- The increase in global military spending and rising terrorist activity is driving the market demand
- Market Size – USD 3.21 billion in 2019, Market Growth - CAGR of 6.0%, Market Trends –High demand from the APAC region
NEW YORK, Aug. 11, 2020 /PRNewswire/ -- The Global Thermal Imaging Market is forecast to reach USD 4.99 Billion by 2027, according to a new report by Reports and Data. The growth of thermal imaging in various end-use industries is driving market demand. An increase in terrorist activities has impacted government and non-government revenue to a great extent. Increasing terrorism, instability, geopolitical tension, and cross border terrorism is driving market demand. The investment in the defense system for the modernization of military equipment is also encouraging the growth of the market. Thermal imaging helps armed forces to protect borders during nightfall and extreme weather.
The growth of the market also depends on the advancement of medical technologies. Several growth opportunities and adoption of the latest advanced technologies in the sector is providing ample growth opportunity for the market. Several areas, such as digital research and construction management, involve the usage of thermal imaging technologies. It is crucial for construction planners to study energy losses, moisture inspections, and building envelope inspection.
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High level of investment in construction development coupled with the growing demand for professional surveillance and the rising need for security applications in public and private sectors are propelling the market demand. However, restrictions in export and additional details required for longwave infrared cameras are hampering the market demand.
COVID-19 Impact Analysis:
The pandemic has propelled the demand for the market from the transportation and healthcare sectors. Various market players of developing nations are integrating artificial intelligence to enhance their protection level. Government all across the globe are implementing stringent regulations to locate high-risk zones, or those asked to be in-home quarantine. Smartphone apps integrated with geotagging features have been launched by several governments to ensure physical distancing. The market will witness an increased demand as there more advanced technologies are being adopted.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- Thermal cameras allow people to see invisible heat radiation emitted by any objects irrespective of lighting conditions. Some of the benefits of thermal imaging are protection for major businesses across the country and to protect against intruders.
- The segment for monitoring and detection is expected to dominate the market share and is accredited to the rising adoption of thermal cameras in residential, industrial, and commercial sectors. The thermal cameras are used in several historical monuments, buildings, and industrial equipment. Moreover, these cameras are in major demand for maintaining the structural health of buildings.
- The aerospace and defense sector held a significant share in the industry. The demand is due to the ability of the product to work in all weather conditions irrespective of the time. They are used in surveillance of the border, in ship collision avoidance, law enforcement, and structural health monitoring of aircraft. They also help soldiers locate and identify their enemies.
- The Asia Pacific market is growing due to the rise in the adoption of the automotive sector and the increase in population. The surge in population is creating a need for high-quality and enhanced transportation in the region. Automotive manufacturers are improving designs and integrating advanced technology such as Light Detection and Ranging (LiDAR) for better driving assistance.
- Key participants include Fluke Corporation, United Technologies, FLIR Systems, Inc., Leonardo S.p.A, Axis Communications AB, L3HARRIS Technologies, Inc., Axis Communications AB, Opgal, Xenics, and BAE Systems, among others.
For the purpose of this report, Reports and Data has segmented the Global Thermal Imaging Market on the basis of product type, application, industry vertical, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Thermal Cameras
- Thermal Scopes
- Thermal Modules
Application Outlook (Revenue, USD Billion; 2017-2027)
- Security and Surveillance
- Unmanned Aerial Vehicle (UAV)
- Perimeter Security
- Monitoring and Inspection
- Structural Health Monitoring
- HVAC System Inspection
- Machine Condition Monitoring
- Quality Assessment
- Detection and Measurement
- Fire/Flare Detection
- Level Measurement
- Gas Detection
- Body Temperature Measurement
- Prototype Assessment
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Aerospace and Defense
- Oil and Gas
- Healthcare and Life science
- Food and Beverage
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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