Infrared Cameras Market Size, Trends and Growth Analysis by 2027

The infrared cameras industry was valued at approximately US$ 5,259.70 million in 2019 and is anticipated to grow to around US$ 9,055.58 million by 2027, reflecting a compound annual growth rate (CAGR) of 7.1% from 2020 through 2027.

North America stands out as a region with advanced technology, encompassing major economies such as the United States, Canada, and Mexico. This area is characterized by significant investments in the military and defense sectors, aimed at countering rising terrorist threats and enhancing national security. The rapid technological advancements in North America have led to a swift increase in the adoption of infrared cameras. Furthermore, the escalating military budgets have resulted in the US armed forces increasingly acquiring infrared cameras. Many countries in this region are transitioning from conventional cameras to infrared technology to bolster surveillance and safety measures. North America is home to the largest number of infrared camera manufacturers, fostering intense competition within the market. This competitive landscape has prompted companies like FLIR Systems, Inc., Fluke Corporation, and Infrared Cameras Inc. to innovate and offer superior infrared cameras at more competitive prices than their rivals. The robust economic environment in North America also significantly contributes to the growth of the infrared cameras market.

The infrared cameras market is categorized by type, component, wavelength, and application. In terms of type, the market is divided into fixed and portable categories, with the fixed segment expected to dominate the market share during the forecast period. When examining components, the market includes IR lenses, IR sensors, processors, and other elements. The processor segment was the largest revenue contributor in 2019, while the others segment is projected to experience the highest growth rate. The market is also segmented by wavelength into LWIR, MWIR, NIR, and SWIR. Regarding applications, the market encompasses consumer electronics, security and surveillance, aerospace and defense, among others. Notably, the security and surveillance segment was the leading sector in the global infrared camera market in 2019.

In Europe, the UK has been significantly impacted by the COVID-19 pandemic, suffering economic setbacks due to reduced revenues across various sectors, with countries like the UK, Germany, and Italy reporting high COVID-19 case numbers. The emergence of new COVID-19 variants in the UK is expected to further hinder the infrared cameras market. Europe is a crucial manufacturing and industrial center for industries such as healthcare, aviation, manufacturing, automotive, and energy. However, the pandemic has forced many European businesses to face financial difficulties, leading to reduced operations due to workforce shortages, government restrictions, and declining sales. On a positive note, the growing adoption of infrared cameras in the automotive sector is likely to create growth opportunities for the market in the future. For example, in 2019, Veoneer Inc., a Swedish automotive technology firm, entered into a contract with an undisclosed car manufacturer to supply infrared cameras for autonomous vehicles, which is expected to stimulate market growth in the region.

The overall size of the infrared cameras market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide a comprehensive overview and forecast of the infrared cameras market across all segments. Additionally, it offers insights and forecasts for the global market segmented by five key regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Primary interviews were also conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the infrared cameras market.

Key players in the global infrared cameras market include Leonardo S.p.A., Opgal, Teledyne DALSA, Seek Thermal, LYNRED, Thermoteknix Systems Ltd, Axis Communications AB, FLIR Systems, Inc., Fluke Corporation, and Infrared Cameras Inc.