The "Infrared Imaging Technology - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
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.
Competitors identified in this market include, among others:
Allied Vision Technologies GmbH
Axis Communications AB
Cox Communications, Inc.
FLIR Systems, Inc.
L3 Technologies, Inc.
New Imaging technologies
Opgal Optronic Industries Ltd.
Princeton Infrared Technologies, Inc.
Princeton Instruments, Inc.
Raptor Photonics Limited
Sensors Unlimited Inc.
Tonbo Imaging Private Limited
Zhejiang Dali Technology Co., Ltd
Key Topics Covered:
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
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
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
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
Reprioritizing of Budgets Impacts Defense Spending, Affecting IR Imaging Market
Increase in Territorial Conflicts and Border Disputes Drive Focus onto Better Surveillance & Target Identification
Focus on Soldier Modernization Programs Spurs Market Growth
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
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
As Aviation Industry Looks to Resume Normal Operations, Demand for IR Imaging Systems Poised to Grow
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
Total Companies Profiled: 55
For more information about this report visit https://www.researchandmarkets.com/r/p2dxve
View source version on businesswire.com: https://www.businesswire.com/news/home/20201126005595/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900