Thermal Imaging Market - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

 

Market Overview

Thermal imaging technology is a method of enhancing the object’s visibility in a totally dark environment by detection of infrared radiation emitted by an object and interpreting these radiations to create a visible pattern (image). This technology captures the upper layer of the infrared light spectrum. It best works in a dark environment without any ambient light and can see through fog, smoke, haze, and is capable of catching moving objects in real-time. There are two types of thermal imaging devices namely un-cooled devices and cryogenically cooled devices.

The global Thermal Imaging Market was accounted for US$ 1,978.7 Mn in terms of value in 2019 and is expected to grow at CAGR of 9.7% for the period 2020-2027.

Browse complete Report @ https://www.coherentmarketinsights.com/market-insight/thermal-imaging-market-4090

Market Dynamics- Drivers

  1. Increased investment in armed forces modernization is expected to drive growth of the global thermal imaging market during the forecast period

Thermal imaging technology is widely used in military and defense equipment, which accounts for over 40% of the total global thermal imaging market. Increase in investment by governments of various countries such as China, India, the U.K., and Russia for up-gradation and modernization of weapons and equipment in the armed forces is one of the major factors driving the growth of the thermal imaging market. Thermal imaging devices offer armed forces, the ability to see in dark environment by generating a reliable and identifiable image of the environment based on radiation emitted by objects. Countries such as India, China, and the U.K. are improving effectiveness and capabilities of their armed forces and enhancing command, control, and interoperability by investing in thermal imaging. For instance, in 2013, Thales Group received a contract from the German Armed Force to supply sets of long-range cooled thermal imagers named Sophie XF. Thus, these factors are expected to drive growth of the global thermal imaging market during the forecast period.

  1. Penetration of thermal imaging devices in new applications is expected to propel the global thermal imaging market growth over the forecast period

Thermal imaging technology is being used in numerous fields apart from military and defense. These sectors include healthcare, commercial, and other applications. Furthermore, the energy audit sector has provided new opportunities for thermal imaging technology, particularly in preventative maintenance. Automobile industry is incorporating thermal imaging cameras in cars to reduce the potential dangers of accidents at night. For instance, BMW and Audi have deployed thermal imaging cameras in cars that help in detecting living objects such as pedestrians and animals, which are difficult to spot in the dark. Moreover, thermal imaging technology is used in the healthcare sector to protect animals and humans from disease. Thus, these factors are expected to propel the global thermal imaging market growth over the forecast period.

Thermal Imaging Market - Impact of Coronavirus (Covid-19) Pandemic

Thermal Imaging is majorly used for the security and surveillance purposes. It is widely used in the military and defense equipment. Owing to the COVID-19 pandemic, several governments around the globe are forced to increase the spending on healthcare and safeguarding the economy. For instance, In July 2020, Government of Thailand reduced defense budget from US$ 7.45 Billion in 2020 to US$ 7.18 Billion for 2021. Currently Several government are majorly focusing on the healthcare industry than the defense industry. Owing to the reduced defence budgets, many governments are less likely to buy military equipment such as Thermal Imaging in the year 2020-2021.

Market Opportunities

  1. Increasing the use of thermal imaging in PCs and smartphones can provide major business opportunities

There is a huge scope for thermal imaging technology in PCs and smart-phone applications. Thermal imaging devices require cooling technology, which in turn increases the cost. Key players such as FLIR Systems have introduced innovative devices namely lepton sensor, which is lighter, smaller, and hence, can be added to a smart-phone. In addition, it does not use an external cooler to run, which reduces the cost of thermal devices. FLIR Systems has also introduced a thermal imaging camera named FLIR ONE, which can be easily incorporated in smart-phones such as iPhone 5s.

  1. Research and development activities can present lucrative growth opportunities

Key companies are focused on research and development activities, in order to expand the market presence. For instance, in January 2014, FLIR Systems Inc. introduced thermal rifle scope hunters to enter new markets. This product includes models for military and law enforcement models. In October 2014, FLIR Systems Inc. introduced New E-Series thermography cameras. This product has been developed for pinpointing mechanical and electrical overheating. Furthermore, in September 2013, BAE Systems Inc. launched a thermal camera core named MIR640, which can see through fog and smoke.

Market Trends

  1. Advent of high-resolution thermal cameras

The introduction of high-resolution thermal imaging cameras has increased its adoption across applications such as remote and long-distance monitoring and surveillance. Manufacturers introduced thermal imaging camera with 640 x 480 resolutions that can be used for long-distance monitoring and surveillance. Furthermore, due to mass production, manufacturers have reduced the cost of high-resolution thermal imaging camera to make it affordable to end-users, mainly commercial and residential sectors. For instance, thermal imaging cores with 320 x 240 and 384 x 288 resolutions are available at an affordable prices (e.g. US$ 2500 to US$ 5000) which are increasingly being deployed in dual closed-circuit television (CCTV with thermal and video) and commercial applications for security and surveillance.

  1. Contracts and agreements among market players is another major trend

Major market players are focused on contracts and agreements, in order to gain a significant advantage in the market. For instance, in March 2012, L-3 Communications Holdings, Inc. entered into a US$ 50 million contract with the U.S. special operations command. According to this contract, the company would provide a new lighter and smaller night vision goggles to the U.S. special operations command. Furthermore, in April 2012, BAE Systems Inc. entered into a US$ 11 million contract with USSOCOM (The United States Special Operations Command).

Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/4090

Value Chain Analysis

Component suppliers

The market consists of a large number of suppliers of components required in making thermal imaging devices. Components namely video signal generators, IR lenses, detectors, video signal generators, and displays are provided by various component suppliers such as Vision Systems Design, FLIR Systems Inc. and Lightpath Technologies among others. In order to reduce the cost associated with producing components, key players may backward integrate. This will further reduce the dependency of key players on other component providers.

Competitive Section

Key players operating in the global thermal imaging market are FLIR Systems Inc. (FLIR), Raytheon Company, BAE Systems Inc., L-3 Communications Holdings, Inc., Axis Communications AB, Danaher Corporation, and DRS Technologies Inc.

Comments

Post a Comment

Popular posts from this blog

Traffic Management System Market Trends, Outlook, and Opportunity Analysis, 2018-2026

  Traffic management is a system that providing traffic management solutions that improve traffic flow and safety of road users. It also advices the command control and signaling system which receives the information about the current traffic and the disturbances in the surrounding. Traffic management system includes pedestrian access, lane and sidewalk closures, traffic plans, services, and others. Browse Complete Report @ https://www.coherentmarketinsights.com/ongoing-insight/traffic-management-system-market-1409 Increasing urbanization and growing public concerns for the safety are major factors driving the growth of the global traffic management system market Increasing urbanization results in the rise of traffic density levels, making traveling troublesome for common folk. For instance, according to the Global Health Observatory (GHO), the urban population in 2014 accounted for 54% of the total global population, and continues to grow. Over half of the popul...
Read more

Laser Cladding System Market to Witness Robust Expansion throughout the Forecast Period 2017-2026

Laser cladding system market primarily caters to large, medium and small industries for applications in improving the surface metal property by covering them with performance coating. This process utilizes the high intensity laser to melt the metal small part of the metal surface which is then fed with the desired powder. This process is scanned across the desired surface to form uniform material coating across the surface. Moreover, it also finds significant applications in weld repair applications over the Plasma Transfer Arc (PTA) welding and Tungsten Inert Gas (TIG) among others owing to its high performance. Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/629 Improved dimensional restoration and reconditioning are expected to be major factors that will influence the industry growth positively Arc welding and thermal spraying are among the few conventional methods that have many drawbacks such as low desired outputs, difficulty in instal...
Read more