The infrared camera market is predicted to reach $6.8 billion by 2023, according to new research by Global Market Insights.
The report finds that military and defence applications, which occupied 35 per cent of the IR camera market share in 2015, will continue to dominate revenue, but says that IR in healthcare applications will grow at 9.8 per cent CAGR from 2016 to 2023.
It also mentions the automotive sector as an untapped growth area – near infrared-based systems improve night time driving conditions, for instance.
Infrared camera market size for products fitted with a sapphire lens will grow at 10.7 per cent CAGR from 2016 to 2023, according to the report. Germanium will remain the leading material segment through the next few years, although MEMS technology-based microbolometers have gained prominence in the industry, and aided in faster commercialisation of products such as thermal imagers.
Miniaturisation has also led to lower infrared camera market prices, which is set to drive revenue growth over the next few years.
The commercial sector is forecast to remain attractive due to adoption for purposes such as building diagnosis, border security, nuclear power stations, and airports.
The US IR camera market share will continue to be significant, the report finds, and the North American industry is forecast to exceed $2.5 billion by 2023, primarily due to growth in the commercial and industrial sectors.