Thermal Imaging Market: An Overview
A recent report compiled by Reports and Data estimates the Global Thermal Imaging Market size to reach USD 4.99 Billion by 2027. The demand for thermal imaging in various end-use industries is driving market demand. An increase in terrorist activities has impacted government and non-government initiatives to adopt thermal imaging technologies. Increasing instability, geopolitical tension, and cross border terrorism are driving market demand. Rising investment in the defense system, leading to the modernization of military equipment, is a positive driver for the market. Thermal imaging helps armed forces to protect borders during night time and extreme weather.
Advancement in thermal imaging systems is driving market demand. The advancement in research and development aids in lowering the cost substantially and introduce a smarter and efficient thermal system. The systems help in enhancing the visibility and clarity of the objects in the dark. It has helped companies in reducing their downtime. Moreover, the technology is entirely non-invasive and involves zero physical contact.
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Thermal Imaging Market Dynamics
A gradual decrease in the cost in the thermography market is propelling the growth of the thermal imaging market. The deployment of thermal cameras in CCTV camera systems and smartphones, besides the application of thermal imaging systems in automotive, aerospace, and military, offers ample opportunities for the market.
The growth of the market has also been impacted by the advancement of medical technologies. Digital research and construction management also involves the usage of thermal imaging technologies. It is important for construction planners to map energy leakage, moisture inspections, and building envelope scrutiny. As energy conservation becomes a crucial factor in building construction, the application of thermal imaging during constriction becomes inevitable.
High investment in construction development, coupled with the growing demand for professional surveillance in public and private sectors, are propelling market demand. However, restrictions in export and confidential details that can be retrieved by longwave infrared cameras are hampering the market demand. The lack of awareness and low adoption will impact the industry.
Thermal Imaging Market: Regional Outlook
The European region is forecasted to grow with a CAGR of 6.2% during the forecast period. The UK, France, and Germany are increasingly adopting expensive cool thermal imaging solutions. This demand is augmenting market growth prospects across healthcare facilities, manufacturing plants, and the automotive industry. The market is witnessing continuous upgrades and applications of new technologies in the transportation, commercial, and surveillance system in North American region as well. As self-driving cars are coming on to the streets, Advanced Driving Assistance Vehicle and autonomous vehicles are adopting thermal imaging systems rapidly. Moreover, thermal imaging systems have become less expensive which is also expected to trigger market demand in the coming years.
Asia Pacific thermal imaging market is growing due to the rise in the adoption of the systems in automotive sector. The surge in population is also creating a need for high-quality and enhanced transportation. Automobile manufacturers are improving designs and integrating advanced technology such as LiDAR for better driving assistance.
Thermal Imaging Market: Key Players
- Fluke Corporation
- United Technologies
- FLIR Systems, Inc.
- Leonardo S.p.A.
- Axis Communications AB
- L3HARRIS Technologies, Inc.
- Axis Communications AB
- Opgal, Xenics
- BAE Systems
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COVID-19 Impact on Thermal Imaging Market:
The Coronavirus pandemic has propelled the demand for thermal imaging systems from the transportation and healthcare sectors. The thermography market has witnessed a major boost in the current scenario, which, in turn, has also augmented the thermal imaging market. Various market players are integrating artificial intelligence to enhance the protection level provided by thermal imaging machines. Governments across all nations are implementing stringent regulations to isolate high-risk zones or track people asked to be in-home quarantine. Smartphone apps that are integrated with geotagging features have been implemented by various governments to track infected people and ensure physical distancing. The market will witness an increased demand as COVID-19 necessitates the adoption of more advanced technologies.
Report Highlights:
- Detailed overview of the parent market
- Changing thermal imaging market dynamics in the industry
- In-depth thermal imaging market segmentation
- Historical, present, and projected thermal imaging market size in terms of volume and value
- Recent thermal imaging market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions exhibiting promising growth
- A neutral perspective on thermal imaging market performance
Thermal Imaging Market: Segmentation
For the purpose of this report, the Global Thermal Imaging Market is segmented on the basis of product type, application, industry vertical, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Thermal Cameras
- Thermal Scopes
- Thermal Modules
Application Outlook (Revenue, USD Billion; 2017-2027)
- Security and Surveillance
- Unmanned Aerial Vehicle (UAV)
- Perimeter Security
- Tracking
- Monitoring and Inspection
- Structural Health Monitoring
- HVAC System Inspection
- Machine Condition Monitoring
- Quality Assessment
- Detection and Measurement
- Fire/Flare Detection
- Level Measurement
- Gas Detection
- Body Temperature Measurement
- Prototype Assessment
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Residential
- Commercial
- Industrial
- Automotive
- Aerospace and Defense
- Oil and Gas
- Healthcare and Life science
- Food and Beverage
Read News About “Thermal Imaging Market Research Report – Global Industry Data by Product Type (Thermal Cameras, Thermal Scopes, Thermal Modules), Application, Industry Vertical (Residential, Commercial, Industrial, Automotive, Aerospace and Defense, Oil and Gas): Forecast To 2027” @ https://www.prnewswire.com/news-releases/thermal-imaging-market-to-reach-usd-4-99-billion-by-2027--reports-and-data-301110070.html
