New York, US, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Thermal Imaging Market Research Report, by Type, Vertical, Application, and Region— Forecast till 2030”, to acquire a valuation of approximately USD 7.49 to thrive at a robust CAGR of over 10.10% during the assessment timeframe 2022 - 2030.
Thermal Imaging Market Overview:
The method of improving clarity and visibility of the item even in the dark by recognizing an image or object utilizing infrared light is called thermal imaging. The growth of thermal imaging has assisted organizations in lowering their downtime. Organizations no longer have to shut their operational systems, even during thermal audits. Thermal imaging assists organizations save massive money by enabling them to identify defective components at a primary level. Moreover, the method is entirely non-invasive and comprises zero physical contact. Thus, no damage is instigated to the devices exposed to thermal surveys. A slight fall in the price of the thermal camera has been operating the market.
Report Scope:
| Report Metrics | Details |
| Market Size By 2030 | USD 7.49 billion |
| CAGR (2022 to 2030) | 10.10% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2020 |
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furthermore, the distribution of thermal cameras in devices, such as smartphones and CCTV cameras, impacts the industry's development and increases the adoption rate. On the other hand, the low adoption rate in specific segments and lack of awareness may be the primary reason for impacting the progress of this industry. Because of the ability to detect temperature differences, applying thermal imaging cameras across end-use industries like automotive, military, aerospace, and others would generate more opportunities.
Market USP Covered
Thermal Imaging Market Drivers
The global market for thermal imaging has recorded massive growth in the last few years. The growth of the segment is credited to the factors such as the growing use of this imaging technique in various applications, the use of this technique in detecting hot spots, and the availability of low-cost devices.
Thermal Imaging Market Restraints
On the other hand, the need for extra detailing for several longwave infrared cameras may impede the market's growth.
COVID-19 Impact
The global health crisis has had a significant impact on the majority of the industry areas across the globe. Given the rapid spread of the disease across the majority of the regions across the world, the governments imposed partial or complete lockdowns. The travel restrictions and social distancing norms imposed by the governments led to causing severe disruptions in the supply chain networks for most of the industry sectors. The pandemic has not only impacted public health but also had a massive impact on the global industrial and economic activities across most market sectors. The pandemic has led to causing temporary or complete shutdowns of businesses across the globe. The global health crisis has impacted a massive chunk of the population. Several people have lost life due to the COVID-19 pandemic. It also has impacted the growth and dynamics of various industry areas. Everyone is worried about immunity and respects social distancing. During the pandemic, several end-user industries' operational activities were stopped, resulting in a demand decrease for the Thermal imaging market, which further caused lowered sales revenue. In addition, the supply chain networks were hampered, which led to a fall in demand across the profit margin. On the other hand, the thermal imaging market will likely recuperate from this global pandemic by the end of the forecasted timeframe. In addition, with the global economy getting back on track, the global market for thermal imaging is also likely to pick up the pace over the review timeframe.
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Thermal Imaging Market Segment Analysis
Among all the product types, the thermal camera segment is projected to account for the highest revenue share across the global market for thermal imaging over the assessment timeframe. The segment's growth is credited mainly to the growing utilization across the medical and healthcare sector for detecting fever and temperature anomalies, ships and automobiles for night navigation, and industrial & building inspections. Furthermore, thermal cameras are also implemented by the defense and military departments to expand their border security and surveillance. Moreover, thermal imaging cameras are also becoming popular among remotely piloted drones (UAVs) for several purposes, such as detecting dangerous hotspots by firefighters, search and rescue teams and emergency response teams. On the other hand, the thermal scopes segment is projected to register the highest CAGR over the review timeframe, given the growing requirement for detecting animals or moving objects distantly.
Based on the wavelengths, the MWIR segment is anticipated to account for the largest revenue share across the global market for thermal imaging over the coming years. the growth of the segment is credited mainly to the rising requirement for long-range imaging in all weather conditions. Middle wavelength infrared cameras are utilized for surveillance as they can function in total darkness and cover long distances.
Based on the application areas, the security and surveillance segment will likely gain the largest market share across the global market for thermal imaging over the assessment timeframe. The segment's growth is attributed primarily to the ability to detect potential threats and lower false alarms. On the other hand, the monitoring and inspection segment will likely record the highest CAGR over the review timeframe.
Among all the end-use sectors, the aerospace and defense segment is likely to dominate the global market for thermal imaging over the coming years. the growth of the segment is credited to the factors such as stringent safety standards and modernization and expansion plans.
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Thermal Imaging Market Regional Analysis
The global market for thermal imaging is studied across five major regions: Asia-Pacific, Europe, North America, Latin America, the Middle East, and Africa.
According to the analysis reports by MRFR, the North American region is anticipated to dominate the global market for thermal imaging over the assessment timeframe. The regional market's growth is credited to factors such as the presence of various research and development centers and thermal imaging manufacturers.
The thermal imaging market for the European region is anticipated to grow substantially over the assessment timeframe. The regional market's growth is credited to the increasing demand for security and surveillance applications and a decrease in thermal camera costs.
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Competitive Analysis
The list of prominent players across the global market for thermal imaging includes companies such as:
- L3 Technologies (US)
- FLIR Systems (US)
- Seek Thermal (US)
- Fortive (US)
- Xenics (Belgium)
- Axis Communications (Sweden)
- Testo (Germany)
- Leonardo (Italy)
- Sofradir (France)
- BAE System (UK)
- United Technologies (US)
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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.
furthermore, the distribution of thermal cameras in devices, such as smartphones and CCTV cameras, impacts the industry's development and increases the adoption rate. On the other hand, the low adoption rate in specific segments and lack of awareness may be the primary reason for impacting the progress of this industry. Because of the ability to detect temperature differences, applying thermal imaging cameras across end-use industries like automotive, military, aerospace, and others would generate more opportunities.
