Global Cooled IR Camera Market to Reach $736.4 Million by 2026

According to a recent report published by Allied Market Research, titled, "Cooled IR Camera Market by Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2018–2026," the global cooled IR camera market size was valued at $242.7 million in 2018, and is projected to reach $736.4 million by 2026, registering a CAGR of 13.5% from 2019 to 2026. 

An infrared camera is a non-contact device that detects infrared energy and converts it into electronic signal, which is then processed to produce a thermal image on the monitor. The heat sensed by infrared cameras is precisely quantified and measured to monitor the thermal performance and to identify heat related problems. Recent innovations, particularly in the detector technology, and incorporation of built-in visual imaging, along with automatic functionality, and infrared software development, are expected to deliver more cost-effective thermal analysis solutions in the coming years.

Due to their high thermal sensitivity and favorable atmospheric transmission in the spectral zone, infrared cameras based on indium antimonide (InSb) sensors are being used in medium- to long-range surveillance, and for scientific and research requirements where detection of very small temperature differences or wavelength-specific imaging is beneficial. Various advancements in the production of InSb focal planes is leading towards adoption of infrared cameras, which provides wide broadband spectral. Indium antimonide sensors require cryogenic cooling to become photoconductive.

Cooled IR cameras provide remote access to data and this function is encouraging governments to use these surveillance systems in high alert spaces such as prisons. This system helps analyze the government functionality of guard staff, ensure the security level of all areas of jail, and maintain the protocol. Video analytics also helps security departments to identify specific time-period activities. This technology continuously provides both passive and active monitoring. Infrared imaging is used in many defense applications to enable high-resolution vision and identification in darkness. Such enhanced features of cooled IR cameras create lucrative opportunities for this technology for defense & military industry vertical.

On January 2019 FLIR Systems Inc., announced the development of two thermal imaging cameras for automotive industry. The company also developed its next generation thermal vision automotive development kit and handheld diagnostic thermal cameras. In addition, cooled IR cameras are also used for armored vehicle retrofits to enhance vehicle survivability. Companies are developing thermal imaging camera solutions for long range applications for vehicles to increase their operational efficiency and to provide optimum day and night vision.

Asia-Pacific is expected to offer lucrative opportunities in the cooled IR camera market. This is due to the increase in adoption of enhanced technologies in the security system in developing countries such as India, China, and Indonesia. Various product launches and advancement in technologies in the surveillance market is anticipated to offer significant cooled IR camera market growth opportunities. In addition, growth in standard of living, rise in per capita income, and increase in penetration of technological advancements in surveillance and security system in Europe are expected to help in cooled IR camera market expansion. For instance, SATIR, a company based in Europe developed and IR automotive camera, which enhances safe driving at night. The camera can be connected to an existing LCD monitor in the vehicle and highlights people or another obstacle on the road. 

Key Findings of the Study:

• Based on technology, the Indium Antimonide (InSb) segment generated the highest revenue in the global cooled IR camera market in 2018.
• Based on end use, the defense & military segment generated the highest revenue in the cooled IR camera market share in 2018.

The key players in the cooled IR camera industry include Leonardo DRS, Global Sensor Technology Co., ltd., Xenics, AIM Infrarot-Module GmbH, Lynred, FLIR System Inc., L3 Technologies, SemiConductor Devices, Boston Electronics Corporation, and Hamamatsu Photonics. These key players adopt several strategies such as, new product launch and development, acquisition, partnership and collaboration and business expansion to increase the cooled IR camera market share during the forecast period.