Wilmington, Delaware, United States, Transparency Market Research. Inc., July 04, 2024 (GLOBE NEWSWIRE) -- Owing to different industry drivers, the global thermal camera market will likely advance through the forecasted period, projecting the advancement at a CAGR of 7.5%.
The projected development of the industry will elevate the size of the ecosystem from USD 3.1 billion, measured in 2023, to USD 6.9 billion by 2034. This will help leading manufacturers gain more space in the industry.
The growing demand for thermal sensing cameras in the defense sector is a sign of a better future for the industry. Under adverse and challenging conditions, such cameras show excellent efficiency, which drives the demand for thermal cameras.
With the help of infrared imaging, nearby threats can detected, and an image with high resolution can be obtained. As a result, the demand for such cameras in challenging environmental conditions is growing, elevating the industry's size.
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All objects that can emit heat, can be detected using the camera. The sensitivity of cameras is so designed that it can leverage accurate prediction of a person or an object present nearby. As a result, the efficiency of cameras increases, which drives the demand for cameras.
With the growing expenditure on the defense sector, many governments have been keen to acquire cutting-edge technology. Such efforts bolster the military base, and personnel are equipped with modern technology.
Such a factor promotes the use of products like thermal cameras, and therefore, this factor is a key benefit for the industry. Due to the surging demand from the government, a substantial driving force can be observed to uplift the sector.
Technological developments have been proving to be a boon for the industry. Leading manufacturers of the thermal camera market are augmenting products to suit the varying demands of customers. Technological advancements help key players proliferate the market space, benefitting the growth of the sector.
In the case of the construction sector, thermal cameras are gaining traction due to the ability of devices to recognize energy loss. Engineering can predict high-temperature regions using cameras, which can help them design accordingly. This motivates engineers to curb cost overruns and, hence, the demand for such cameras in the construction industry will likely spur.
Key Findings from the Market Report
- Some key segments govern the diversified thermal camera market. Based on the product type, handheld thermal cameras are expected to govern the segment. Due to the clear imaging ability and fewer visual limitations, the segment will likely gain more attention.
- Based on the wavelength used, the mid-wave infrared segment will gain the highest traction. This is due to the ability of cameras to detect small targets at longer ranges.
- The oil and gas industry uses thermal cameras to create an energy profile for different plants. Depending on this profile, energy loss and leakage in systems can be predicted.
- Depending on sales of thermal cameras, direct sales channels will likely gain more attention. Due to the better reach, the segment gains demand.
Regional Profile
- Technological advancements in North America develop better prospects for key manufacturers to expand in the thermal camera market.
- The rising investments in the defense sector will surge the demand for thermal cameras in Europe.
- The growing population in Asia-Pacific elevates the demand for infrastructure, which accelerates the construction industry. This generates more demand for such cameras.
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Competitive Landscape
- MSA Safety manufactures different protective tools, including portable gas detection tools, combustion analysis equipment, fire helmets, and many more.
- Advanced Energy manufactures front end PSUs AC-input, AC-DC enclosed power supplies, DIN rail PSUs, and so on.
- Teledyne FLIR LLC manufactures airborne systems, gas detection cameras, visible security cameras, and many other products.
Key Players
- MSA
- Advanced Energy
- Teledyne FLIR LLC
- InfraTec GmbH
- SATIR
- IRay Technology Co., Ltd
- Guide Sensmart
- Zhejiang ULIRVISION Technology Co., Ltd.
- OPGAL
- DIAS Infrared GmbH
Key Developments in the Thermal Camera Market
- In April 2024, MSA Safety launched a new Cairns 1836 Fire Helmet. This helped the organization create a strong position in the industry.
- In May 2024, Advanced Energy launched a new fully water-cooled DC power supply. This benefitted the firm in consolidating its position.
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Market Segmentation
Product Type
- Handheld Thermal Cameras
- Fixed Thermal Cameras
Wavelength
- Near Infrared
- Short-wave Infrared
- Mid-wave Infrared
- Long-wave Infrared
Focus Distance Range
- Below 30 cm
- 31 cm to 50 cm
- 51 cm to 100 cm
- 100 cm to 200 cm
- Above 200 cm
Application
- Oil and Gas Industry
- Chemical Plants
- Electrical and Mechanical Inspections
- Building Diagnostics
- HVAC Maintenance
- Others (Firefighting, Military Rescue Operations, etc.)
Distribution Channel
- Direct
- Indirect
Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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