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Infrared Imaging Technology - Global Market Trajectory & Analytics

  • ID: 4805784
  • Report
  • October 2020
  • Region: Global
  • 535 pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Axis Communications Ab
  • C-Thermal
  • Flir Systems
  • Ircamera
  • Leonardo Drs
  • Princeton Instruments
Crumbling Economic & Business Fundamentals Take a Painful Bite Out of the Infrared Imaging Technology Market. On Cards Are Losses Amounting to US$351.6 Million for the Year 2020.

The global market for Infrared Imaging Technology is expected to decline by -6.6% in the year 2020 and thereafter recover and grow to reach US$7.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.3%. The pandemic is having a considerable impact on world economy and all industries. The asphyxiated economy has set into motion a cascading effect of a marked recession which is being felt by businesses and consumers alike. Global GDP is expected to dip into the red at -3% with the US economy shrinking by a shocking -5.9%. With roots in China, the world's supply chains are facing unprecedented disruption & shutdown. Interwoven with a demand crisis, the supply chain shocks are exerting a compounded blow to manufacturing companies worldwide. The worst affected industry in this pandemic driven crisis is manufacturing with its complex supply chains, labor intensive processes, and interdependencies. Division of labor, modular manufacturing strategies, outsourcing to reduce costs and increase the efficiency, consistency, and quality of each operations, have made the manufacturing sector most vulnerable amid the lockdown restrictions. An indication of the grim state of affairs is the fact that global manufacturing PMI is already declining and will fall to an estimated all-time low of 38.4 points in 2020 as compared to 53.8 in 2019. This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Global industrial output is plummeting sharply with the U.S posting steep declines of -16.5% & -15.2% in March & April 2020.

Business investment confidence is tumbling amidst poor demand, falling profits, liquidity crunch and a reeling global economy. The great lockdown of 2020 has crushed the global economy and with it the manufacturing sector. The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide. Global merchandize trade is expected to plummet by 15% to 30% in the year 2020 highlighting the magnitude of disruption. Against this backdrop, it requires very little speculation to measure the impact on manufacturing. In the United States alone over 80% of manufacturers are bracing for losses. The impact will mean crunch on capital resources; workforce layoffs/reduction and loss in productivity; supply chain disruptions; difficulties with funding; and increase in cybersecurity risks and fraud. Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected. The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders. In the midst of this crisis, demand for advanced materials used in manufacturing is taking a heavy blow as cash strapped companies struggle to cope. With manufacturing industry collapsing like a pack of cards, materials in the value chain are facing the biggest business setback ever.

Infrared (IR), also known as infrared light, is an electromagnetic radiation (EMR) that possesses longer wavelengths in comparison to a visible light, and is not visible to ordinary human eye. Infrared imaging makes use of cameras that consider heat as against light and produce an image based on temperature rather than visible properties. All objects that are warmer than absolute zero (-273°C/-459°F) are known to emit IR radiation in the MWIR and LWIR wavelengths i.e. in 3µm-14µm, with radiation amount being proportional to the object's temperature. IR imaging is utilized for focusing and detecting the radiation, which is subsequently captured in the form of a greyscale image involving use of dark and bright shades of grey to represent cooler and hotter temperatures zones and thus providing the object's/scene's heat profile. Closed factories & worker density challenges have taken their toll on plant inspection activities & demand for instruments based on thermography which are predominantly designed for handheld use. Infrared imaging widely used in the oil & gas industry to inspect operating assets for condition monitoring & predictive maintenance, stares at business losses as the industry slashes CAPEX spending by -36%. With production declining as a result of plant closures & weak consumer demand, need for IR based non-destructive testing for thickness and geometry of components & emissivity of materials has declined sharply. Post COVID-19 however, the return to growth will be led by growing demand from non-industrial sector, robust adoption in new end-use applications, technological advancements in IR imaging technology, rising adoption in security and surveillance applications, increasing availability of reasonably priced infrared cameras. Also, rising demand for infrared imaging cameras in emerging economies and high penetration of SWIR cameras will open up new avenues of growth in the coming years. The increasing use of IR cameras in quality control and inspections and steady acceptance in consumer electronic market also present untapped growth opportunities. IR imaging can be used as both a predictive and preventive tool, which makes it highly diverse. SWIR cameras are expensive given the use of expensive semiconductor material such as indium gallium arsenide (InGaAs) sensors in their formulation.

Competitors identified in this market include, among others:
  • Allied Vision Technologies GmbH
  • Axis Communications AB
  • Cox Communications, Inc.
  • C-Thermal
  • Episensors, Inc.
  • FLIR Systems, Inc.
  • Fluke Corporation
  • IRCameras LLC
  • L3 Technologies, Inc.
  • Leonardo DRS
  • New Imaging technologies
  • Opgal Optronic Industries Ltd.
  • Princeton Infrared Technologies, Inc.
  • Princeton Instruments, Inc.
  • Raptor Photonics Limited
  • Sensors Unlimited Inc.
  • Sofradir Group
  • Tonbo Imaging Private Limited
  • Xenics NV
  • Zhejiang Dali Technology Co., Ltd
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Axis Communications Ab
  • C-Thermal
  • Flir Systems
  • Ircamera
  • Leonardo Drs
  • Princeton Instruments
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Economic Recession
  • COVID-19 Impact on Infrared Imaging Technology
  • Thermal Imaging as Promising Fever Screening Method to Dodge COVID-19 Storm
  • Caveats Regarding Use of Infrared/Thermal Imaging for Fever Detection
  • Vendors Highlight Thermal Imaging Systems to Deal with COVID-19 Challenge
  • Organizations Rise Up with Thermal Imaging to Reopen & Ensure Business Continuity
  • Once a Niche Market, Infrared Cameras Enjoy Rising Demand amid COVID-19
  • Regulatory Response to Potential ‘Virus Spotters’
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • An Introduction to Infrared Imaging Technology
  • Uncooled & Cooled Infrared Imaging
  • Global Market Prospects & Outlook
  • Uncooled Segment Leads Global Market
  • Security & Surveillance Emerges as the Key Application Segment
  • China & Asia-Pacific to Boost Market Growth
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Rising Significance of IR Technology in Industrial Imaging Applications
  • Growing Prominence of Infrared Cameras in Inspection & Quality Control Applications
  • Fast Evolving Role of Industry 4.0 & Smart Factory to Steer Future Expansion
  • EXHIBIT 2: Major Industry 4.0 Technologies: Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020
  • Thermal Imagers for Remote Temperature Measurement
  • Rising Demand for Infrared Imaging Products from Non-Industrial Sectors
  • Sustained Demand for Infrared Imaging Technology in Military Applications
  • With Defense Budgets Coming Under Intense Pressure, IR Imaging Market Witnesses Challenging Times
  • EXHIBIT 3: Defense Expenditure Worldwide in US$ Billion for the Years 2001 through 2019
  • EXHIBIT 4: Leading Countries Ranked by Defense Budgets in US$ Billion for 2019
  • Reprioritizing of Budgets Impacts Defense Spending, Affecting IR Imaging Market
  • EXHIBIT 5: Japan Defense Budget: A Pre & Post COVID-19 Comparison (In US$ Billion) for 2021-2023
  • EXHIBIT 6: UK Defense Budget: A Pre & Post COVID-19 Comparison (In US$ Billion) for 2021-2023
  • Increase in Territorial Conflicts and Border Disputes Drive Focus onto Better Surveillance & Target Identification
  • EXHIBIT 7: Number of Terrorist Incidents and Terrorism-related Deaths Worldwide: 2011-2018
  • Focus on Soldier Modernization Programs Spurs Market Growth
  • EXHIBIT 8: Soldier Modernization Initiatives Fuel Demand for Advanced IR Imaging Systems: Global Soldier Modernization Market Size (in US$ Billion) for 2018, 2021, 2024 & 2027
  • Improving Target Identification, Threat Assessment and Monitoring: Essential Capabilities of IR Imaging Systems
  • US Companies Offer Support to US Air Force for EO/RF-Related Technology Development
  • Imaging Infrared Technology Finds Favor in IR Missile Guidance
  • Thermal Cameras: An Important System for Securing Borders
  • Infrared and Thermal Cameras Find Use in ISR Operations
  • Advanced LWIR Technology to Power Near-Room Temperature Thermal Imaging
  • LWIR Imagers with Superior Dynamic Range
  • Security & Surveillance Applications Present Significant Potential for Infrared Imaging Market
  • Emerging Applications of SWIR Cameras to Boost Market
  • Infrared Imaging Technology’s Growing Role in Gas Detection
  • EXHIBIT 9: Global Gas Leak Detection & Repair Market by Technology (in %) for 2020E
  • IR Imaging Technology Finds Growing Use in Healthcare Sector
  • Infrared Cameras for Medical Diagnostic Reasons
  • IR Imaging Cameras Rise in Prominence for COVID-19 Screening
  • Autonomous Vehicles Integrate IR Imaging Technology
  • EXHIBIT 10: Global Projected Penetration Rate (%) of Autonomous Vehicles for the Years 2021, 2023 and 2025
  • As Aviation Industry Looks to Resume Normal Operations, Demand for IR Imaging Systems Poised to Grow
  • EXHIBIT 11: Expected Losses in Global Aviation Industry (In US$ Billion)
  • Consumer Electronics Industry Witnesses Increasing Use of IR Technology
  • IR Imaging Cameras: Sensing IR Radiation
  • Primary Use-Cases of Thermal Imaging Cameras
  • Glitches of Thermal Imaging Cameras
  • Infrared Cameras Help Identify & Correct Distortions in Production
  • Emerging Infrared Imaging Technology Applications: An Overview
  • Technological Advances in IR Imaging Technology & Development of Low Cost Cameras to Propel Market
  • NIR-II Opens New Vistas for Biomedical Imaging
  • FIR: The Solution for Complete Autonomous Cars
  • High Cost of Infrared Cameras: A Key Market Restraint
  • Civil Rights & Privacy Concerns Miring Adoption of Thermal Imaging
  • Strict Trade Regulations Impede Demand for Infrared Imaging Products
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 55
Note: Product cover images may vary from those shown
  • Allied Vision Technologies Gmbh
  • Axis Communications Ab
  • C-Thermal
  • Cox Communications
  • Episensors, Inc.
  • Flir Systems
  • Fluke Corporation
  • Ircamera
  • L3 Technologies
  • Leonardo Drs
  • New Imaging Technologies
  • Opgal Optronic Industries Ltd.
  • Princeton Infrared Technologies, Inc.
  • Princeton Instruments
  • Raptor Photonics Limited
  • Sensors Unlimited
  • Sofradir Group
  • Tonbo Imaging Private Limited
  • Xenics Nv
  • Zhejiang Dali Technology
Note: Product cover images may vary from those shown
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