Market Insight —
Global Military Thermal Imaging Market is growing phenomenally, mainly due to rising defense budgets in countries worldwide. Advancement in technology is another key driving force behind the market growth, improving the performance and functionalities of thermal imaging devices. Thermal imaging technology is specially designed for military operations conducted in low light conditions to allow a clear vision in the night, evenings, or during fogs. High uptake of electro-optical solutions to improve Warfield performance of armed forces is a major factor escalating the market growth to furthered height. According to Market Research Future (MRFR), the global military thermal imaging market is estimated to garner phenomenal accruals by 2025. In its recent COVID 19 analysis on the military thermal imaging market, MRFR also asserts that the market would register 6% CAGR during the review period (2019-2020).
Substantial investments made by governments and industry players for the development of futuristic military thermal imaging systems are anticipated to fuel market growth throughout the review period. Simultaneously, augmenting demand for surveillance and monitoring technologies in the defense sector is projected to propel the market growth, offering significant opportunities to market players. On the other hand, some technical complexities, and restrictions in the development of long-wave infrared technologies are the major factors estimated to obstruct the growth of the market. Nevertheless, the rising adoption of thermal imagining devices due to increasingly dropping prices of the technology would increase the market size of military thermal imaging systems.
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May 22, 2020 - Polish Armaments Group (PGZ), announced signing an agreement with the Armament Inspectorate to acquire new thermal imaging systems. The agreement concerns the delivery of PCO SA NPL-1T thermal imaging binoculars expected to be delivered by 30th November 2021. These new thermal imaging binoculars would be used for observation purposes at night and during the day, regardless of the lighting and weather conditions.
Binoculars would allow users to determine his position with the use of a military-grade GPS unit via an interface, making it possible to detect human-sized objects at 1,000 meters at least.
Highly competitive, the Military Thermal Imaging Market appears fragmented due to the presence of several well-established players. Innovations, collaborations, and mergers & acquisitions remain key trends of leading players to gain a larger competitive share. Industry players focus on the development of their product portfolio with the help of advanced technologies. Players make investments to drive R&D and to acquire promising companies to support their expansion plans. Increasing government funding support is motivating key companies to manufacture new equipment that can match the changing trends and needs of defense sectors.
These players develop state-of-the-art R & D labs and strong sales and distribution networks, which can help them to remain in a leading position.
Players leading the Military Thermal Imaging Market include Aselsan (Turkey), Lockheed Martin (US), Thales Group (France), Northrop Grumman (US), Raytheon Company (US), L -3 Technologies (US), Israel Aerospace Industries (Israel), Ultra Electronics (UK), MOOG Inc. (US), Rafael Advanced Defense Systems Ltd. (Israel), Flir Systems (US), and Qioptik (Paris), among others.
The report is segmented into five dynamics.
By Type : Camera, Module, Scope, and others.
By Application: Security & Surveillance, Monitoring & Inspection, Target Detection, Situational Awareness, and others.
By End User: Naval, Airborne, and Land.
By Platform: Man-Portable, Fixed, and Mounted.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
North America dominates the global military thermal imaging market. The significant market share attributes to the presence of several notable industry players and thermal imaging product R&D centers in this region. Besides, factors such as substantial technological advances, early uptake of advanced technologies in the development of military devices, and huge defense budget, drive the market growth. The North American military thermal imaging market is projected to retain its dominance over the global market throughout the review period.
Europe stands second in the global military thermal imaging market. The market growth is driven by the constant upgrade in warfare platforms with advanced technologies. Moreover, enormous R&D investments for the development of related technologies boost regional market growth. Germany and the UK are major growth contributors to the regional market. The European military thermal imaging market is estimated to create a substantial revenue pocket over the assessment period.
The Asia Pacific military thermal imaging market shows promising progress. Owing to increasing cross-border conflicts, major APAC countries such as China and India are doubling their efforts and defense budgets, which foster the regional market growth phenomenally. Besides, increased forces and massive investments deployed to deal with rising terrorist activities and to secure their nations from terrorism boost the regional market growth.
APAC countries such as Vietnam, Malaysia, Taiwan, and the Philippines, are increasing their military spending to strengthen their defense sectors against China due to the rising South China Sea conflicts. Moreover, India and South Korea have increased their defense budgets to implement advent technologies to counter the threats from their disruptive neighbors. The APAC military thermal imaging market is expected to grow at an impressive CAGR during the forecast period.
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