According to a new report “Global IR Imaging Market (2012 – 2017) - Forecast, Trend & Analysis” published by MarketsandMarkets, the value of IR imaging market was $2,183 million in 2011 and is expected to reach $3,861 million by 2017, at an estimated CAGR of 9.5%. In terms of volume, the total number of IR imaging camera shipped was 318,000 in 2011 and expected to reach 1.41 million by 2017, at an estimated CAGR of 28.6%.
According to a new report “Global IR Imaging Market (2012 – 2017) - Forecast, Trend & Analysis” published by MarketsandMarkets, the value of IR imaging market was $2,183 million in 2011 and is expected to reach $3,861 million by 2017, at an estimated CAGR of 9.5%. In terms of volume, the total number of IR imaging camera shipped was 318,000 in 2011 and expected to reach 1.41 million by 2017, at an estimated CAGR of 28.6%.
IR cameras were initially developed for military applications, and this application had contributed to a major chunk of the revenue to the total IR imaging market. For many years, this technology was restricted to military/defense, academia and niche markets. However, due to developments in uncooled IR imaging technology and availability of affordable long-wave IR cameras, the IR imaging market has witnessed a shift in focus toward commercial applications. Now, IR cameras have emerged as a mainstream device for numerous applications, such as security, firefighting, surveillance and industrial imaging.
Continuous price reductions of IR cameras throughout the forecasted period will be one of the key factors driving the penetration into fast growing applications like security/surveillance and automotive: from the night vision option in automobiles to thermal imagers used by surgeons or firefighters. The installation rate of IR cameras in cars is still below 1%, rendering a lot of room for growth during the forecasted period.