Infrared Camera Market share driven by commercial applications to grow at over 10% CAGR from 2016 to 2023 - PowerPoint PPT Presentation

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Infrared Camera Market share driven by commercial applications to grow at over 10% CAGR from 2016 to 2023

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Infrared Camera Market share was over USD 3 billion in 2015 and is poised to reach USD 6.8 billion by 2023, military and defense sector to be dominating with their forecast to cross USD 2.4 billion by 2023; according to a new research report by Global Market Insights, Inc. While these devices were limited to niche and specific application sectors such as military and defense, technology developments have led to growth in the global IR camera industry share. – PowerPoint PPT presentation

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Title: Infrared Camera Market share driven by commercial applications to grow at over 10% CAGR from 2016 to 2023


1
Global IR Camera Market Share to exceed USD 6.8
billion by 2023 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2
Key Insights from Infrared (IR) Camera Market
  • IR camera market size for products fitted with
    sapphire lens will grow at 10.7 CAGR from 2016
    to 2023. The material presents high degree of
    durability and is scratch-resistant and robust in
    nature which will drive growth in the coming
    years. It can also withstand extreme conditions
    and temperature fluctuations, making it
    well-suited for use in numerous industry
    verticals.
  • Germanium will remain the leading material
    segment through the next few years. Key features
    that drive adoption include high refractive index
    and low optical dispersion. However, it is not a
    suitable material of choice in case of
    environments characterized by high temperatures.
  • Military and defense applications occupied over
    35 of the IR camera market share in 2015, and
    are further forecast to continue dominating
    revenue over the forecast timespan. Lower defense
    budgets in major regional economies may
    negatively impact growth across the segment.

3
Continued...
  • The commercial sector is forecast to remain
    attractive due to adoption for purposes such as
    building diagnosis, border security, nuclear
    power stations, airports, etc.
  • The U.S. IR camera market share will continue to
    be significant, and the North American industry
    is forecast to exceed USD 2.5 billion by 2023,
    primarily due to growth in the commercial and
    industrial sectors.
  • Major industry participants are FLIR Systems,
    Samsung, Axis Communications, Seek Thermal, etc.
    Applicability across numerous industry sectors
    through new product development and innovation
    represents the major strategic standpoint.

4
North America IR Camera Market size, by
application, 2013-2023 (USD Billion)

5

Browse Full Market Research Report On Infrared
(IR) Camera Market _at_ https//goo.gl/ukGNSx
Request for a Sample of this Research
Report _at_ https//www.gminsights.com/request-sample
/detail/397
6
360 Analysis
  • Application Trends
  • Military defense IR camera market is forecast
    to cross USD 2.4 billion by 2023 owing to the
    rising security concerns. Increasing demand for
    rugged products coupled with reliable and
    temperature tolerance across the globe is
    anticipated to boost the segment demand over the
    future. Moreover, increasing investments in
    defense sector from countries like Asia Pacific
    may further contribute to industry growth. In
    addition, ability to detect faults in process
    control, equipment and quality control will
    further lead to the increase in adoption over the
    forecast period.
  • Regional Trends
  • North America, through U.S. IR camera market size
    led the global revenue in 2015 and is expected to
    continue dominating the industry over the
    forecast period owing to the presence of majority
    of established players. Rising demand from video
    surveillance cabling and infrastructure sector is
    anticipated to drive the regional demand.
    Moreover, effective mass screening to detect
    individuals may add an advantage to the regions
    growth.
  • Competitive Market Share
  • Key industry players include FLIR Systems, DRS,
    Axis Communications, Samsung, Fluke, and Seek
    Thermal. Other notable players include Raytheon
    Company, Testo AG, etc. Industry participants are
    engaged in price reduction, product performance
    reputation, customer service and training to
    enhance the industry presence. Mergers
    acquisitions are among the key strategies for
    expanding IR camera market share.


7
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