CHICAGO, March 2, 2020 /PRNewswire/ -- According to the new market research report "Thermal Scanners Market by Wavelength (LWIR, MWIR, SWIR), Application (Thermography, Security & Surveillance, Search & Rescue), Vertical (Industrial, Commercial, Aerospace & Defense, Automotive, Healthcare), Technology, Region - Global Forecast to 2025", published by MarketsandMarkets™, the market size of Thermal Scanners Market is estimated to grow from USD 4.1 billion in 2020 to USD 6.2 billion by 2025, at a CAGR of 8.6%. Increasing government expenditure on the aerospace & defense sector is one of the factors fueling the growth of this market.
"Market for uncooled technology-based thermal products accounted for a larger share of thermal scanners market in 2019."
The market for uncooled thermal products accounted for a larger share of the thermal scanners market in 2019. The growth of this market is attributed to the increasing demand for uncooled thermal solutions for commercial applications. Furthermore, the availability of HD resolution makes uncooled thermal solutions an ideal solution for high-resolution applications, such as military security and surveillance, industrial detection, and automotive diagnostic. Moreover, they offer long-time services due to the presence of less moving parts.
"Market for SWIR thermal products expected to grow at highest CAGR during the forecast period"
The SWIR segment is projected to lead the thermal scanners market with the highest CAGR from 2020 to 2025. The growth is anticipated due to several advantages offered by SWIR, such as the ability to see through a glass, availability in small size, and ability to see the covert laser. Moreover, as the technological advancements and efforts to launch new low-priced SWIR cameras, is likely to increase the penetration of SWIR cameras in thermal scanning systems.
"Thermography application accounted for the largest share of thermal scanners market in 2019"
The thermography application held the largest share of the thermal scanners industry in 2019. The growth is attributed to the rising use of thermal scanners at airports due to the outbreak of coronavirus and the increasing government expenditure in the military sector. According to the Stockholm International Peace Research Institute (SIPRI), in 2018, the global military expenditure was USD 1,822 billion, which increased by 2.6% compared to 2017.
"APAC is expected to grow at highest CAGR during the forecast period"
APAC is expected to grow at the highest CAGR during the forecast period. The growth of the thermal scanners market in APAC is attributed to the presence of regional vendors in China and India, offering low-cost solutions, which in turn causes a decline in prices of thermal scanning products. Additionally, the increase in mass production of the thermal scanners in China supports the growth of the market along with the presence of several OEMs. The rising demand for thermal scanners due to the outbreak of coronavirus in various regions in the APAC region mainly in China, Japan, and South-East Asian countries, would further fuel the growth of the market.
FLIR Systems, Inc. (US), Fluke Corporation (US), Leonardo S.p.A. (Italy), L3HARRIS TECHNOLOGIES, INC. (US), and Opgal (Israel), are the key players in the thermal scanners market. These players are increasingly undertaking strategies such as product launches & developments, expansions, partnerships, agreements, contracts, and mergers & acquisitions to increase their market share.
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