Market Research Report
IR and Thermal Imaging Systems Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||393023|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|IR and Thermal Imaging Systems Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: January 1, 2020||Content info: 100 Pages||
The IR and Thermal Imaging Systems market was valued at USD 5.19 billion in 2019 and is expected to reach USD 7.92 billion by 2025, at a CAGR of 7.78% over the forecast period 2020 - 2025. Infrared and Thermal Imaging Systems have witnessed a paradigm shift in recent years, owing to their increasing use in military and defense applications.
Infrared and thermal imaging technology enables users to detect objects or individuals in complete darkness, difficult and distinct conditions. Unlike the other methods, thermal imaging works in environments without any ambient light. Like near-infrared illumination, thermal imaging can penetrate obscurants such as smoke, fog, and haze.
Industrial Applications are Expected to Have a Major Market Share.
Thermal imaging has initiated the process of making substantial inroads into other types of applications such as uncooled microbolometer-based detectors. These sensors have a long wave infrared band from 7.5 to 14 µm. Microbolometers are cheaper, smaller in size, lighter in weight; all these attributes while possessing immediate power-up capabilities, decreased power consumption, longer means the time between failures and are comparatively better than traditional bolometers.
The automotive industry uses thermal imaging as part of the safety system (E.g., identification of animals or humans on the road and warn the drivers before they encounter these potential hazards). Rear-view visibility systems (backup cameras) are now becoming mandatory on all new light vehicles sold in the US. With autonomous vehicles coming into the picture, this technology can facilitate the automatic breaking by distinguishing based on object size.
North America to Hold a Significant Market Share
Latest technological breakthroughs have facilitated the advancement of new IR and thermal imaging systems that can make the overall processes more efficient and can significantly improve accuracy in various applications.
There have been a series of new product launches, mergers and acquisitions in North America to take advantage of this opportunity. The major driver behind the investments has been the overall evolution and application of new technologies to unlock a huge number of volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom over the forecast period.
For instance, L-3 Communications majorly based out in the United States launched its latest Warrior Systems (ALST) and has signed a contract to deliver ground laser target designators to the Republic of Korea. L-3 released its latest Scarab system (a laser designator armed with rangefinding and an IR thermal imager), which is providing exact target designation during the day, night and in all battlefield conditions. The contract value is approximately USD 30 million.
The manufacturers are getting involved in mergers and acquisitions to gain a competitive advantage. They are expecting for better opportunities to improve product innovation and achieve expertise.