Infrared Imaging Market estimated to be worth $8.3 billion by 2025

(IT-NEWSWIRE.COM, October 14, 2021 ) According to the new market research report "Infrared Imaging Market with COVID-19 Impact Analysis by Technology (Cooled and Uncooled), Wavelength (Near Infrared, Shortwave Infrared, Mid-wave Infrared, and Long-wave Infrared), Application, Vertical, and Geography - Global Forecast to 2025", The infrared imaging market is expected to grow from USD 5.8 billion in 2020 to USD 8.3 billion by 2025; it is expected to grow at a CAGR of 7.6% from 2020 to 2025. The infrared imaging market has been witnessing significant growth over the years, mainly due to the high adoption of infrared imaging solutions in nonindustrial and industrial verticals in emerging use cases. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the infrared imaging market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the demand for infrared imaging products. The COVID-19 pandemic has also disrupted the supply chain of the infrared imaging market, thus hindering the manufacturing, distribution, and installation of infrared imaging solutions.

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Uncooled segment to hold the largest share of the infrared imaging market, by technology, in 2020

Uncooled segment will lead the infrared imaging market, by technology, in terms of size, in 2020. Long-wave infrared cameras and near infrared cameras mostly employ uncooled detectors. These cameras are widely adopted in the security & surveillance application, which accounts for majority share of the infrared imaging market. This is one of the key factors that is expected to lead to the dominance of the uncooled segment in the infrared imaging market.

The market for monitoring & inspection application to grow at the highest CAGR during the forecast period

On the basis of application, the infrared imaging market has been broadly classified into three segments: security & surveillance, monitoring & inspection, and detection. Among these, the market for the monitoring & inspection application is expected to record the highest CAGR between 2020 and 2025. The rising demand for infrared imaging cameras for predictive maintenance is accelerating the growth of the infrared imaging market for the monitoring & inspection application.

North America to hold the largest share of infrared imaging market by 2020

North America is expected to hold the largest share of the infrared imaging market by 2020. The US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. Europe is expected to account for the second-largest share of the infrared imaging market during the forecast period. The UK and Germany are significant demand-generating countries for infrared imaging solutions in this region.

A few key players operating in the infrared imaging market are FLIR Systems (US), Fluke (US), Sensors Unlimited (US), Leonardo DRS (US), DALI Technology (China), Lynred (France), Axis Communications (Sweden), Xenics ((Belgium), Opgal Optronic Industries (Israel), and New Imaging Technologies (France).

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Infrared Imaging Market estimated to be worth $8.3 billion by 2025