New York, USA, Jan. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global thermal camera market is estimated to register a revenue of $19,303.9 million by 2028 and grow at a healthy CAGR of 10.2% over the forecast period from 2021-2028. The extensive report provides a brief outline of the thermal camera market’s present framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Thermal Camera Market:
Drivers: Increasing demand for thermal cameras from the automotive as well as healthcare industry is expected to drive the thermal camera market growth by 2028. In addition, various applications of thermal cameras, rising R&D activities by key market players, and supportive government legislations for the same are estimated to further boost the market development during the forecast period.
Opportunities: Technological advancements and increasing R&D activities in thermal cameras by some prominent market players is predicted to offer immense growth opportunities for the thermal camera market during the analysis timeframe.
Restraints: Export restrictions on thermal imaging cameras by the US government is estimated to greatly hamper the market growth during the forecast period.
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Covid-19 Impact on the Thermal Camera Market:
The outbreak of the life-threatening Covid-19 has negatively affected the global thermal camera market. Many businesses faced supply chain disruptions along with postponing productions and factory shutdowns amid the pandemic phase. In addition, manufacturing of thermal cameras includes a wide range of other elements like retinas, lenses, read out integrated circuits, etc., and with most companies being shut due to the corona virus spread, the thermal camera market witnessed a great decline in its revenue.
Segments of the Thermal Camera Market:
The report has divided the thermal camera market into a few segments based on product type, application, end-use, and regional analysis.
Product type: Handheld Camera Sub-segment to be Most Beneficial
By product type, the handheld camera sub-segment of the thermal camera market is anticipated to have a dominating market share and register a revenue of $12,498.6 million by 2028. Attractive features of handheld thermal cameras like portability, easy to use, and their smooth incorporation in cellphones are some factors expected to drive the sub-segment’s growth during the analysis period. Moreover, their wide adoption by army and navy for border monitoring and law enforcement is estimated to further accelerate the growth of handheld camera sub-segment by 2028.
Application: Monitoring and Inspection Sub-segment to Have the Fastest Growth Rate
By application, the monitoring and inspection sub-segment of the thermal camera market is projected to have the highest growth rate and register a revenue of $6,004.4 million by 2028. Thermal cameras with infrared technology are vastly utilized in the oil and gas industry as a monitoring and predictive maintenance tool. Moreover, components inspection also require thermal cameras since the electromagnetic waves cannot be detected with naked eye. These factors are expected to propel the sub-segment’s enhancement during the analysis timeframe.
End-use: Aerospace and Defense Sub-segment to be Most Dominant
By end-use, the aerospace and defense sub-segment is anticipated to hold a dominating market share and garner a revenue of $7,370.5 million by 2028. Infrared cameras with high thermal resolutions of 20km and high frame rates of 100Hz are widely used in aircraft measurement duties. This factor is predicted to drive the thermal camera market’s sub-segment growth by 2028. Moreover, the rigorous safety and reliability measures implemented by the aviation authorities along with the usage of lightweight materials are the factors to accelerate the sub-segment’s growth during the analysis years.
Region: The North America Region to Flourish Tremendously
By regional analysis, market in the North America region is estimated to produce a maximum revenue of worth $7,820.0 million by 2028. Thermal imaging components such as scopes, modules, thermal cameras, etc. are highly produced in the region. This factor is anticipated to propel the market’s growth in the North America region by 2028. Additionally, the presence of significant market players in the region further contribute in offering better market growth opportunities during the forecast period.
Major Thermal Camera Market Top Key Players:
The major players of the market include
- FLIR Systems
- Fluke Corporation
- Leonardo
- L3HARRIS TECHNOLOGIES
- United Technologies
- Axis Communications
- BAE Systems
- Opgal
- Testo
- Thales group
These significant players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market’s growth. - Inquire to Get access for Detailed Top Companies Development Strategy Report
For example, in December 2021, AMETEK, a world leader in precision measuring equipment provider, announced its new addition of smart thermal imagers to its industry-leading temperature measurement solutions. This development aided in expanding the firm’s business and marking its position in the global thermal camera market.
The report also summarizes many crucial facets including financial performance of the key players of the market, SWOT analysis, product portfolio, and the latest strategic developments.
Related Article Links:
- Collaborations Like That of FLIR Systems Inc. and Foresight Autonomous Holdings Ltd. to Drive the Growth of the Global Thermal Camera Market
- Dominance of Handheld Thermal Cameras in Security and Law Enforcement
