A thermal imaging camera can scan entire areas as well as components for the detection of overheating hazards. Thus, it is a valuable diagnostic tool in many industrial applications. Thermal imaging technology has gained popularity over the past decade with technological advancements and declining prices of thermal imaging cameras.
On the basis of region, the global thermal imaging market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America holds the largest share of the global market as economies in the region, such as Canada and Mexico, are early adopters of technology and innovation. Key players such as Flir Systems Inc., Danaher Corporation, L-3 Communications Holdings Inc., Raytheon, and BAE Systems significantly contribute to market growth in the region. Furthermore, growing demand for thermal imaging products and services across both industrial and commercial sectors is also expected to drive demand in North America.
Europe holds the second largest share in the thermal imaging market. The market in the region has been segmented into France, Russia, the U.K., Germany, Italy and the rest of Europe. Growing demand for security and surveillance is anticipated to fuel demand in Europe for thermal imaging products and services. Also, the gradual decline in thermal camera prices has been a major driving factor for the market in this region. Additionally, countries such as France, the U.K. are Italy are the biggest military spenders in this region and thus, account for significant shares of the market.
The Asia Pacific market has been segmented into China, Japan, India, South Korea, Singapore, Malaysia and the rest of Asia-Pacific. Adoption of thermal imaging products and services in application areas such as commercial & residential security, automotive, veterinary and threat detection is also expected to boost market growth in Asia-Pacific.
The LAMEA region is pegged to record healthy growth during the forecast period (2018–2025), due to extensive applications in the region’s military sector.
The global thermal imaging market has been segmented on the basis of type, application, and vertical. On the basis of type, the market has been segmented into cameras, modules, and scopes. On the basis of application, the market has been segmented into security & surveillance, monitoring & inspection, detection, and others. On the basis of vertical, the market has been segmented into aerospace & defense, industrial, healthcare & life sciences.