Market Synopsis: The global infrared imaging market exhibited significant strength in 2020 and is projected to experience a consistent increase in revenue CAGR throughout the forecast period. Infrared (IR) imaging finds extensive applications across various sectors including automotive, aerospace, electronics, military and defense, as well as oil and gas industries. The escalating production and associated operations within these industries are anticipated to be pivotal drivers for market revenue growth in the foreseeable future. IR imaging encompasses technology aimed at capturing imperceptible infrared radiation and transforming it into a visible image. This technology is adept at measuring temperature differentials of small and mobile objects while delivering clear thermal images even in low-light conditions. Consequently, IR imaging is extensively employed in thermography, detecting air leaks, monitoring clogged condenser tubes in refrigeration systems, and overseeing heat exchangers, pumps, compressors, fans, and blowers.

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IR imaging serves as a critical tool in the military and defense sector, facilitating high-resolution vision in dark environments. The surge in deployment of Advanced Driver Assistance Systems (ADAS) and self-driving vehicle platforms is notably boosting the demand for IR imaging solutions and technology in the automotive industry. This technology aids in the detection of vehicles, pedestrians, animals, and objects on roadways, with on-board safety systems providing alerts to mitigate potential accidents. In the realm of healthcare, IR imaging finds diverse applications, ranging from non-invasive body temperature monitoring and disease pattern tracking to diagnosing neurological, vascular, and urinary disorders. Furthermore, anticipated technological advancements in the coming years, such as the development of high-speed cameras with enhanced features and the production of more lightweight and convenient industrial IR imaging equipment, are poised to significantly bolster market revenue growth. IR imaging stands as an indispensable high-resolution vision and imaging solution for dark environments in military applications, driving assistance systems in the automotive sector, and monitoring and diagnostic applications in healthcare. Moreover, the expanding scope of IR imaging applications across various sectors and industries is expected to further propel market growth in the forecast period.

Market Dynamics: Drivers: Increased adoption for security and surveillance in the healthcare industry Infrared cameras are widely utilized in security and surveillance applications owing to their capability to operate effectively in challenging environments such as fog, haze, smoke, and steam, among others. IR imaging solutions are particularly suitable for military and defense applications, enabling the tracking of movement of individuals and objects, as well as the detection of chemical, biological, radiological, and nuclear traces. Numerous companies operating in the infrared imaging market have secured contracts for the development or supply of infrared products for military and defense purposes. Additionally, infrared cameras find extensive use in security and surveillance applications within industrial and commercial premises. These devices are particularly adept at temperature measurement and can be installed or operated from a safe distance, thereby requiring minimal labor and effort to manage. Sales of infrared imaging devices and solutions are expected to witness substantial growth in emerging economies across the Asia Pacific region due to increasing investments and government initiatives aimed at modernizing military and defense infrastructure, alongside rapid industrial expansion in these nations.

The utilization of Near Infrared Imaging (NIR) has witnessed significant growth in the healthcare sector in recent times. The escalating number of surgical procedures, propelled by the rising prevalence of chronic diseases such as cancer, cardiovascular disease, neurovascular disease, and gastrointestinal disease, is a key driver for this trend. NIR is employed for intraoperative imaging in various surgical procedures, encompassing plastic and reconstructive surgery, cancer surgery, gastrointestinal surgery, cardiovascular surgery, thoracic surgery, and neurosurgery. NIR imaging enables surgeons to assess blood flow, tissue viability, and perfusion during surgical interventions. In cancer surgery, NIR imaging aids in identifying cancerous tissues from normal tissues by establishing positive margins. Hence, the increasing volume of surgeries is anticipated to sustain revenue growth in the global imaging market throughout the forecast period.

In the healthcare sector, only two NIR fluorophores—indocyanine blue (ICG) (approved for clinical use in 1959) and Methylene Blue (MB)—have received FDA approval. Imaging agents undergo the same FDA approval process as other pharmaceutical drugs, typically requiring around a decade and an investment of approximately USD 150 million for a fluorescence probe to become commercially available. Subsequently, upon approval, imaging agents must be associated with a specific imaging device model, rendering the niche capital-intensive. These factors are expected to significantly restrain market growth moving forward.

Regional Outlook: North America dominated the global market in 2020, primarily attributed to increased spending by the US government on enhancing military and defense capabilities and infrastructure. The US accounted for approximately 38% of the total global military spending in 2019. The Asia Pacific market is poised for significant revenue growth over the forecast period, with China ranking as the second-highest spender globally on military and defense. Revenues from European, Latin American, and Middle Eastern & African markets are expected to grow at a comparatively moderate rate throughout the forecast period.

Companies Profiled in the Report: Major 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, and Lynred. The market exhibits moderate fragmentation, with a plethora of small- and medium-sized manufacturers contributing to the majority of market revenue. Key companies boast well-established manufacturing facilities and actively engage in various research and development endeavors to innovate and deploy new, more efficient technologies in the global infrared imaging market.

Segments Covered in the Report: For the purpose of this report, the global infrared imaging market is segmented based on technology, wavelength, product, application, and region:

Technology Outlook:

• Cooled
• Uncooled

Wavelength Outlook:

• Near Infrared (NIR)
• Shortwave Infrared (SWIR)
• Mid

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