Thermal imager is a temperature measuring instrument. Thermal imagers are also known as thermographic camera, infrared camera, and thermal imaging camera. There are two types of thermal imagers, portable and fixed. These thermal imagers are non-contact type, which means that there is no physical contact between the material, of which temperature needs to be measured, and the instrument. Thermal imagers detect the infrared energy emitted, transmitted or reflected by all materials. The device creates similar images as made by regular camera but with infrared radiation.
The global portable thermal imagers market is estimated to account for US$ 2,540.0 Mn in terms of value by the end of 2019.
Market Dynamics- Drivers
Portable thermal imagers are largely used in modern military equipment for soldiers to navigate in difficult situations. Increasing incidence of terrorist attacks have compelled security forces and other agencies to upgrade their equipment. According to a report published by The Stimson Center, a U.S.-based NGO, in February 2012, an attack happened in Mumbai, India in 2008, which killed over 170 people and wounded over 300 people. After this incident, during 2009-10, the Government of India increased defense budget by 34% from previous year to upgrade the country’s defense infrastructure and military equipment. This trend of modernization of military equipment is continued in India and other countries such as China, the U.S., Russia, and others. For instance, in 2019, China increased its budget by 7% when compared to previous year from US$ 165 billion to US$ 172 billion. Therefore, modernizing of military equipment is expected to drive growth of the global portable thermal imagers market, as portable thermal imager is used in military equipment.
North America region held dominant position in the global portable thermal imagers market in 2018, accounting for 41% share in terms of value, followed by Europe, North America, Middle East & Africa, and Latin America.
Source: Coherent Market Insights
Market Dynamics- Restraints
Intense competition among manufacturers of portable thermal imagers is expected to restrain the market growth in the near future. The manufacturers of portable thermal imagers in China and India have easy access to cheap raw materials and labors, which allows them to produce low priced products. This, in turn, is expected to hamper the global market players significantly. Increasing functionality and performance, coupled with decreasing prices in developed economies such as North America and Europe have made it challenging for key market players to compete with manufacturers from emerging economies. This is expected to hinder the market growth over the forecast period.
The initial cost of this equipment is much higher than the currently used contact type temperature detection instrument. Therefore, companies are hesitant in investing in portable thermal imagers. This is expected to hamper growth of the global portable thermal imagers market over the forecast period.
Portable thermal imagers are used predominantly in the healthcare sector for determining body temperature, as body temperature is an essential indicator of people’s health. By measuring temperature using infrared camera systems, it offers few specific advantages for doctors as well for patients. There are various diseases, which can be diagnosed with the help of temperature. The portable thermal imagers are useful for detection of breast cancer at an early stage. Therefore, increasing prevalence of breast cancer is expected to result in increasing adoption of portable thermal imagers. This, in turn, is expected to create lucrative growth opportunities for the market players during the forecast period.
The advancements in technologies has enabled the production of portable thermal imagers that can be connected to Android smart phone devices. This portable mobile device is the smallest and the lightest thermal imagers available so far. Moreover, mobile type thermal imagers require significantly low energy, it is smaller in size, and operate on low voltage. These factors are expected to provide growth opportunities for key players.
The global portable thermal imagers market was valued at US$ 2,540 Mn in 2019 and is expected to reach US$ 5,210.0 Mn by 2027, at a CAGR of 9.4 % between 2019 and 2027.
The increasing industrialization in emerging economies of Eastern Europe, Latin America, and APEJ are creating lucrative environment for portable thermal imagers market. This, in turn, is expected to drive the global portable thermal imagers market growth in these regions. For instance, according to Coherent Market Insights’ analysis, Asia Pacific region is expected to witness highest CAGR during the forecast period, followed by Eastern Europe. An increasing population in Asia Pacific and Middle East & Africa is expected to boost the global portable thermal imagers market growth.
Key players operating in the global portable thermal imagers market include Flir Systems Inc., BAE Systems PLC, Thales Group, Safran Electronics and Defense, Elbit Systems Ltd., Seek Thermal Inc., Fluke Corporation, American Technologies Network Corporation, Thermoteknix Systems Ltd., Raytheon Company, Leonardo DRS , OMEGA Engineering Inc., Visma Instruments and Technologies Pvt. Ltd., and others.
Portable thermal imager is a device, which captures and creates an image of a targeted object by using infrared radiation emitted from the object and this process is called thermal imaging. Portable thermal imager is also known as thermo-graphic camera, infrared camera or thermal imaging camera. Thermal imager is of two types, cooled type and non-cooled type. Thermal imagers are mainly used in defense, public safety, industrial (oil and gas, utility, etc.), healthcare, and others. Thermal imagers are used for border security to restrain cross border activities and illegal immigrations. It is also used in search and rescue operations, as these operations are difficult to be carried out at low visibility conditions. Portable thermal imagers are used to locate the target in such cases.
Portable thermal imagers are used in ship and airplane guidance system. In aviation industry, it is used to prevent accidents caused due to low visibility and help to fly in low light and night conditions. Apart from aviation, portable thermal imagers are also used in autonomous car industry. Autonomous cars are integrated with various sensors and camera for inputs such as road condition and animal or human presence on the road. This input is then transferred to computer to take real-time decision to drive. Portable thermal imagers are used to obtain a 360° view of road condition when regular vehicle is in autonomous mode. When camera fails to provide the data due to low visibility condition, thermal imagers are used to detect human presence on road. Therefore, portable thermal imagers are extensively used in vehicles. These factors are expected to drive growth of the global portable thermal imagers market over the forecast period.
However, high initial cost and stiff competition among key players are expected to hamper growth of the portable thermal imagers market over the forecast period.
The global portable thermal imagers market is segmented on the basis of technology, application, end-use industry, and region. On the basis of technology, the market is segmented into cooled and uncooled. On the basis of application, the market is segmented into detection & measurement, monitoring & inspection, personal vision systems, search & rescue, security & surveillance, and others. On the basis of end-use industry, the market is segmented into defense, public safety, industrial (oil and gas, utility, etc.), healthcare, and others. On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Key features of the study:
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