New York, US, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Thermal Camera Market information by Type, by Mobility, by Application and Region – forecast to 2027” the market was valued at USD 6.85 Billion in 2018; it is expected to reach USD 13.78 Billion by 2025 at a CAGR of 10.8%.
Thermal Camera Market Scope:
The global Thermal Camera Market witnesses a significant revenue rise, mainly due to the rising demand from all major industries. Besides, rapid developments in thermal imaging and rising uses in the defense, homeland security, medical, and commercial markets boost the thermal camera market size.
Thermal imaging technology can detect objects ordinary cameras might not see, address blind spots, and enhance assisted driving systems capabilities. High-quality, lightning-speed images of these cameras make them highly adaptable for demanding working environments, such as electric utilities, petrochemical industries, and metallurgy.
Dominant Key Players on Thermal Camera Market Covered Are:
- Fluke Corporation
- FLIR Systems Inc
- Seek Thermal
- Axis Communications AB
- InfraTec GmbH
- Opgal Optronic Industries Ltd
- PCE Instruments
- Jenoptik AG
- Mobotix AG
- Spectric Plc
- LumaSense Technologies Inc
- Optris GmbH
- Ulirvision Technology Co Ltd
- DIAS Infrared GmbH
- HikVision Digital Technology Co
- Bullit Mobile Ltd
- Micro-Epsilon
- 3M Scott
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Market Drivers:
Compact and Rugged Thermal Cameras Witness Vast Demand
Compact and rugged thermal cameras designed for industrial purposes witness vast demand. Additionally, increasing adoption of laser ranger assisted ultra-focus system by professional users pushes thermal camera market growth. Also, the growing uptake of thermal cameras in industries such as automotive, law enforcement, and medical boosts the market share.
Rising demand for quality surveillance devices and the adoption of thermal cameras across several businesses and enterprises drive the market's growth. Besides, technological advances and developments and integration of artificial intelligence technology in smart devices create vast market opportunities.
There is a wide awareness of the benefits and importance of thermal cameras in existing systems among businesses, device manufacturers, and consumers. Furthermore, the growing need for surveillance & monitoring systems, improved user experience, amended productivity, and higher return on investment (RoI) are major market trends.
Thermal cameras can enhance on-premise monitoring, another key trend observed in the market. Thermal cameras are ideal for a wide range of mission and time-critical industries, including electric utilities, O&G, medical, military & defense, and transportation.
Advances in thermal management technologies, such as conduction, convection, radiation, and heat transfer modes, propel market growth. Applications of thermal cameras in high-power military systems, building inspection, and fault detection & diagnostics in medicine and astronomy foster the market.
Furthermore, rising uses of thermal cameras in smart parking solutions for reservation of parking spots, real-time occupancy tracking, and parking insights impact the market share positively. Increasing demand for AI-enabled solutions in airports, stadiums, malls, and office spaces to provide intelligent real-time parking insights to the operators would influence the market growth.
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Segmentation of Market covered in the research:
The thermal camera market forecast is segmented into types, mobility, applications, and regions. The type segment is sub-segmented into cooled IR detectors and un-cooled IR detectors. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
The mobility segment is sub-segmented into handheld and fixed/mounted. The application segment is sub-segmented into building inspection, fault detection, law enforcement, medical, industrial process, astronomy, meteorology, and others. By Region, the thermal camera market has been segmented into North America, Europe, Asia-Pacific, and the rest-of-the-world.
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Regional Analysis
North America dominates the global thermal camera market, heading with the strong presence of established players and well-established technology development centers. Besides, the increased adoption of thermal cameras in automotive, medical, and manufacturing sectors for fault detection & diagnostics, heat dissipation detection, and meteorology applications.
Rising uses of AI-integrated thermal cameras in surveillance systems and retail & law enforcement industries offer significant market opportunities. Vast adoption among top security service providers and increasing demand for AI-based camera solutions for smart motion detection, the TIoC range, and the latest technology influences market growth.
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COVID-19 Impact on the Global Thermal Camera Market
The COVID 19 affected the thermal camera industry severely. Lockdown mandates imposed to control the coronavirus spread affected manufacturers with issues, such as obtaining components required to develop thermal cameras and delivering end products.
Also, industry players faced an acute shortage of workforces, attracting workers from quarantine. However, the thermal camera market is rapidly returning to normalcy, witnessing a constant uptick over the past few months. The market is projected to continue to do so during the assessment period.
Impact of COVID-19 on the Thermal Camera Market:
https://www.marketresearchfuture.com/report/covid-19-impact-thermal-camera-market
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.