Pune, July 15, 2020 (GLOBE NEWSWIRE) — The global SWIR camera market size is projected to reach USD 419.0 million by 2027, exhibiting a CAGR of 11.4% during the forecast period. Unhindered spread of the novel coronavirus across the globe is stoking the adoption of thermal cameras and fueling the market growth, shares Fortune Business Insights™ in its report, titled “SWIR Camera Market Size, Share and Covid-19 Impact Analysis, By Product (SWIR Linear Camera, SWIR Area Camera), By Application (Inspection and Quality Control, Security and Surveillance, Astronomy, Thermography, Spectroscopy, and Others), By End-user (Industrial Manufacturing, Aerospace and Defense, Scientific Research and Life Sciences, and Others), and Regional Forecast, 2020 – 2027”.
High body temperature is one of the primary warning signs of the COVID-19 infection in an individual. Healthcare and other professionals charged with the responsibility of testing people for fever need to perform their task diligently, while maintaining a safe distance from those being checked. An optimal solution to this predicament of frontline workers has been provided by thermal imaging devices such as SWIR cameras that use heat signatures from bodies to catch high temperatures. For example, the US Department of Defense is utilizing thermal imagers to detect fever onset among personnel entering military facilities. Thus, the COVID-19 outbreak has heightened the demand for SWIR and other infrared-based cameras, especially in health and important government agencies.
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The report states that the market value stood at USD 178.9 million in 2019. It also offers the following:
- Exhaustive study of the various factors driving the market;
- Detailed analysis of the market’s restraining factors;
- Piecemeal examination of all the market segments; and
- In-depth research into the regional and competitive dynamics influencing market growth.
Rising Military Spending to Bolster Market Growth
A prominent factor that is expected to provide a positive thrust to the SWIR camera market growth during the forecast period is the increased military spending by major economies of the world. According to the Stockholm International Peace Research Institute (SIPRI), the total defense expenditure worldwide reached USD 1917 billion in 2019, representing 3.6% rise from 2018 levels. The US, China, India, Russia, and Saudi Arabia emerged as the largest spenders, the SIPRI data reveals. More funds for militaries in these countries will mean modernization of defense equipment with next-gen gear such as SWIR cameras and other thermal imaging technologies. These cameras can efficiently perform security and surveillance operations, especially in areas where visibility is poor, thus enabling enemy forces to conduct nefarious activities undetected. As the concerns over national security intensify, the demand for such advanced equipment is expected to surge.
Wide Adoption of Thermal Imaging Tools to Fuel the Market in North America
In 2019, the market size in North America stood at USD 60.0 million and in the coming years, the region is expected to dominate this market share. This is mainly attributable to the widespread installation of thermal imaging devices across the continent. For instance, in the US, SWIR cameras are extensively used in law enforcement operations. Strengthening this trend is the advent of smart technologies such as 5G, Artificial Intelligence (AI), and Internet of Things (IoT), which are spurring innovation among market players in the region.
In Asia-Pacific, the market growth is premised on rapid uptake of cloud computing solutions and improving internet and mobile connectivity, particularly in India and China, which are encouraging installation of thermal imaging devices. In the Middle East, increasing application of SWIR cameras in the healthcare sector is emerging as the key growth driver for the regional market.
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Strategic Launch of Novel Products by Key Players to Augment Competition
Key players in this market are constantly engaged in a healthy competition to develop and introduce niche and innovative products to gain a definitive edge. As a result, many companies are enhancing their R&D capacity through increased investments, collaborations, and acquisitions.
- May 2020: France-based New Imaging Technologies (NIT) launched its SWIR camera called HiPe SenS for applications in long exposure time and low light environments. The camera is powered by the company’s newest SWIR sensor, NSC1902T-SI, which features an ultra-low dark current and low noise operation.
- February 2020: US-based Teledyne Princeton Instruments expanded its NIRvana® SWIR product range, with the addition of the NIRvana HS. The novel camera offers leverages the power of second near-infrared window to cater to the diverse requirements of the medical, industrial, and scientific domains.
List of Key Players Profiled in the SWIR Camera Market Research Report are:
- Sierra-Olympic Systems, Inc.
- Princeton Infrared Technologies, Inc.
- IRCameras LLC
- Hamamatsu Photonics K.K.
- Allied Vision Technologies GmbH
- Teledyne Princeton Instruments
- Raptor Photonics
- New Imaging Technologies (NIT)
- Leonardo DRS
- InView Technology Corporation
- FLIR Systems, Inc.
SWIR Camera Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103283
Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Key Industry Developments – In Response to the COVID-19 Impact
- Global SWIR Camera Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Product (Value)
- SWIR Linear Camera
- SWIR Area Camera
- By Application (Value)
- Inspection and Quality Control
- Security and Surveillance
- By End-User (Value)
- Industrial Manufacturing
- Aerospace and Defense
- Scientific Research and Life Sciences
- By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Product (Value)
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