Pune, Oct. 27, 2020 (GLOBE NEWSWIRE) -- The global thermal imaging market size is projected to reach USD 4.10 billion by the end of 2027. Increasing product applications in military and defense sector will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Thermal Imaging Market Size, Share & COVID-19 Impact Analysis, By Type (Handheld and Fixed/Mounted), By Technology (Cooled, Uncooled), By Product (Thermal Camera, Thermal Scopes, Thermal Module), By Wavelength (Shortwave Infrared (SWIR), Mid-wave Infrared (MWIR) and Longwave Infrared (LWIR)), By Application (Border Surveillance, Vehicle Targeting, C-UAS, Maritime & Coastal Surveillance, Critical Infrastructure, and Others), By Vertical (Aerospace and Defense, Law Enforcement, Healthcare, Automotive, Oil and Gas, Residential, Manufacturing, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 2.27 billion in 2019 and will exhibit a CAGR of 7.7% during the forecast period, 2020-2027.
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Thermal imaging is the process of converting infrared (IR) heat into visual images. This is mainly done to study the patterns of heat with respect to amount as well as measure of heat. The applications of thermal imaging across diverse industry verticals, including military and defense, medical, and life science will bode well for the growth of the overall market in the coming years. The presence of several large scale companies involved with the development of advanced tools associated with this will have a huge impact on market growth. The increasing investments in the research and development of thermal imaging are consequential to the rising product applications across the world. The rising demand for wireless temperature sensors will create a subsequent demand for these imaging tools in the coming years.
Covid-19 Pandemic Proving Beneficial for Thermal Imaging Companies
The recent coronavirus outbreak has created a sense of panic across the world. Accounting to the rapid spread of the disease, several countries have implemented strict measures, including lockdowns and social distancing practises. The massive investments in the efforts taken to curb the disease speak volumes about the severity of the disease. Although the mortality rate of the virus is not on the higher side, the number of cases is alarming. Several measures are being taken to identify the patients in public and work places. In such circumstances, thermal imaging tools play a massive role in detecting the temperature of people through a contactless procedure. Thus, the pandemic has created several growth opportunities for the companies operating in the global thermal imaging market in the past few months.
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Constant Product Innovations by Large Scale Companies will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market in recent years. Accounting to the huge demand for contactless temperature sensors across the world, several large scale companies are focused on introducing innovative concepts that will catch attention of large scale investors across the world. In September 2019, Leonardo S.p.A. announced the launch of a new thermal imaging camera with longer life. The SLX Super-Hawk is a long-life cooler with the ability to produce high-resolution images in darkness. The company claims that it provides 40,000 hours of engine life. The product was introduced with the aim of capitalizing on the rising demand for thermal and heat sensors during the Covid-19 pandemic.
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North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several manufacturers in this region will have a huge impact on the growth of the regional market. The rising investment by government organizations in the integration of thermal sensors in military and defense purposes will bode well for the companies operating in this region. As of 2019, the market in North America was worth USD 721.9 million and this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific is projected to rise at a considerable pace increasing military expenditures by countries such as Japan, China, and India.
List of Key Companies profiled in Thermal Imaging Market:
- BAE System Plc (Farnborough, United Kingdom)
- Leonardo S.p.A. (Rome, Italy)
- Thales Group (La Défense, France)
- FLIR Systems, Inc. (Oregon, United States)
- American Technologies Network Corporation (California, United States)
- Fluke Corporation (Washington, United States)
- Thermoteknix Systems Ltd. (Cambridge, United Kingdom)
- Seek Thermal, Inc. (California, United States)
- Cantronic Systems, Inc. (British Columbia, Canada)
- Excelitas Technologies Corp. (Waltham, Massachusetts, United States)
- Opgal Optronic Industries Ltd. (Israel)
- Dali Technology Co., Ltd. (Zhejiang, China)
Industry Developments:
- April 2020 – FLIR Systems, Inc. announced the launch of new thermal camera solution. The company introduced FLIR A400 and A700 thermal camera solutions for engineers, researchers, and systems testing authorities.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Thermal Imaging Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Thermal Imaging Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Type (Value)
- Handheld
- Thermal weapon sights
- Handheld surveillance sights
- Others
- Fixed/Mounted
- Handheld
- By Technology (Value)
- Cooled
- Uncooled
- By Product (Value)
- Thermal Camera
- Thermal Scopes
- Thermal Module
- By Wavelength (Value)
- Shortwave Infrared (SWIR)
- Mid-wave Infrared (MWIR)
- Longwave Infrared (LWIR)
- By Application (Value)
- Border Surveillance
- Vehicle Targeting
- C-UAS
- Maritime & Coastal Surveillance
- Critical Infrastructure
- Others (Thermal Imaging in Machineries, Medical, and Firefighting, etc.)
- By Vertical (Value)
- Aerospace and Defense
- Law Enforcement
- Healthcare
- Automotive
- Oil and Gas
- Residential
- Manufacturing
- Others (Utility, Chemical, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Type (Value)
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