Thermal Imaging Market Comprehensive Study Explores Huge Revenue Scope in Future | Leading Key Players | Impact of COVID-19

 Thermal Imaging Market – Overview

The global thermal imaging market is garnering substantial traction. Market growth attributes to the rising usages of thermal imaging technologies in industrial, residential, commercial, and military & defense applications. Besides, rising demand for monitoring critical manufacturing processes and detecting hot spots in mechanical or electrical installation in industries substantiate the market sales. Moreover, advances in infrared thermography and FLIR systems escalate the growth of the market.

According to Market Research Future (MRFR), the global Thermal Imaging Market is poised to witness exponential gains by 2023, registering an impressive CAGR throughout the assessment period (2018 – 2023). Furthermore, rising commercial applications such as building diagnosis and airport security create considerable market demand. High penetration of thermal imaging technologies in the residential sector to detect moisture, leaks, and blockages in walls, ceiling, roofs, and plumbing boosts the market growth.

Spurting rise in the residential sector, and the availability of low-cost detection & measuring devices increase the market size. Rising the adoption of FLIR systems to support thermal imaging temperature screening to prevent the spread of COVID-19 is expected to provide a massive impetus to the market growth. Besides, significant investments made in the development of thermal imaging systems push the growth of the market.

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Simultaneously, the augmenting demand for inspections and monitoring technologies from the defense sector offers new opportunities to market players, creating the scope of investments. Conversely, export restrictions, and additional detailing required for longwave infrared cameras, used in thermal imaging are key headwinds expected to hamper the market growth. Nevertheless, the increasing adoption of thermal imaging devices in healthcare & life sciences and oil & gas sectors would support the market growth throughout the forecast period.

Key Players:

The prominent players in the market of thermal imaging are FLIR Systems (Ticker: FLIR) (US), Fortive (Ticker: FTV) (US), Axis Communications (Sweden), Leonardo (Ticker: LDO) (Italy), BAE Systems (UK), L3 Technologies (US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics (Belgium), Seek Thermal (US) and among others.

Thermal Imaging Marketing: Segmental Analysis

The report is segmented into four dynamics;

·        By Type               : Cameras, Modules, Scopes, and others.

·        By Application: Security & Surveillance (perimeter security, unmanned aerial vehicle (UAV), tracking), Monitoring & Inspection (machine condition monitoring, structural health monitoring, quality assessment, HVAC), Detection (gas detection, fire/flare detection, body temperature & level measurement, research & development), and others.

·        By Vertical: Industrial, Commercial, Residential, Aerospace & Defence, Automotive, Healthcare & Life Sciences, Oil & Gas, Food & Beverages, and others.

·        By Regions: Americas, Europe, APAC, and Rest-of-the-World.

Thermal Imaging Market: Regional Outlook

North America leads the global thermal imaging market. The largest market share attributes to the presence of thermal imaging product manufacturers and R&D centers in the region. Besides, the high demand for thermal imaging devices in law enforcement departments and commercial & industrial sectors drives the growth of the regional market.  Moreover, substantial technological advances, alongside the rising uptake thermal imaging technology in devices such as infrared thermography, thermal video, and FLIR systems, boost market sales.

The Asia Pacific region stands second in the global thermal imaging market. The high demand for thermal imaging drives market growth due to the increasing thermal imaging technology deployment in various military applications. Additionally, the rising awareness of the thermal imaging application areas other than security & surveillance, such as detection, monitoring, and inspection, increases the market size.  Furthermore, rapid industrialization in China and India offers sizable opportunities for industry players. 

Europe is another lucrative market for thermal imaging technologies. The market is heading with constant upgrades in warfare platforms with advent technologies. Also, enormous investments in the R & D activities to develop related technologies substantiate the regional market's growth. Germany and the U.K. are major thermal imaging markets in the region. Increased spending to strengthen defense sectors has increased the implementation of advanced thermal imaging technologies. The European thermal imaging market is projected to create a substantial revenue pocket during the assessment period.

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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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