New York, USA, July 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global thermal camera market is predicted to generate a revenue of $11,332.2 million by 2030 and grow at 6.79% CAGR over the forecast period from 2021-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2030. 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 advanced thermal imaging solution in medical and automotive industries along with growing research & development activities by key market players are some factors projected to drive the growth of the global thermal camera market during the forecast period.
Opportunities: Various applications of thermal cameras in military and defense sector, diagnosing breast cancer, peripheral vascular diseases, etc. and rising technological advancements by market players are some factors estimated to offer ample growth opportunities for the global thermal camera market by 2030.
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Restraints: Strict export restrictions implied by the US government on thermal imaging cameras is the major factor to impede the market growth.
Covid-19 Impact on the Thermal Camera Market
The global thermal camera market has been negatively impacted by the onset of the covid-19 pandemic due to supply chain interruptions and shutdown of several manufacturing plants across the world. Moreover, thermal cameras require materials from multiple suppliers like read out integrated circuits, lenses, packaging, focal plane arrays, etc. that were mostly unavailable during the pandemic. However, since thermal cameras can be used to detect temperature from far, the market is witnessing slight growth rate post the chaotic pandemic days.
Segments of the Thermal Camera Market
The report has divided the thermal camera market into multiple segments based on type, application, end-use, and regional analysis.
Type: Handheld Cameras Sub-segment to be Highly Dominant
The handheld cameras sub-segment is expected to hold a dominant market share during the analysis timeframe due to its portability and easy usability. These cameras can also be used to detect heat sources in extreme dark places since they measure infrared radiation. Moreover, the growing usage of handheld cameras in the military and defense sector see in complete darkness and in the army and navy for border surveillance are also predicted to bolster the sub-segment’s growth rate.
Application: Monitoring and Inspection Sub-segment to be Highly Beneficial
The monitoring and inspection sub-segment of the global thermal camera market is projected to have a prominent growth rate during the forecast years. The utilization of thermal cameras that come with IR technology is high in the oil and gas industry for maintenance and condition monitoring. Besides, these cameras are used in many other equipment industries for component inspection that further propels the sub-segment’s growth by 2030.
End-use: Aerospace and Defense Sub-segment to be Highly Lucrative
The aerospace and defense sub-segment is anticipated to have the fastest growth rate during the 2021-2030 forecast years due to the growing use thermal cameras with 20km resolution IR technology for aviation measuring tasks. In addition, these cameras are also used for precision quality control in the aircraft industry to ensure the usage of lightweight components. These factors are estimated to uplift the sub-segment’s growth by 2030.
Region: Market in the North America Region to Witness Better Growth Opportunities
The thermal camera market in the North America region is expected to witness better growth opportunities during the analysis period due to the presence of some prominent thermal camera manufacturers and mass production of thermal camera equipment like scopes, modules, etc. in the region. Moreover, the government’s increasing investments in the military and defense sector is also predicted to augment the market growth in the North America region.
Key Thermal Camera Market Players
Some key thermal camera market players include
- BAE Systems
- United Technologies
- FLIR Systems
- Leonardo
- Axis Communications
- Fluke Corporation
- Opgal
- Thales group
- L3HARRIS TECHNOLOGIES
- Testo, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Buy the Full Report here [250-Pages] at $2999 (Read-Only)
For example, in October 2021, Fluke Reliability, a leading machine condition monitoring devices company, announced its partnership with Everactive, a technology company that provides battery-less IoT solutions, to manufacture next-gen and high-tech wireless vibration sensors. Fluke 3562 Screening Vibration Sensor System is the first launched product of this partnership.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about the Thermal Camera Market:
- Global Thermal Camera Market to Reach Newer Heights with Rising Applications of Thermal Imaging in Various Industrial Applications
- 4 Surprising Applications of Thermal Cameras That You Didn’t Know About
