Infrared Imaging Market worth USD 8.4 Billion by 2027
Published | January 2021
According to BlueWeave Consulting, the global infrared imaging market is estimated to have reached
USD 5.3 billion in 2020 and is further projected to reach USD 8.4 billion by
2027, growing at a CAGR of 6.8% during 2021-2027 (forecast period). The factors
which are driving the growth of the infrared imaging market are the increasing
deployment of Infrared imaging in the booming smartphones and smart camera
market, increase in contactless payments, improved user experience, and
reduction in size and cost of semiconductor chips. Infrared imaging technology
is anticipated to be used in a host of applications in the future due to the
increasing demand for online and in-store payments in a retail store, increasing
demand for connectivity between devices for information and data sharing.
Growing advancements in small-molecule near-IR probe domain for bioimaging
Growing advancements in the small-molecule near-IR probe domain for bioimaging is expected to enhance its usage in bioimaging. The advent of new contrast agents has amplified the potential of NIR bioimaging for real-time vascular visualization and deep tissue diagnostics for ongoing surgical assistance. The development of new NIR contrast agents has aided the bioimaging of numerous targets with advantages, such as low cytotoxicity, structural tunability, and good cell permeability. Near-infrared imaging has a wide range of applications including physiological diagnostics and the study of pulse oximetry, blood sugar, sports medicine, urology, and neurology. Functional near-infrared spectroscopy is integrated with optical imaging technology and is increasingly used in the neuroimaging domain.
Advantages provided by the NIR technique
Advantages provided by the NIR technique including minimal invasiveness and deep tissue imaging using the non-non-ionizing method are expected to strengthen its applications in operating rooms as well as emergency departments. NIR integrated with nanoparticle (NP) based NIR contrast agent resists rapid photo-bleaching and is stable to the organic counterparts. Early detection of Alzheimer’s disease with the help of non-invasive near-infrared spectroscopy is expected to have a significant impact on the usage of the NIR technique in neurology. These advantages are expected to broaden the applications of near-infrared imaging with nanoparticles.
Long-wave infrared (LWIR) camera segment occupies the major share of the global infrared imaging market
Based on the wavelength, the infrared imaging market is segmented into the near-infrared, shortwave infrared, mid-wave infrared & long-wave infrared. Amidst this category, the long-wave infrared (LWIR) camera segment will witness high growth due to its ability to operate efficiently in harsh environments such as smoke or aerosol. These cameras are much efficient in detecting objects, which span a very wide temperature range requiring intra-scene imaging of both hot & cold objects. The cameras are widely adopted for long-range surveillance due to their long-range FOV. Furthermore, LWIR-enabled technology cameras are used for military & firefighting applications.
Global Infrared Imaging Market: Regional insights
North America has dominated the infrared imaging market in 2019 and is expected to lead the market in the future as well owing to the high disposable income of consumers, speedy adoption of technologically advanced medical devices, and diagnostic techniques. The rise in numbers of cosmetic and reconstructive surgeries in the region due to growing awareness and increased spending power, and the growing geriatric population prone to a various lifestyle associated chronic conditions are few other drivers of the near-infrared imaging market.
The leading players” in the global infrared imaging market include Flir Systems, Fluke, Sensors Unlimited, Leonardo Drs, Axis Communications, Xenics, Opgal Optronic Industries, New Imaging Technologies, Allied Vision Technologies, Lynred, Cox, C-Thermal, Ircameras, Princeton Infrared Technologies, Dali Technology, Tonbo Imaging, L3harris Technologies, Raptor Photonics, Episenors& Princeton Instruments. These players are focusing on growth strategies, such as new product launches, expansion, collaborations, partnerships, and acquisitions. The market players are making a huge investment in supplier companies to enhance their product ability.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global infrared imaging market size & forecast. The report promises to provide recent technology trends in the infrared imaging market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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