Pune, India -- (SBWIRE) -- 06/12/2018 -- Market Scenario

Thermal imaging technology has been developed for military applications that provide soldiers with clear vision in low light conditions, such as in the evening or fogs, and military operations conducted at night. These technologies can display images on standard monitor systems through electronic signals that process the information gathered by thermal imaging devices. The rise in dependency on electro-optical solutions, such as thermal imaging would improve the accuracy of armed forces on the battlefield, whether on the land, sea, or air. 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.

Global Thermal Imaging Market is estimated to witness a CAGR of 6% from 2018 to 2023.

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Key Players

The key players in global military thermal imaging market are FLIR Systems Inc. (U.S.), Teledyne Technologies Inc. (U.S.), Lockheed Martin Corporation (U.S.), Leonardo DRS (Italy), BAE Systems (U.K), L3 Technologies Inc. (U.S.), Thales Group (France), Sofradir (France), Raytheon Company (U.S.), Harris Corporation (U.S.), and General Dynamics Mission Systems Inc (U.S.).

The increased need for thermal inspections and monitoring in the military sector will 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 done 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.

Segmentation

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, such as military drones. On the basis of 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. Among 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. 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 2004 Athens Olympic Games. Among 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.

Regional Analysis

On the basis of region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. The North American region 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 region follows the North America region in the global military thermal imaging market, and is estimated to trail North America during the forecast period as well; key influencing factors for the growth in demand would be increasing deployment of thermal imaging technology 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 a CAGR of 6%, from 2018 to 2023.

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The report for Global Military Thermal Imaging Market of Market Research Future comprises extensive primary research, along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts and key opinion leaders; it helps the reader gain a deeper insight into the market and industry performance. The report gives a clear picture of current market scenario, including historical and projected market size in terms of value and volume, technological advancement, macro economic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also contains a broad study of the different market segments and regions

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