Global Infrared Imaging Technology Market to Reach $7 Billion by 2026

Infrared (IR), also sometimes known as infrared light, is an electromagnetic radiation (EMR) that possesses longer wavelengths in comparison to a visible light, and is not visible to ordinary human eye. Though under certain conditions a human eye can visualize IR with wavelengths of about 1050 nm generated from specialized pulsed lasers. From the total energy emitted by the sun to the earth, more than half is emitted in the form of infrared radiation. The balance between emitted and absorbed infrared radiation shows a critical effect on the climate of the Earth. Infrared radiation is absorbed or emitted by molecules, especially when there is change in the rotational-vibration movements. As a result, the vibrational modes are excited in the molecule due to changing of dipole moment. Given these properties, infrared radiation finds application across several industrial sectors, including medical, law enforcement, military, scientific, and industrial areas. Night-vision devices that use active near-infrared illumination enable animals or people to be observed, even without divulging the details of the observer.

Amid the COVID-19 crisis, the global market for Infrared Imaging Technology estimated at US$4.9 Billion in the year 2020, 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.

The U.S. Market is Estimated at $2.2 Billion in 2021, While China is Forecast to Reach $603 Million by 2026

The Infrared Imaging Technology market in the U.S. is estimated at US$2.2 Billion in the year 2021. 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$2.9 Billion in 2020, and is projected to reach 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 in 2020. 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.