Thermal Imaging Market is valued at 3.4 billion US dollars in 2021 which is expected to increase the growth by 4.6 billion US dollars by the end of 2025 with a compound annual growth rate of 6.2% during the forecast period of 2021 to 2026. The Thermal Imaging market value is expected to increase more during the forecast period.
Driving Factors:
Increasing of demand for surveillance across several verticals globally, gradual decrease in cost of thermal imaging products is some of the driving factors for the growth of Thermal Imaging market.
Rise in military spending in emerging countries, increasing expenditure on aerospace and defense sector are some of the major driving factors of Thermal Imaging market growth.
Integration of thermal imaging in autonomous vehicles in some of the countries such as United States and Europe is also one of the driving factors which helps the growth of the Thermal Imaging market across the globe.
Usage of thermal imaging for building surveys in Europe is additionally fueling the demand of the Thermal Imaging market.
Growing awareness of thermal imaging in Latin America to combat crimes, increasing of demand for oil & gas industries in the Middle East are likely to propel the growth rate of the Thermal Imaging market revenue rate during the forecast period.
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Factors such as increasing of R & D investments by the governments, companies, and also capital firms to develop the innovative thermal imaging solutions, increasing adoption of thermal imaging in the automotive industry helps the Thermal Imaging market to grow further.
Thermal Imaging Market Segmentation:
The Thermal Imaging market is segmented on the basis of technology, wavelength, product type, application, and vertical.
On the basis of technology, the Thermal Imaging market is segmented into two types namely cooled technology and uncooled technology. Among these segments, the uncooled technology segment holds the major share of the market among others due to several advantages such as better penetration in weak environmental conditions such as smoke, dust, fog, and fewer mobile parts which provides long operating life with low maintenance.
On the basis of wavelength, the market of Thermal Imaging is bifurcated into three types namely, short wave infrared, mid wave infrared and long wave infrared. Among these segments, the long wave infrared wavelength segment holds the major share of the market owing to the factors such as increasing of demand for thermal products operating in long wave infrared wavelengths in automotive, civil infrastructure, food & beverages and medical for monitoring and inspection as well as detection and measurement applications.
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On the basis of product type, the Thermal Imaging market is segmented into thermal cameras, thermal scopes and thermal modules. Among these segments, the thermal cameras segment holds the major share of the market owing to increasing adoption of thermal cameras in residential and commercial sectors.
On the basis of application, the Thermal Imaging market is segmented into security and surveillance (perimeter security, unmanned aerial vehicle, tracking), monitoring and inspection (machine condition monitoring, structural health monitoring, quality assessment and HVAC system inspection), detection and measurement (gas detection, fire detection, flare detection, body temperature measurement, level measurement and prototype assessment). Among these segments, monitoring and detection segment holds the major share of the market attributed to the factors such as increasing adoption of thermal cameras in commercial, residential and industrial sectors.
On the basis of vertical, the Thermal Imaging market is segmented into residential, aerospace & defense, automotive, industrial, commercial, healthcare and life sciences, oil & gas, food & beverages. Among these segments, aerospace & defense segment holds the maor share of the market due to the capability of thermal imaging products such as thermal cameras, scopes and modules to work in all weather conditions.
Regional Analysis:
The Thermal Imaging market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe region (Spain, UK, France , Germany, Italy and rest of Europe), Asia Pacific region (Japan, India, China, Australia and rest of Asia Pacific).
North America region holds the major share of the market of Thermal Imaging as it is home to numerous historical monuments, commercial as well as residential buildings especially in United States and Canada. North America region is expected to hold the dominance of the Thermal Imaging market during the forecast period.
Asia Pacific region is expected to increase the market of Thermal Imaging owing to the growing awareness, increasing of demand for oil & gas industries.
Europe is expected to have the highest CAGR in the near future.
Key market players:
Some of the key market players of Thermal Imaging market are: Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US), and United Technologies (Connecticut, US)
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