Infrared Imaging Market with COVID-19 Impact Analysis - Global Forecast to 2025

Posted by Steve Stark on December 21st, 2020

The infrared imaging market is expected to grow from USD 5.8 billion in 2020 to USD 8.3 billion by 2025; it is expected to grow at a CAGR of 7.6% during the forecast period. The infrared imaging market has been witnessing significant growth over the past years, mainly owing to the high adoption of infrared imaging solutions in the nonindustrial vertical, especially for security and surveillance applications. The increasing demand for infrared imaging cameras from APAC and rise in the penetration of SWIR cameras are also expected to considerably boost the infrared imaging market in the coming years.

Impact of COVID-19 on Infrared Imaging Market:

The world is facing an economic crisis caused by COVID-19 pandemic. The pandemic like various other markets has also led to a decline in the growth rate of the infrared imaging market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the demand for infrared imaging products. The COVID-19 pandemic has also disrupted the supply chain of the infrared imaging market, thus hindering the manufacturing, distribution, and installation of infrared imaging solutions.

While the COVID-19 pandemic is expected to negatively impact the growth of the infrared imaging market in the short run, it has also led to the rising adoption of infrared imaging products for body temperature measurement. In recent months, a number of companies operating in the infrared imaging market have launched products for the said application.

North America to account for largest market share during forecast period

North America to account for the largest share of the infrared imaging market during the forecast period. High demand for infrared imaging products for the security & surveillance application is one of the major factors fueling the growth of the infrared imaging market in North America. The military & defense, and civil infrastructure segments generate the highest demand for infrared imaging cameras for this application.

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Key Market Players

FLIR Systems (US), Fluke (US), Sensors Unlimited (US), Leonardo DRS (US), Axis Communications (Sweden), Xenics (Belgium), Opgal Optronic Industries (Israel), New Imaging Technologies (France), Allied Vision Technologies (Germany), Lynred (France), are among the key players operating in the infrared imaging market.