Significant investments have been made on the development of military thermal imaging systems, which would lead to rapid growth of the market during the forecast period. However, some factors such as the requirement for additional detailing in long-wave infrared cameras and export restrictions of military thermal imaging, which would adversely affect the market growth.
The increased need for thermal inspections and monitoring in the military sector is expected to offer new growth opportunities to the market players. The factors responsible for the growth of the global military thermal imaging market are the reduction in the price of thermal imaging products and increasing adoption of thermal imaging for perimeter security. There are several contracts have been signed to bolster the growth of the market. In 2016, Thales Group signed a contract with the Indian Army to provide Catherine Thermal Imaging Cameras for T90 battle tanks. In 2017, Teledyne Technologies acquired E2v Technologies plc. to provide high-performance imaging sensors, custom camera solutions, and application-specific standard products.
The global military thermal imaging market has been segmented by type, application, end user, platform, and region. Among type, modules are most widely used and have the largest market share due to their compactness, low cost, and flexibility to integrate with other devices, including military drones. Based on application, the security and surveillance market segment is estimated to witness the largest demand, during the forecast period, due to increasing usage by the military forces for border patrolling and security. Based on end users, the airborne market segment is estimated to witness the largest demand for military thermal imaging systems, due to the high usage of Unmanned Aerial Vehicle (UAV) for military operations.Â
For instance, FLIR Systems signed a contract with Hellenic Port Police to provide airborne thermal imaging systems for port security, coastal patrol, shipping protection, and general surveillance for the 2004 Athens Olympic Games. Based on platform, the fixed mounted thermal imaging systems are the most widely used and account for the largest market share. Furthermore, the FLIR Systems signed a contract with the Swedish Armed Forces to provide vehicle-mounted thermal imaging systems for vehicle sighting applications.
FLIR Systems:
Based on region, the market is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. North America is expected to dominate the market in the coming years, due to the presence of thermal imaging product manufacturers and R&D centers in this region. Asia-Pacific is expected to follow North America in the military thermal imaging market and is estimated to trail North America during the forecast period as well. The key influencing factors boosting the growth of the market are the increasing deployment of thermal imaging technologies in various military applications and increasing military expenses by emerging economies, such as China and India. Thus, the global military thermal imaging market is estimated to witness 6% CAGR from 2020 to 2027.
Intended Audience
The key players in the global military thermal imaging market are Lockheed Martin (US), Aselsan (Turkey), Thales Group (France), Raytheon Company (US), Northrop Grumman (US), L-3 Technologies (US), Ultra Electronics (UK), Israel Aerospace Industries (Israel), MOOG Inc. (US), Flir Systems (US), Rafael Advanced Defense Systems Ltd. (Israel), and Qioptik (Paris).
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
Secondary Research
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
Primary Research
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
Key Insights
Frequently Asked Questions (FAQ) :
The need for thermal inspections is estimated to increase the options for progress in the coming period.
A 8.1% CAGR is projected to strengthen the market in the approaching period.
L-3 Technologies (U.S.), Israel Aerospace Industries (Israel) and Ultra Electronics (U.K.) are estimated to power the market in the future, among others.
The regional market is estimated to empower the market progress in the forthcoming period.
The expansion of the application segment is estimated to spur the global market share.
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