The market value of the Thermal Imaging Market is valued at 3.4 billion US dollars in 2021 which is expected to increase the growth by 4.6 billion US dollars by the end of 2026 with a compound annual growth rate of 6.2% during the forecast period of 2021 to 2026. The Thermal Imaging market value is expected to increase more during the forecast period.
Thermal Imaging market Driving Factors:
Increasing demand for surveillance across several verticals globally, a gradual decrease in the cost of thermal imaging products is some of the driving factors for the growth of the Thermal Imaging market.
Rise in military spending in emerging countries, increasing expenditure on the aerospace and defense sectors are some of the major driving factors of Thermal Imaging market growth.
Integration of thermal imaging in autonomous vehicles in some of the countries such as the United States and Europe is also one of the driving factors which helps the growth of the Thermal Imaging market across the globe.
Usage of thermal imaging for building surveys in Europe is additionally fueling the demand of the Thermal Imaging market.
Growing awareness of thermal imaging in Latin America to combat crimes, increasing demand for oil & gas industries in the Middle East are likely to propel the growth rate of the Thermal Imaging market revenue rate during the forecast period.
Factors such as increasing R & D investments by the governments, companies, and also capital firms to develop innovative thermal imaging solutions, increasing adoption of thermal imaging in the automotive industry helps the Thermal Imaging market to grow further.
Thermal Imaging market Challenges:
Stringent regulations from the government regulations is one of the major restraints affecting the growth of the market of Thermal Imaging.
High cost and lack of accuracy are some of the major restraints which are affecting the growth of the Thermal Imaging market.
Recent Market Developments:
In the month of December 2019, FLIR systems Inc has launched 3 new cameras which were pan tilt zoom security cameras named FLIR Elara DX series, FLIR Saros DM series, e FLIR Quasar 4K IR PTZ which provides long-range as well as short-range perimeter protection in all the conditions.
In the month of December 2019, Fluke corporation has launched Fluke TiS60+ which was a thermal imaging camera for inspection and analytics applications suited especially for commercial, HVAC (Heating, ventilation, air conditioning, and refrigeration) and also for the maintenance technicians.
In the month of October 2019, Leonardo DRS has received a contract from the US army to supply advanced thermal imagery technology for the army’s remote combat vehicle weapon stations.
In the month of June 2019, Harris corporation from Florida merged with L3 technologies from New York to form a new military technology company named L3 Harris Technologies to increase the global customer base.
Market Size Available
2021 – 2026
2021 - 2026
On the basis of technology, On the basis of wavelength, On the basis of product type, On the basis of application, On the basis of vertical
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US), and United Technologies (Connecticut, US)
The Thermal Imaging market is segmented on the basis of technology, wavelength, product type, application, and vertical.
The Thermal Imaging market is segmented into two types namely cooled technology and uncooled technology. Among these segments, the uncooled technology segment holds the major share of the market among others due to several advantages such as better penetration in weak environmental conditions such as smoke, dust, fog, and fewer mobile parts which provides long operating life with low maintenance.
On the basis of wavelength:
The market of Thermal Imaging is bifurcated into three types namely, short wave infrared, mid-wave infrared, and long-wave infrared. Among these segments, the long-wave infrared wavelength segment holds the major share of the market owing to the factors such as increasing of demand for thermal products operating in long-wave infrared wavelengths in automotive, civil infrastructure, food & beverages, and medical for monitoring and inspection as well as detection and measurement applications.
The Thermal Imaging market is segmented into thermal cameras, thermal scopes, and thermal modules. Among these segments, the thermal cameras segment holds the major share of the market owing to the increasing adoption of thermal cameras in the residential and commercial sectors.
The Thermal Imaging market is segmented into security and surveillance (perimeter security, unmanned aerial vehicle, tracking), monitoring and inspection (machine condition monitoring, structural health monitoring, quality assessment, and HVAC system inspection), detection and measurement (gas detection, fire detection, flare detection, body temperature measurement, level measurement, and prototype assessment). Among these segments, the monitoring and detection segment holds the major share of the market attributed to the factors such as the increasing adoption of thermal cameras in commercial, residential, and industrial sectors.
The Thermal Imaging market is segmented into residential, aerospace & defense, automotive, industrial, commercial, healthcare and life sciences, oil & gas, food & beverages. Among these segments, the aerospace & defense segment holds the major share of the market due to the capability of thermal imaging products such as thermal cameras, scopes and modules to work in all weather conditions.
Thermal Imaging Market Regional Analysis:
The Thermal Imaging market is elaborated in various regions all around the world such as
North America region holds the major share of the market of Thermal Imaging as it is home to numerous historical monuments, commercial as well as residential buildings especially in the United States and Canada. North America region is expected to hold the dominance of the Thermal Imaging market during the forecast period.
Asia Pacific region is expected to increase the market of Thermal Imaging owing to the growing awareness, increasing of demand for oil & gas industries.
Europe is expected to have the highest CAGR in the near future.
Key market players:
Some of the key market players of Thermal Imaging market are: Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US), and United Technologies (Connecticut, US)
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferences
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Thermal Imaging Market, By Technology
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Thermal Imaging Market, By Wavelength
6.2.1 short wave infrared
6.2.2 mid wave infrared
6.2.3 long wave infrared
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Thermal Imaging Market, By Product Type
6.3.1 thermal cameras
6.3.2 thermal scopes
6.3.3 thermal modules
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Thermal Imaging Market, By Application
6.4.1 detection and measurement
6.4.2 security and surveillance
6.4.3 monitoring and inspection
6.4.4 Market Size Estimations & Forecasts (2021-2026)
6.4.5 Y-o-Y Growth Rate Analysis
6.4.6 Market Attractiveness Index
6.5 Thermal Imaging Market, By Vertical
6.5.4 aerospace & defense
6.5.6 healthcare and life sciences
6.5.7 oil & gas
6.5.8 food & beverages
6.5.9 Market Size Estimations & Forecasts (2021-2026)
6.5.10 Y-o-Y Growth Rate Analysis
6.5.11 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021- 2026)
7.2.1 By Country
7.2.2 By Technology
7.2.3 By Wavelength
7.2.4 By Product Type
7.2.5 By Application
7.2.6 By Vertical
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Technology
7.3.3 By Wavelength
7.3.4 By Product Type
7.3.5 By Application
7.3.6 By Vertical
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Technology
7.4.3 By Wavelength
7.4.4 By Product Type
7.4.5 By Application
7.4.6 By Vertical
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Technology
7.5.3 By Wavelength
7.5.4 By Product Type
7.5.5 By Application
7.5.6 By Vertical
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Technology
7.6.3 By Wavelength
7.6.4 By Product Type
7.6.5 By Application
7.6.6 By Vertical
8. Key Player Analysis
8.1 Leonardo S.p.A. (Rome, Italy)
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 L3HARRIS TECHNOLOGIES, INC. (Florida, US)
8.3 FLIR Systems, Inc. (Oregon, US)
8.4 Fluke Corporation (Washington, US)
8.5 United Technologies (Connecticut, US)
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures