According to the new market research report “Infrared Imaging Market with COVID-19 Impact Analysis by Technology (Cooled and Uncooled), Wavelength (Near Infrared, Shortwave Infrared, Mid-wave Infrared, and Long-wave Infrared), Application, Vertical, and Geography — Global Forecast to 2025”, The infrared imaging market is expected to grow from USD 5.8 billion in 2020 to USD 8.3 billion by 2025; it is expected to grow at a CAGR of 7.6% from 2020 to 2025.
The infrared imaging market has been witnessing significant growth over the years, mainly due to the high adoption of infrared imaging solutions in nonindustrial and industrial verticals in emerging use cases. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the infrared imaging market, especially in 2020 and 2021.
This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the demand for infrared imaging products. The COVID-19 pandemic has also disrupted the supply chain of the infrared imaging market, thus hindering the manufacturing, distribution, and installation of infrared imaging solutions.
Browse 134 market data Tables and 62 Figures spread through 190 Pages and in-depth TOC on “Infrared Imaging Market with COVID-19 Impact Analysis by Technology (Cooled and Uncooled), Wavelength (Near Infrared, Shortwave Infrared, Mid-wave Infrared, and Long-wave Infrared), Application, Vertical, and Geography — Global Forecast to 2025”
[190 Pages Report] The infrared imaging market is expected to grow from USD 5.8 billion in 2020 to USD 8.3 billion by 2025; it is expected to grow at a CAGR of 7.6% during the forecast period.
The market has been witnessing significant growth over the past years, mainly owing to the high adoption of infrared imaging solutions in the nonindustrial vertical, especially for security and surveillance applications. The increasing demand for infrared imaging cameras from APAC and rise in the penetration of SWIR cameras are also expected to considerably boost the infrared imaging market in the coming years.
Impact of COVID-19 on Infrared Imaging Market:
The world is facing an economic crisis caused by COVID-19 pandemic. The pandemic like various other markets has also led to a decline in the growth rate of the infrared imaging market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the demand for infrared imaging products. The COVID-19 pandemic has also disrupted the supply chain of the market, thus hindering the manufacturing, distribution, and installation of infrared imaging solutions.
While the COVID-19 pandemic is expected to negatively impact the growth of the infrared imaging market in the short run, it has also led to the rising adoption of infrared imaging products for body temperature measurement. In recent months, a number of companies operating in the market have launched products for the said application.
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