Market Research Future published a research report on “Thermal Imaging Market Research Report- Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.
Thermal Imaging Market – Overview
The global thermal imaging market is garnering substantial traction. Market growth attributes to the rising usages of thermal imaging technologies in industrial, residential, commercial, and military & defense applications. Besides, rising demand for monitoring critical manufacturing processes and detecting hot spots in mechanical or electrical installation in industries substantiate the market sales. Moreover, advances in infrared thermography and FLIR systems escalate the growth of the market.
According to Market Research Future (MRFR), the global Thermal Imaging Market is poised to witness exponential gains by 2023, registering an impressive CAGR throughout the assessment period (2018 – 2023). Furthermore, rising commercial applications such as building diagnosis and airport security create considerable market demand. High penetration of thermal imaging technologies in the residential sector to detect moisture, leaks, and blockages in walls, ceiling, roofs, and plumbing boosts the market growth.
Spurting rise in the residential sector, and the availability of low-cost detection & measuring devices increase the market size. Rising the adoption of FLIR systems to support thermal imaging temperature screening to prevent the spread of COVID-19 is expected to provide a massive impetus to the market growth. Besides, significant investments made in the development of thermal imaging systems push the growth of the market.
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Simultaneously, the augmenting demand for inspections and monitoring technologies from the defense sector offers new opportunities to market players, creating the scope of investments. Conversely, export restrictions, and additional detailing required for longwave infrared cameras, used in thermal imaging are key headwinds expected to hamper the market growth. Nevertheless, the increasing adoption of thermal imaging devices in healthcare & life sciences and oil & gas sectors would support the market growth throughout the forecast period.
Thermal Imaging Marketing: Segmental Analysis
By application, the market is segmented into security & surveillance, monitoring & inspection, and detection. Security & surveillance segment is further bifurcated into perimeter security, unmanned aerial vehicle (UAV) and tracking. Monitoring & inspection segment is further bifurcated into machine condition monitoring, structural health monitoring, quality assessment and HVAC. Detection segment is further segmented into gas detection, fire/flare detection, body temperature measurement, level measurement, and research & development.
By vertical, the market is segmented into industrial, commercial, residential, aerospace & defense, automotive, healthcare & life sciences, oil & gas and food & beverages.
Key Players:
The prominent players in the market of thermal imaging are FLIR Systems (US), Fortive (US), Axis Communications (Sweden), Leonardo (Italy), BAE Systems (UK), L3 Technologies (US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics (Belgium), Seek Thermal (US) and among others.
Thermal Imaging Market: Regional Outlook
The global market for thermal imaging is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of thermal imaging market is covered for North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the market owing to the growing demand for thermal imaging devices and increasing adoption of thermal imaging in commercial and home automation applications. In Europe, the market for thermal imaging is largely driven owing to increased integration of thermal cameras in smartphones and their declining prices. Also, rising demand for surveillance and security applications is attributed to the market growth of thermal imaging in Europe. In the Asia Pacific region, there is a high demand for thermal imaging due to increasing deployment of thermal imaging technology in various military applications, which is expected to drive the market in the forecast period.
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