(EMAILWIRE.COM, September 07, 2018 ) According to the new market research report "Infrared Imaging Market by Technology (Cooled Infrared Imaging and Uncooled Infrared Imaging), Wavelength (Near Infrared, Shortwave Infrared, Mid-wave Infrared, and Long-wave Infrared), Application, Vertical, and Geography - Global Forecast to 2023", the infrared imaging market is expected to grow from USD 5.16 Billion in 2018 to USD 7.30 Billion by 2023, at a CAGR of 7.18% between 2018 and 2023. The growth of this market can be attributed to the high demand for infrared imaging products from the military and defense sector, primarily for security and surveillance application.

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The report segments the infrared imaging market by technology, wavelength, application, vertical, and geography. This market is expected to be led by the long-wave infrared (LWIR) segment during the forecast period. High demand for LWIR products from the military and defense vertical is one of the major factors leading to the dominant position of the LWIR segment in the infrared imaging market. LWIR cameras have also significantly penetrated into various industries, such as aerospace, automotive, food & beverages, civil infrastructure, and medical, for multiple applications.

The market for the monitoring and inspection application is expected to witness significant growth during the forecast period. Rising demand for infrared imaging cameras for predictive maintenance is one of the major factors accelerating the growth of the infrared imaging market for the monitoring and inspection application.

The nonindustrial vertical accounted for a larger share of the overall infrared imaging market. The high adoption of infrared imaging products, especially for the security and surveillance application, has led to the dominance of this vertical in this market.

North America held the largest share of the market in 2017, and the market in this region is expected to witness significant growth during the forecast period. The high adoption of infrared imaging cameras in the US has led to the dominant position of North America in the infrared imaging market.

The high cost of infrared imaging cameras, especially shortwave infrared cameras, is currently the major restraining factor for the growth of the infrared imaging market. Some of the major companies operating in this market are FLIR Systems (US), Fluke (US), Sensors Unlimited (US), Leonardo DRS (US), Xenics (Belgium), Opgal Optronic Industries (Israel), Axis Communications (Sweden), New Imaging Technologies (France), Allied Vision Technologies (Germany), and Sofradir (France).

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