The increasing Use of Thermal Imaging Solutions for Surveillance is Escalating the Growth of the Thermal Imaging Market
Published: Apr, 2023
The rising demand for surveillance across various verticals, gradually decreasing thermal cameras cost, and rapid development of high-speed infrared cameras is driving the growth of the thermal imaging market. Furthermore, the rising adoption of advanced thermal imaging cameras in the military and defense industry for night patrolling and combat operations is boosting the market growth. Besides this, the increasing use of thermal imaging systems such as thermal cameras in the automotive sector to reduce risks is expected to create lucrative opportunities in the market. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market in recent years. For instance, the huge demand for contactless temperature sensors across the world is anticipated to create a new avenue of opportunities in the market.
According to Marketlook Consulting’ research report “Global Thermal Imaging Market Analysis, 2021”, the thermal imaging market is anticipated to grow at a CAGR of 9.2% during 2022-29. The market would reach USD 7.10 billion by 2029.
Based on the product, the market is segmented into thermal cameras, thermal scopes, and thermal modules. The segment of thermal cameras is expected to be the fastest growing segment during the forecast period owing to its wide range of applications. The commercial sector has made use of thermal cameras on a large scale with a view to avoiding malpractices whereas the residential zone has also made use of thermal cameras on a large scale with a view to providing maximum security to the residents. Furthermore, these cameras are also utilized on a large scale in the defense and military sector which is propelling the growth of the thermal cameras segment.
“Global Thermal Imaging Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the thermal imaging solution manufacturers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Dominated the Market
Based on leading regions, North America dominated the global thermal imaging market in 2021 and is projected to maintain its dominance during the forecasted period 2021-30 due to the increasing adoption of infrared imaging products and services by organizations in the region for applications such as surveillance, threat detection, automotive, predictive maintenance, and others which are projected to fuel the demand for thermal imaging market in the forthcoming period as stated in Marketlook Consulting research report “Thermal Imaging Market Analysis, 2021”.
According to Marketlook Consulting’, the key players with a considerable market share in the global thermal imaging market are FLIR Systems Inc., Opgal Optronic Industries Ltd., Fluke Corporation, Cantronic Systems Inc., Seek Thermal Inc., BAE System plc, Leonardo S.p.A., Thales Group, American Technologies Network Corporation, Excelitas Technologies Corp.
Market Segmentation:
- By Type (Handheld, Fixed/Mounted)
- By Technology (Cooled, Uncooled)
- By Product Type (Thermal Cameras, Thermal Scopes, Thermal Module)
- By Application (Security & Surveillance, Thermography, Military, Personal Vision Systems, Fire Fighting, Others)
- By Vertical (Aerospace & Defense, Law Enforcement, Healthcare, Automotive, Oil & Gas, Residential, Manufacturing, Others)
- By Wavelength (Shortwave Infrared (SWIR), Mid-wave Infrared (MWIR), Longwave Infrared (LWIR))
- By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
- By Company (FLIR Systems Inc., Opgal Optronic Industries Ltd. , Fluke Corporation, Cantronic Systems Inc., Seek Thermal Inc., BAE System plc, Leonardo S.p.A., Thales Group, American Technologies Network Corporation, Excelitas Technologies Corp.)
Key questions answered in the study:
- What are the current and future trends of the thermal imaging industry?
- How the industry has been evolving in terms of user types demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the thermal imaging industry?
- What is the customer orientation, purchase behavior, and expectations from the thermal imaging firms across various regions?