Uncooled Technology in Thermal Imaging Market Projected to Reach USD 2.5 Billion by 2024

Sellbyville, DE -- (SBWire) -- 03/11/2019 --The cooled Thermal Imaging Market accounted for over 50% of the revenue share in 2017, with the chief growth drivers being the surging demand for security, surveillance, and firefighting applications for better accuracy and image details. Indoor applications including emergency management and building security are poised to offer growth opportunities for cooled thermal imaging product suppliers. The segment is forecast to lose share in the coming years to uncooled technology due to the growing number of application industries for the latter.

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Thermography helps in the detection of fever and related signs of infection. Thus, the technology has been used extensively by airports during an epidemic outbreak such as Severe Acute Respiratory Syndrome (SARS), swine flu, and Ebola to screen passengers with elevated body temperatures. Hyperspectral imaging and remote sensing are expected to serve as the key opportunity domains for thermal imaging market expansion.

Regional Growth Drivers: -
1. Increasing demand from military across the U.S.
2. Thermal building surveys in the UK
3. Growth of automotive night vision market in China
4. Stringent border security in Asia Pacific region
5. Growing awareness of thermal imaging in Latin America to combat crimes
6. Demand across oil & gas industries in the Middle East

The demand across healthcare & life sciences applications in the thermal imaging market is expected to grow at a rapid pace due to the provision of advanced diagnostic and visualizations offered by such solutions. Thermography facilitates quantifiable, accurate, and non-invasive diagnostic detection by means of changes in surface temperatures. In the healthcare sector, thermography applications include muscle strain assessment, vascular evaluation, and bleeding point detection. In addition, the technology helps to identify the tissue damage site in case of injuries, aiding the sports medicine field.

Personal vision system devices are expected to register the fastest growth due to the availability of low-cost solutions and demand for technology in consumer outdoor use such as hunting and mountain sports, law enforcement, and border patrol. The emergence of unmanned and airborne vehicles in defense applications is expected to stimulate thermal imaging market growth.

Handheld/portable cameras constitute the largest segment accounting for over 50% of the market revenue share in 2017. Growing security concerns coupled with technological advancements, reduction in size, and an average selling price are the major factors driving the demand for handheld imagers. The ability of such devices to track, locate, capture, and record criminal activity in adverse conditions is expected to favorably drive the handheld thermal imaging market demand.

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Major thermal imaging market drivers in Asia Pacific countries including India, Malaysia, and South include the rapid pace of technology adoption and penetration in the region. The declining price of thermal cameras and the presence of regional vendors offering low-cost solutions are expected to favorably impact the market growth in India and China.

Major vendors in the thermal imaging market space are FLIR Systems, Leonardo DRS, Raytheon Company, and Fluke Corporation. The market is characterized by stiff price competitiveness and innovative solutions. To sustain competition, players have been focusing on vertical integration to cut down input costs and developing technologically-advanced products. In addition, the expansion of product offering to penetrate new application verticals, such as smartphone integration offered by FLIR One and Seek Thermal Compact, enables vendors to garner additional revenue thermal imaging market growth opportunities.

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