Thermal Imaging Market 2020 (SARS-CoV-2, Covid-19 Analysis): Statistics Data, Leading Manufacturers, Growth Factors, Competitive Landscape, Demand and Business Boosting Strategies till 2023

Thermal Imaging Market Research Report, by Type (Cameras, Modules, Scopes), Application (Security & Surveillance, Monitoring & Inspection, Detection), Vertical (Industrial, Commercial, Aerospace & Defense, and Others) — Global Forecast till 2023

The report published on the global thermal imaging market revealed the growth to be at a notable pace. The valuation of the thermal imaging market was further stated to surpass its previous valuation.

The global thermal imaging market comprises a host of key players. Axis Communications (Sweden), Leonardo (Italy), FLIR Systems (US), Fortive (US), United Technologies (US), Sofradir (France), L3 Technologies (US), BAE Systems (UK), Testo (Germany), Xenics (Belgium), and Seek Thermal (US). The players in the market are making constant efforts and investing in various research-based activities to ensure their topmost standing and positioning in the market.

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Advances in the field of thermal imaging can be attributed to the increasing need for thermal-based inspections and monitoring across the military sector. Additionally, it was reported that the introduction of unmanned aerial vehicles in airborne thermal imaging will massively boost the growth of the market. The growing focus on technological advancement in regard to thermal imaging components is expected to allow manufacturers offer new opportunities to the players in the market.

Low pricing of thermal imaging solutions, rising utilization of the technology across different industries, adoption of thermal imaging sensors in smartphones, and less impact on the environment are some of the key factors that are boosting the market. Some of the key players in the market of thermal imaging are laying focus on investing a massive amount in R&D activities in order to introduce cost-effective and technologically advanced products that meets customer needs and differentiates from the competitors. On the other hand, the extra detailing needed for longwave infrared cameras and export limitations can challenge the growth of the market in the coming years of the forecast period.

Market Segmentation

The global market for thermal imaging has been segmented in terms of type and applications.

By application, the market segments into monitoring & inspection, security & surveillance, and detection. The security & surveillance segment is further broken down into unmanned aerial vehicle (UAV), perimeter security, and tracking. On the other hand, the monitoring & inspection segment is narrowed down into quality assessment, structural health monitoring, machine condition monitoring, and HVAC. Lastly, the detection segment is classified into body temperature measurement, gas detection, level measurement, fire/flare detection, and research & development.

By vertical, the market comprises aerospace & defense, commercial, industrial, healthcare & life sciences, oil & gas, residential, automotive, and food & beverages.

Regional Analysis

The global thermal imaging market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. North America is the dominant regional player in the global marker for thermal imaging. The region’s dominance can be attributed to the presence of various R&D centers and thermal imaging product manufacturers. The major factor boosting the market herein is the significantly high demand for thermal imaging devices across different law enforcement activities and industrial and commercial sectors.

Elsewhere, in Europe, growing demand for security and surveillance applications and decreasing cost for thermal cameras are some of the major factors boosting the growth of the regional market. In Asia Pacific, the thermal imaging market is projected to grow at a considerably high pace due to the rising demand for the technology with its increasing deployment in military organizations. Growing awareness concerning thermal imaging application areas like monitoring, detection, and inspection is boosting the market and offering new opportunities, especially across geographies with high industrial demand like Latin America, China, India, and the Middle East.

Intended Audience

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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