Thermal Imaging market

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 2026 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.

Thermal Imaging market Driving Factors:

Increasing demand for surveillance across several verticals globally, a gradual decrease in the cost of thermal imaging products is some of the driving factors for the growth of the Thermal Imaging market.

Rise in military spending in emerging countries, increasing expenditure on the aerospace and defense sectors 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 the 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.

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Thermal Imaging market Challenges:

Stringent regulations from the government regulations is one of the major restraints affecting the growth of the market of Thermal Imaging.

High cost and lack of accuracy are some of the major restraints which are affecting the growth of the Thermal Imaging market.

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 the increasing adoption of thermal cameras in the 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, the monitoring and detection segment holds the major share of the market attributed to the factors such as the 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, and healthcare and life sciences, oil & gas, food & beverages. Among these segments, the aerospace & defense segment holds the major 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:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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)