Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

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.

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.

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Thermal Imaging Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 1,978.7 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 9.7% 2027 Value Projection: USD 4,180.1 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Applications -(Surveillance and security, Monitoring and maintenance, Traffic monitoring, Healthcare, Automobile, Research and development and Others (firefighting and personal vision))
  • By End Users -(Defense and military sector, Industrial sector, Commercial sector and Residential sector)
Companies covered:

FLIR Systems Inc. (FLIR), Raytheon Company, BAE Systems Inc., L-3 Communications Holdings, Inc., Axis Communications AB, Danaher Corporation, and DRS Technologies Inc.

Growth Drivers:
  • Increased investment in armed forces modernization
  • Penetration of thermal imaging devices in new applications
Restraints & Challenges:
  • Reduction in the defense budget

Market Dynamics- Restraints

  1. Reduction in the defense budget is expected to restrain growth of the global thermal imaging market during the forecast period

Many developed countries in North America and Europe have started reducing their budget for military and defense. This has negatively affected the regional thermal imaging market. For instance, the U.S. and a few European countries namely Italy and France have reduced their spending on armed forces. These countries have a bigger share of the total thermal imaging market and budgetary cuts in these countries on up-gradation of weapons and other equipment are adversely affecting market growth. Thus, these factors are expected to restrain growth of the global thermal imaging market during the forecast period.

  1. Export restrictions imposed on thermal imaging products is expected to hamper the global thermal imaging market growth over the forecast period

Many countries have imposed stringent restrictions on the export of certain thermal imaging products. According to the U.S. Department of State Office of Defense Trade Controls, the export of U.S. manufactured night vision equipment is strictly prohibited without a valid export license. The restrictions are in accordance with the International Traffic in Arms (ITAR), Title 22, Code of Federal Regulation Part 120-130. Thus, these factors are expected to hinder the global thermal imaging market growth over the forecast period.

Statistics:

North America held dominant position in the global Thermal Imaging market in 2019, accounting for 32.4% share in terms of value, followed by Europe and Asia Pacific respectively

Figure 1: Global Thermal Imaging market Share (%) in terms of Value, By Region, 2019

Thermal Imaging  | Coherent Market Insights

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.

Figure 2: Global Thermal Imaging market Value (US$ Mn), 2017 - 2027

Thermal Imaging  | Coherent Market Insights

The global Thermal Imaging market was valued at US$ 1,978.7 Mn in 2019 and is forecast to reach a value of US$ 4,180.1 Mn by 2027 at a CAGR of 9.7% between 2020 and 2027.

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).

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.

Key Developments

  1. Key players are focused on product launches, in order to expand the product portfolio. For instance, in July 2020, FLIR Systems Inc. launched TG165-X MSX Thermal Camera with multispectral dynamic imaging technology.
  2. Major market players are involved in contracts and agreements, in order to gain significant advantage in the market. For instance, in July 2019, BAE Systems Inc. received a contract from Kongsberg Protech of Norway for thermal imaging module TIM 1500.

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.

Market Dynamics

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. 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.

Market Taxonomy

This report segments the Global Thermal Imaging Market on the basis of Application, End-users and Region. On the basis of Application, Global Thermal Imaging Market is segmented into Surveillance and security, Monitoring and maintenance, Traffic monitoring, Healthcare, Automobile, Research and development and Others (firefighting and personal vision). On the basis of End-users, the Global Thermal Imaging Market is segmented into Defense and military sector, Industrial sector, Commercial sector and Residential sector. On the basis of region, Global Thermal Imaging Market is segmented into North America, Europe, Asia Pacific and RoW (Rest of the World)

Key features of the study:

  • This report provides an in-depth analysis of the Global Thermal Imaging Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Thermal Imaging Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Thermal Imaging Market includes FLIR Systems Inc. (FLIR), Raytheon Company, BAE Systems Inc., L-3 Communications Holdings, Inc., Axis Communications AB, Danaher Corporation, and DRS Technologies Inc.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Thermal Imaging market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Thermal Imaging Market.

Detailed Segmentation:

  • Global Thermal Imaging Market, By Application:
    • Surveillance and security
    • Monitoring and maintenance
    • Traffic monitoring
    • Healthcare
    • Automobile
    • Research and development
    • Others (firefighting and personal vision)
  • Global Thermal Imaging Market, By End-users:
    • Defense and military sector
    • Industrial sector
    • Commercial sector
    • Residential sector
  • Global Thermal Imaging Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • RoW (Rest of the World)
  • Company Profiles
    • Axis Communications AB
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • BAE Systems Inc.
    • Danaher Corporation
    • DRS Technologies Inc.
    • FLIR Systems Inc. (FLIR)
    • L-3 Communications Holdings Inc.
    • Raytheon Company

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Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Application
      • Market Snippet, By End-users
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • End-users Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Analyst View on Impact of COVID-19 on Market
    • Short Term
    • Long term
  5. Global Thermal Imaging Market, BY Application, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • By Application Trends
    • Surveillance and security
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Monitoring and maintenance
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Traffic monitoring
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Automobile
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Research and development
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others (firefighting and personal vision)
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Thermal Imaging Market, By End-users, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • By Application Trends
    • Defense and military sector
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Industrial sector
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Commercial sector
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Residential sector
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Thermal Imaging Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-users, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-users, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-users, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Rest of the World
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-users, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • GCC Countries
        • South Africa
        • Rest of World
  8. Competitive Landscape
    • Company Profiles
      • Axis Communications AB
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BAE Systems Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Danaher Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • DRS Technologies Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • FLIR Systems Inc. (FLIR)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • L-3 Communications Holdings Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Raytheon Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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Frequently Asked Questions

The global market for Thermal Imaging expected to reach USD 2,619.3 Million by 2022.
Increased investment in armed forces modernization is expected to drive growth of the global thermal imaging market during the forecast period.
Defense and Military sub-segment holds the largest market share among End-users Segment contributing 45.2% market share in terms of value in 2019.
North America region hold the largest share in the global Thermal Imaging market in 2019, accounting for 32.4% share in terms of value.
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.
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