Ocean View, DE -- (SBWire) -- 04/15/2020 --Driven by rising popularity of thermal imaging as an imaging modality, global thermal imaging market size is projected to gain remarkable traction in the coming years. In terms of revenue, thermal imaging market share is anticipated to surpass USD 10 Bn by 2024. While remote sensing, space imaging, and surveillance are among the common use cases, the vertical is witnessing remarkable opportunities from detection and inspection applications. Advances made in thermographic imagery such as smart intelligence capabilities have facilitated the use of the technology across multiple end use sectors. Additionally, the advent and integration of communication interfaces is fueling thermal imaging industry trends positively.
Speaking of the competitive landscape, key thermal imaging market players are implementing various strategies such as new product launches, technology development, and product differentiation to gain an edge in the stiff environment.
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Scopes & vision goggles offer the flexibility of day and night time use even under adverse weather conditions such as fog or smoke. Riflescopes enable military personnel to read off the target's heat signatures for the most accurate position decision. Most riflescopes feature several color palates for better visualization and are more expensive than the monochrome models. Geopolitical unrest and the need for technologically-equipped border patrol are expected to drive thermal imaging market growth for the segment.
Cooled cameras are more expensive and bulkier owing to the requirement of cryogenic cooling units; however, they provide superior imagery and are therefore are preferably used in life sciences, healthcare, special industrial detection, and automotive applications. With their superior sensitivity, the cooled camera is largely suitable for long-range imaging in low-contrast scenes. Nuclear power plants, airports, pipelines, high-security buildings, correctional facilities, and other sensitive areas also benefit from detailed imagery offered by cooled camera systems.
Technological advancements in thermographic imagery have led to the development of mobile solutions for numerous applications including surveillance, remote sensing, and space imaging. The performances of thermal cameras is based on their bandwidth and spectral sensitivity for a broad range of applications. The emergence and incorporation of communication interfaces have favorably impacted the user adoption, driving the thermal imaging market growth.
Due to the economic slowdown in recent years, most of the countries including the U.S., the UK, and France have been cautious with their military funding. Any defense budget cut may inhibit the growth of the thermal imaging market. In addition, the high cost of devices may deter smaller and niche application segments from investing in the technology thereby posing a challenge to the industry growth.
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The Asia Pacific market is largely driven by the rising demand for thermal cameras in smartphones and the availability of low-cost imagers. The MEA thermal imaging market is expected to witness a sharp growth owing to the favorable infrastructure development trends and the rising demand across oil & gas industries in the region.
Key vendors in the thermal imaging market include FLIR Systems, BAE Systems, Raytheon, Leonardo DRS, Testo SE, L-3 Technologies, Seek Thermal, ULIS (Sofradir), and Fluke Corporation, among others. The difficulty in manufacturing and commercialization of accurate cameras, strict licensing norms, and export regulations has deterred new entrants from garnering market share. Product differentiation can be attributed as a part of the key business growth strategy.
Table of Contents (ToC) of the report:
Chapter 4 Thermal Imaging Market, By Product
4.1 Key trends in the thermal imaging industry, by product
4.2 Handheld/portable camera
4.2.1 Market estimates and forecast, 2013 – 2024
4.2.2 Market estimates and forecast, by region, 2013 - 2024
4.3 Fixed/mounted cores
4.3.1 Market estimates and forecast, 2013 – 2024
4.3.2 Market estimates and forecast, by region, 2013 - 2024
4.4 Scopes & vision goggles
4.4.1 Market estimates and forecast, 2013 – 2024
4.4.2 Market estimates and forecast, by region, 2013 - 2024
Chapter 5 Thermal Imaging Market, By Technology
5.1 Key trends in the thermal imaging industry, by technology
5.2 Cooled
5.2.1 Market estimates and forecast, 2013 – 2024
5.2.2 Market estimates and forecast, by end-use, 2013 – 2024
5.2.3 Market estimates and forecast, by region, 2013 - 2024
5.3 Uncooled
5.3.1 Market estimates and forecast, 2013 – 2024
5.3.2 Market estimates and forecast, by end-use, 2013 – 2024
5.3.3 Market estimates and forecast, by region, 2013 - 2024
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Thermal Imaging Market 2024 : Global Players Are Allied Vision, Axis Communications, FLIR Systems, Fluke Corporation, L3 Technologies, Leonardo DRS, Raytheon