$7 Billion Worldwide Infrared Imaging Technology Industry to 2026 - Consumer Electronics Industry Witnesses Increasing Use of IR Technology
DUBLIN, Sept. 30, 2022 /PRNewswire/ -- The "Infrared Imaging Technology - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Infrared Imaging Technology estimated at US$5.4 Billion in the year 2022, is projected to reach a revised size of US$7 Billion by 2026, growing at a CAGR of 6.3% over the analysis period.
Uncooled, one of the segments analyzed in the report, is projected to record 6.6% CAGR and reach US$4.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cooled segment is readjusted to a revised 5.7% CAGR for the next 7-year period. By technology, uncooled segment is projected to dominate market growth, driven by robust demand for uncooled infrared imaging cameras in security and surveillance applications.
The low cost of manufacturing sensors for uncooled IR cameras as they require less expensive vacuum packaging is expected to boost demand for uncooled IR imaging products. Another advantage is that uncooled cameras have lower power consumption and fewer moving parts and therefore have much longer service lives and will work continuously for years without maintenance.
The U.S. Market is Estimated at $2.4 Billion in 2022, While China is Forecast to Reach $603 Million by 2026
The Infrared Imaging Technology market in the U.S. is estimated at US$2.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$603 Million by the year 2026 trailing a CAGR of 7.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.6% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR.
The market is forecast to witness robust growth opportunities driven by growing demand from non-industrial sector, growing adoption in new end-use applications, technological advancements in IR imaging technology, rising adoption in security and surveillance applications, increasing availability of reasonably priced infrared cameras.
Furthermore, rising demand for infrared imaging cameras in emerging economies and high penetration of SWIR cameras is poised to open up new avenues of growth in the upcoming years. The increasing use of IR cameras in quality control and inspections and steady uptake in consumer electronic market also presents untapped growth opportunities. IR imaging can be used as both a predictive and preventive tool, which makes it highly diverse.
However, high cost of infrared imaging systems in comparison with substitute technologies, strict import and export regulations, and lack of awareness about the technology hamper market prospects. SWIR cameras are expensive owing to the use of expensive semiconductor material such as indium gallium arsenide (InGaAs) sensors in their formulation.
By Application, Security & Surveillance Segment to Reach $4.1 Billion by 2026
Global market for Security & Surveillance by Application segment is estimated at US$3.2 Billion in 2022, and is projected to rach US$4.1 Billion by 2026 reflecting a compounded annual growth rate of 6.1% over the analysis period. The United States constitutes the largest regional market for Security & Surveillance segment, accounting for 42.8% of the global sales. China is poised to register the fastest compounded annual growth rate of 7.6% over the analysis period, to reach US$417.6 Million by the close of the analysis period.
Select Competitors (Total 55 Featured):
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/aq8iy2
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SOURCE Research and Markets