ID: MRFR/SEM/4816-HCR | February 2021 | Region: Global | 100 pages
The thermal imaging market is expected to grow at a higher CAGR of 7% in the global market during the forecasted period to account for a higher market share value of approximately USD 3.96 billion by the end of the forecasted period (2017-2023).
For improving the clarity and visibility of objects by detecting using infrared radiation in a dark environment and helps in creating images from the information, thermal imaging is used. It can also help without any ambient haze, fog, and smoke-filled environment. With the help of these imaging techniques, enterprises do not need to shut their operational facilities during the energy audit. Moreover, it requires zero physical contact due to non-invasive techniques. This results in zero or minimal damage to the devices during the thermal surveys.
Source: MRFR Analysis
COVID 19 Analysis
The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is concerned about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in a demand shrink for the Thermal imaging market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.
However, the Thermal imaging market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.
Numerous factors drive the market demand all across the globe. Increasing use of this imaging technique in various applications like military and defense, commercial, residential, industrial, and other applications drives the market demand in the global market during the forecasted period. The use of this technique in detecting hot spots in various electrical and mechanical industries boosts the market growth. Moreover, it is largely used at airport security and building diagnosis as it has several security applications.
The rise in the demand for thermal imaging market in the global market. The availability of low-cost devices coupled with increasing market penetration provides various growth opportunities in the global market during the forecasted period. This imaging technique is used to detect moisture in plumbing blockages and leaks, roofs, ceilings, and walls which create more growth opportunities in small-scale industries as well. Moreover increasing investment for the development of infrastructure coupled with increasing demand for professional surveillance provides various growth opportunities during the forecasted period.
Though the thermal imaging market is increasing tremendously in the global market, some factors restrict its growth. Increasing export restrictions due to the global pandemic of COVID 19 hinders the market growth in the global market. Also, the requirement of additional detailing for various longwave infrared cameras specifically used in thermal imaging cameras hampers the market growth all across the globe. Lack of awareness regarding the availability of these products restricts the market growth to a great extent.
Value Chain Analysis
The thermal imaging market is increasing at an incredible rate globally due to various benefits associated with it. It is largely used for various electrical inspections. It provides insights regarding unwanted heat loss as well as unwanted heat gain. It also results in efficiency improvement in home insulation. Moreover, the capability of this type of imaging helps in detecting moisture in walls and buildings makes it versatile.
The thermal imaging market has been bifurcated all across the globe based on the type, application, vertical, and region.
Based on the Type
The market has been divided all across the globe based on the type into scopes, modules, and cameras.
Based on the Application
The market has been divided all across the globe based on the application into detection application, monitoring, and inspection application, and security and surveillance application. The security and surveillance application has been further sub-divided into tracking, unmanned aerial vehicle (UAV), and perimeter security. The monitoring and inspection application has been further sub-divided into HVAC, quality assessment, structural health monitoring, and machine condition monitoring. The detection application is further sub-divided into research and development, level measurement, body temperature measurement, fire/flare detection, and gas detection.
Based on the Vertical
The market has been divided all across the globe based on the vertical into food and beverages, oil and gas, healthcare and life sciences, automotive, aerospace and defense, residential, commercial, and industrial.
Based on the Region
The market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The thermal imaging market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the thermal imaging market all across the globe is held by the North American region owing to the presence of various research and developments centers along with thermal imaging manufacturers drives the market demand towards this region.
The second-largest market share in the thermal imaging market all across the globe is held by the European region owing to increasing demand for security and surveillance applications, along with a decrease in thermal cameras costs to boost the market demand during the forecasted period.
Being the fastest-growing region, the third-largest market share in the thermal imaging market all across the globe is held by the Asia-Pacific region owing to the increasing demand for imaging technology in several military applications. Moreover, increasing awareness regarding the use of imaging technology in applications like inspection, monitoring, detection, and security and surveillance applications drives the market demand.
The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
The most prominent major key players in the thermal imaging market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the Thermal imaging market in the global market by going for mergers, and acquisitions, by collaborating, establishing a partnership, developing a new production process, setting up a new joint venture, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the Thermal imaging all across the globe.
This global thermal imaging research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the Thermal imaging market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the market during the forecasted period are mentioned. The impact of COVID 19 on the market all across the globe is mentioned. The future growth rate in the Thermal imaging market during the forecasted period is estimated and mentioned.
Research firms, consultancy firms, investors and consultants, analysts and strategic business planners, private equity firms, venture capitalists, government and financial institutions, research institutes and organizations, investment communities in the market, technical standards organizations, electronics and semiconductor companies, companies in the thermal imaging market, and others.
|Market Size||USD 3.96 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||The increased focus on technology advancement of thermal imaging components will enable manufacturers to offer new growth opportunities to the market players.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The worldwide market of thermal imaging can value USD 5.96 Bn at 7% CAGR by2023.
United Technologies (US), Testo (Germany), Sofradir (France), Seek Thermal (US), and Xenics (Belgium), are some notable players in the thermal imaging market.
Thermal imaging is extensively used for security & surveillance. Other areas of applications are detection and monitoring & inspection.
Thermal imaging used infrared radiation that is not effected by any environmental changes. This benefit can boost the growth of the thermal imaging market.
The existence of numerous thermal imaging developers in North America in support the regional market expansion.