Global Statistics Representing Thermal Imaging Market Scenario
Thermal imaging is a technique of improving visibility of objects in a dark environment by detecting infrared radiation effectively and creating an image based on the information. Thermal imaging light can penetrate through any medium such as smoke, fog and haze, and this characteristic makes a thermal imaging camera useful for all sort of applications, such as security, surveillance and for military. Thermal imagining technology provides clear images on a display system through electronic signals that process the information gathered by the thermal imaging camera.
The increasing need for thermal inspections and monitoring in army, navy and air force sectors has been driving market growth as thermal imagining technology is cable of functioning in all weather conditions and day as well as night conditions. In addition, increasing applications of this technology across several industries, low cost of thermal imaging cameras and low environmental impact are some of the other factors driving market growth, globally. Furthermore, recent developments in unmanned aerial vehicles (UAV) with thermal imaging are likely to provide impetus to market growth as they present new opportunities for wildlife experts to inexpensively survey relatively large areas for agricultural, environmental and wildlife monitoring applications. For example, unmanned aerial vehicles (UAV) with thermal imaging for wildlife management include monitoring sea turtles, black bears, large land mammals, marine mammals and birds.
The global thermal imaging market is expected to grow at a CAGR of 6.0% and reach a market size of USD 4.6 billion by the end of the forecast period.
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.
North America is pegged to be a prominent region in the thermal imaging market with rapid growth of commercial and residential applications due to the declining prices of thermal cameras. In addition, the presence of thermal imaging manufacturers and R&D centres in this region is expected to boost market growth in years to come. FLIR Systems (US), Fortive, L3 Technologies and United Technologies are some of the major players contributing to market growth in North America. Growth in the region can also be attributed to the use of thermal imaging in the U.S military.
Europe is expected to register moderate growth during the forecast period, due to technological advancements and growing adoption of thermal imaging in various commercial and industrial applications. The increasing demand for security and surveillance is also projected to fuel market demand during the forecast period.
Asia Pacific is pegged to have significant demand for thermal imaging due to the increasing use of thermal imaging in the military sector. Also, increasing demand for smartphones with thermal imaging camera and their declining prices are some of the factors driving demand in Asia Pacific.
Latin America, Middle East and Africa are likely to witness considerable growth during the forecast period, which can be attributed to the low cost of thermal imaging products and services in the region.
Thermal Imaging Market Segmentation