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Based on regions, the infrared camera market consists of Asia Pacific, North America, Europe, and RoW( Rest of the World). Asia Pacific will generate over USD 1.7 billion in 2024. High consumption in defense applications in India, South Korea, and Japan should add regional expansion.
North America is predicted to be one of the leading regions till 2024. This could be ascribed to its prominent vendors and technological superiority. Higher adoption of video surveillance cabling is yet another regional driver.
Several countries in the European Union have introduced regulations abiding by which new & refurbished buildings are required to obtain EPCs( Energy Performance Certificates). This is considered to support European demand. Key participants in the global infrared camera market comprise Axis Communications, FLIR Systems, Fluke Corporation, Samsung Techwin, and Testo AG.
Development of novel products, innovations in technologies, and consolidation through mergers & acquisitions are the major strategies adopted by these operators. Vertical integration is widely accepted as it fosters product innovations. It also aids in the efficient fulfillment of customer needs.
Technical proficiency, huge capital demand, and partnerships & acquisitions among vital players to enter developing geographical sectors are anticipated to boost entry hindrances for novel participants.
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