Growing need for thermal inspections and monitoring in the military sector has led to advances in thermal imaging. Also, the emergence of unmanned aerial vehicles in airborne thermal imaging will boost the market growth. The increased focus on technology advancement of Thermal Imaging Market components will enable manufacturers to offer new growth opportunities to the market players. Integration of thermal imaging sensors with smartphones, low cost of thermal imaging solutions, increasing utilization of this technology across industries, and low impact on the environment are a few factors driving thermal imaging market. The development of thermography products with features such as better resolution and smart intelligence capability ensure high adoption of this product in application areas of security, surveillance, and industrial temperature measurement. Thermal imaging is widely used in airborne surveillance systems of spy planes to monitor enemy forces as well as other suspicious activities using satellite imaging. Major players in the thermal imaging market focus on investing a substantial amount in research and development activities to introduce technologically advanced and cost-effective products to meet customer demand and differentiate themselves from competitors.
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By type, the market is segmented into cameras, modules, and scopes.
By application, the market is segmented into security & surveillance, monitoring & inspection, and detection. Security & surveillance segment is further bifurcated into perimeter security, unmanned aerial vehicle (UAV) and tracking. Monitoring & inspection segment is further bifurcated into machine condition monitoring, structural health monitoring, quality assessment and HVAC. Detection segment is further segmented into gas detection, fire/flare detection, body temperature measurement, level measurement, and research & development.
By vertical, the market is segmented into industrial, commercial, residential, aerospace & defense, automotive, healthcare & life sciences, oil & gas and food & beverages.
The global market for thermal imaging is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of thermal imaging market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the thermal imaging market due to the presence of thermal imaging product manufacturers and R&D centers. The main factor driving the thermal imaging market in this region is high demand for thermal imaging devices across several law enforcement activities as well as in the commercial and industrial sectors. In Europe, rising demand in surveillance & security applications, and gradual decrease of cost for thermal cameras is expected to fuel the growth of this market in this region. Asia-Pacific is estimated to hold the largest market size owing high demand for thermal imaging due to increasing deployment of thermal imaging technology in various military applications. The rising awareness of the thermal imaging applications areas other than security & surveillance, such as detection, monitoring, and inspection is offering additional growth opportunities for industry players, particularly in markets with a high industrial demand such as China, India, Middle East, and South America.
The prominent players in the market of thermal imaging are FLIR Systems (US), Fortive (US), Axis Communications (Sweden), Leonardo (Italy), BAE Systems (UK), L3 Technologies (US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics (Belgium), and Seek Thermal (US).
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- Companies in the thermal imaging market
- Electronics and semiconductor companies
- Technical standards organizations
- Investment communities in the market
- Research institutes and organizations
- Government and financial institutions
- Venture capitalists
- Private equity firms
- Analysts and strategic business planners
- Investors and consultants
- Research/Consultancy Firms
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