Cooled
IR Camera Market Share, Size, Demand, Forecast to 2032

The global cooled IR camera market was valued at USD 350
million in 2023 and is projected to grow at a CAGR of 8% from 2024 to 2032.

This growth is primarily driven by the increasing demand for
advanced imaging technologies, particularly in the military and defense
sectors. Cooled IR cameras offer high sensitivity and superior image quality,
making them essential for a variety of defense applications such as
surveillance, target acquisition, and reconnaissance. Cooled IR cameras can
detect heat signatures over long distances, even in challenging conditions like
darkness, fog, smoke, or other visual obstructions. This capability is critical
for nighttime operations and battlefield awareness, where clear and detailed
thermal images support better decision-making in mission-critical scenarios.

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The industrial inspection segment is expected to grow at a
notable CAGR of 10% during the forecast period. Industries such as
manufacturing, oil and gas, and power generation rely on cooled IR cameras to
monitor equipment and prevent failures by identifying overheating, leaks, or
electrical issues early on.

In terms of wavelength, the cooled IR camera market is
divided into short-wave infrared (SWIR), mid-wave infrared (MWIR), and
long-wave infrared (LWIR). The short-wave infrared (SWIR) segment currently
holds the largest share and is expected to generate USD 300 million by 2032.
SWIR cameras are particularly effective for detecting reflected light, making
them ideal for specialized applications where detailed imaging is required
beyond heat emission detection.

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North America led the global cooled IR camera market in
2023, capturing over 35% of the market share. This dominance is attributed to
the region's robust defense sector, extensive industrial activities, and
leadership in technological innovation. In particular, the United States plays
a key role in market growth due to its strong investment in reconnaissance and
surveillance technologies, including cooled IR cameras. The growing emphasis on
industrial automation and predictive maintenance across various industries,
including manufacturing and energy, also boosts demand in the region.

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