 with LWIR and MWIR is Expected to have Significant Growth And Forecast To 2024

Global IR camera Market 2019-2024 Growing at a CAGR of 8.3%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.

Market Overview

The IR camera market was valued at USD 5.63 billion in 2018, and it is expected to reach a value of USD 9.15 billion by 2024, at a CAGR of 8.3% over the forecast period (2019-2024). With increasing demand for advance driver assistance systems (ADAS) in future and investments in autonomous cars, IR cameras are expected to witness a significant adoption in vehicles.

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The demand for surveillance has increased across various applications, such as military and defense, energy, and commercial spaces (such as banks) etc. With energy usage becoming a crucial part of the global strategy to manage natural resources, solar energy is gaining prominence. As solar power is becoming increasingly popular and solar panels are a costly and vulnerable commodity, good security is a must.

IR imaging has shown to be a better tool for the quantitative measurement of temperature than single spot infrared thermometers. However, these cameras can encounter errors in acquiring accurate temperature measurements in the presence of other environmental heat sources.

Asia-Pacific offers potential growth opportunities due to the rise in technology penetration, high defense spending, and presence of a large number of small and medium enterprises (SMEs).

Scope of the Report

An infrared camera is a non-contact device that detects infrared energy (heat) and converts it into an electronic signal, which is then processed to produce a thermalimage on a video monitor and perform temperature calculations.

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Key Market Trends

LWIR and MWIR is Expected to have Significant Growth

LWIR and MWIR are the most used wavelengths of IR camera for security and surveillance applications. However, there are certain applications where LWIR is more efficient than MWIR, including objects of detection that span a very wide temperature range requiring intra-scene imaging of both hot and cold objects.
In harsh environments, where MWIR may not perform well in imaging through smoke or aerosols, LWIR is usually the chosen technology. These mainly include the firefighting and military applications.
Also, for most of the surveillance situations (man or vehicle to be detected within ambient temperature background), there is more flux (thermal energy emitted by the targets and by the environmental background), which is not efficiently contained by the MWIR due to the lack of band availability. Such applications have also witnessed the increased adoption of LWIR.

Asia-Pacific Region is Expected to Have Highest Growth

In China, IR cameras are witnessing an increased adoption in armed forces, owing to their day-night working capability and their ability to perform well in all weather conditions. For instance, the government of China offers huge military budgets for the incorporation of modern technology, owing to reforms by the Chinese communist party.
One of the world’s largest makers of drones, Chinese DJI, has partnered up with FLIR Systems, to bring infrared cameras to DJI’s drones. DJI is providing drones attached with thermal imaging cameras, which were used by coast guards, and are now also available at lower costs to the public for recreational purposes.
Furthermore, Southern China plays a significant role in the Chinese IR camera industry, as it acts as an access to the international technological and market hub Hong Kong. This makes it easier for players in Shenzhen to purchase IR LEDs, a key component in IR cameras, which give them an edge over their competitors in Northern and Eastern China.

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Competitive Landscape

The IR camera market is highly competitive with a large number of players in the market. Some of the major players in the IR camera market are, FLIR Systems Inc. and Opga.
Some of the key recent developments in the IR camera market are as follows:
FLIR Systems launched a high-resolution thermal vision automotive development kit that features high-performance FLIR Boson thermal camera for automakers, tier-one automotive parts suppliers, and innovators of advanced driver assistance systems (ADAS). The new FLIR ADK enables developers to add an affordable, long-range thermal camera to their ADAS development vehicles, primarily to help advance reliability and redundancy required for self-driving cars in January 2018.
Raytheon Company secured a potential five-year logistics contract from the US Navy, which is worth SD 59.7 million, to support the infrared thermal imaging systems for V-22 and CH-53 aircraft.

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