Growth Analysis: Increasing Necessity of Thermal Camera in Automotive Industry Predicted to Upsurge the Growth of the Global Thermal Camera Market by 2028 | Exclusive Report [220-Pages] by Research Dive
The global thermal camera market is expected to see striking growth by 2028, owing to increasing demand from automotive industry. The handheld camera sub-segment to be most profitable. The North America region to dominate in the global market.
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Thermal Camera Market by Product Type (Handheld and Standstill), Application (Security & Surveillance, Monitoring & Inspection, and Detection & Measurement), End-use (Industrial, Aerospace & Defense, Automotive, and Others (Law Enforcement, Healthcare, and Marine)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028."
According to the report, the Global Thermal Camera Market is anticipated to generate a revenue of $19,303.9 million and rise at a healthy CAGR of 10.2% during the analysis period from 2021-2028.
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Dynamics of the Thermal Camera Market
As per our analysts, with the increasing necessity of thermal cameras in the automotive industry to help drivers in adverse climatic conditions or in low lights, and to reduce accidents and enhance safety, the market is predicted to experience progressive growth during the forecast period. Besides, the increasing usage of thermal cameras in ensuring vehicle safety, and for non-destructive testing of automotive elements such as brakes, tires are the factors expected to bolster the growth of the thermal camera market over the estimated timeframe. Moreover, the increasing investments in research and development on thermal cameras and increasing implementation of innovative technologies are further predicted to create huge growth opportunities for the market over the estimated timeframe. However, the export restrictions on thermal cameras may restrict the growth of the market during the forecast period.
Segments of the Thermal Camera Market
The report has been divided the thermal camera market into segments based on product type, application, end-use, and region.
- By product type, the handheld camera sub-segment is expected to be most lucrative and is predicted to garner a revenue of $12,498.6 million during the analysis timeframe. Further, the use of the handheld camera in the navy and army sectors for border monitoring and law enforcement is expected to fuel the growth of the thermal camera market sub-segment during the analysis timeframe.
- By application, the monitoring and inspection sub-segment is predicted to be the most profitable and is estimated to generate a revenue of $6,004.4 million over the analysis period. Moreover, the increasing use of thermal cameras for monitoring and inspection as infrared technology does not require touch at the time of monitoring is the factor expected to foster the growth of the thermal camera market sub-segment during the estimated timeframe.
- By end-use, the aerospace and defense sub-segment is projected to be most productive and is expected to generate a revenue of $7,370.5 million during the forecast timeframe. The growing use of thermal cameras in the aerospace and defense sector for better quality control enhanced safety measures, and due to its lightweight nature, is further predicted to amplify the growth of the thermal camera market sub-segment during the estimated period.
- By region, the North America region is predicted to hold the largest share of the market and is estimated to generate a revenue of $7,820.0 million over the analysis period. This is mainly because of the strong presence of a large number of device makers in this region. Further, the increasing initiative investments by the government in the military and defense sector are expected to drive the regional growth of the market over the forecast timeframe.
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Covid-19 Impact on the Thermal Camera Market
With the rise of the Covid-19 pandemic, the thermal camera market has experienced a negative impact, likewise other industries. Due to the spontaneous spread of the virus, many factories have imposed shutdowns and this further led to the disruption in the supply chain. These factors hampered the production and distribution of thermal cameras during the period of crisis. However, the increasing demand for thermal cameras in detecting temperature from distance is expected to thrive in the growth of the market in the near future.
Top 10 Leader in the Design, Manufacture of the Thermal Camera Market
The major players of the thermal camera market include
1. United Technologies
2. Leonardo
3. Axis Communications
4. L3HARRIS TECHNOLOGIES
5. BAE Systems
6. Fluke Corporation
7. Opgal
8. FLIR Systems
9. Thales Group
10. Testo, and many others.
- Inquire to Get access for Detailed Top Companies Development Strategy Report
These players are working on the development of new business tactics and strategies to gain the leading position in the leading industry.
For instance, in June 2020, the engineers and designers of Outerspace Design, a leading Melbourne based design and development solutions announced its collaboration with LRM Technologies, the world's renowned technology solutions, and Defense Science and Technology Group, a subsidiary of the Australian Department of Defense dedicated to providing science and technology support. With this collaboration, the companies are aiming to develop thermal cameras that can assess the cause of metal weariness in aircraft.
Further, the report also summarizes other crucial aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
More about Thermal Camera Market:
- Dominance of Handheld Thermal Cameras in Security and Law Enforcement
- Collaborations Like That of FLIR Systems Inc. and Foresight Autonomous Holdings Ltd. to Drive the Growth of the Global Thermal Camera Market
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