Market synopsis: —
Growing need for thermal inspections and monitoring in the military sector has led to advances in thermal imaging. Also, the emergence of unmanned aerial vehicles in airborne thermal imaging will boost the market growth. The increased focus on technology advancement of Thermal Imaging Market components will enable manufacturers to offer new growth opportunities to the market players. Integration of thermal imaging sensors with smartphones, low cost of thermal imaging solutions, increasing utilization of this technology across industries, and low impact on the environment are a few factors driving thermal imaging market. The development of thermography products with features such as better resolution and smart intelligence capability ensure high adoption of this product in application areas of security, surveillance, and industrial temperature measurement. Thermal imaging is widely used in airborne surveillance systems of spy planes to monitor enemy forces as well as other suspicious activities using satellite imaging. Major players in the thermal imaging market focus on investing a substantial amount in research and development activities to introduce technologically advanced and cost-effective products to meet customer demand and differentiate themselves from competitors.
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Players like FLIR Systems, Bae Systems, L-3 Communications contributes to the major share in the thermal imaging market. However, new startups like Bounce Imaging are challenging the existing players with their innovative product portfolio. Companies such as FLIR Systems and Vummi have introduced smartphones with thermal imaging capability. BAE Systems OASYS thermal imaging product uses the latest uncooled thermal technology to deliver thermal imaging and aiming products for the most discerning operators.
High investment in infrastructure development along with the growing demand for professional surveillance and the need of security applications across public and private sectors are the major factors responsible for driving the thermal imaging market. However, export restrictions and additional detailing required for longwave infrared cameras, used in thermal imaging would hinder the market growth over the forecast period.
The prominent players in the market of thermal imaging are
• FLIR Systems (US)
• Fortive (US)
• Axis Communications (Sweden)
• Leonardo (Italy)
• BAE Systems (UK)
• L3 Technologies (US)
• United Technologies (US)
• Sofradir (France)
• Testo (Germany)
• Xenics (Belgium)
• Seek Thermal (US).
By type, the market is segmented into cameras, modules, and scopes.
By application, the market is segmented into security & surveillance, monitoring & inspection, and detection. Security & surveillance segment is further bifurcated into perimeter security, unmanned aerial vehicle (UAV) and tracking. Monitoring & inspection segment is further bifurcated into machine condition monitoring, structural health monitoring, quality assessment and HVAC. Detection segment is further segmented into gas detection, fire/flare detection, body temperature measurement, level measurement, and research & development.
By vertical, the market is segmented into industrial, commercial, residential, aerospace & defense, automotive, healthcare & life sciences, oil & gas and food & beverages.
The global market for thermal imaging is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of thermal imaging market is covered for North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the market owing to the growing demand for thermal imaging devices and increasing adoption of thermal imaging in commercial and home automation applications. In Europe, the market for thermal imaging is largely driven owing to increased integration of thermal cameras in smartphones and their declining prices. Also, rising demand for surveillance and security applications is attributed to the market growth of thermal imaging in Europe. In the Asia Pacific region, there is a high demand for thermal imaging due to increasing deployment of thermal imaging technology in various military applications, which is expected to drive the market in the forecast period.
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• Companies in the thermal imaging market
• Electronics and semiconductor companies
• Technical standards organizations
• Investment communities in the market
• Research institutes and organizations
• Government and financial institutions
• Venture capitalists
• Private equity firms
• Analysts and strategic business planners
• Investors and consultants
• Research/Consultancy Firms
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