The Global Thermal Imaging Market, 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) and By Geography (North America, Europe, Asia Pacific and RoW (Rest of the World)) - Global Forecast to 2027”, is expected to be valued at US$ 4,180.1 Million by 2027, exhibiting a CAGR of 9.7% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Thermal imaging is a method of nigh vision that collects the infrared radiation from objects in the scene and creates an electronic 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. Thermal imaging equipment can be split into three broad categories, namely scopes, goggles, and cameras. Scopes and night vision goggles are mostly used by the defense and military sector.
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.
Declining prices of thermal imaging cameras due to mass production is expected to boost the global thermal imaging market growth over the forecast period
Key players in the market are focused on introducing innovative and cost-effective thermal imaging devices and solutions at a low price to outperform competitors. At its nascent stage, thermal imaging devices were expensive and mostly used in military and defense applications, but mass production and increased adoption of thermal imaging devices in applications such as commercial and healthcare have resulted in price reduction. Moreover, key players in this market are introducing low priced thermal imaging devices to increase their customer base. For instance, in DRS Technologies Inc. introduced thermal imaging camera named WebMaster that costs around US$ 2,000, which is less costly as compared to earlier cameras which were priced US$ 5,000. Thus, these factors are expected to drive growth of the global thermal imaging market during the forecast period
Thermal Imaging Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic have affected the Thermal Imaging equipment manufacturing industry. Many governments such as India and Spain have imposed nationwide lockdown. Lockdown resulted in the shortage of the workers at the manufacturing facilities. Due to the manpower shortage, the manufacturing facilities are struggling to move the products. Moreover, there is also shortage of transportation facilities such as Trucks and Trains. Owing to above mentioned factors, the COVID-19 pandemic is expected to restrain the market growth during the year 2020-2021.
Growing adoption of thermal imaging in infancy stage diagnosis in the healthcare sector can present lucrative growth opportunities
Thermography is now being increasingly used in infancy stage diagnosis. Medical sector is leveraging the advantages of thermography to diagnose infancy stage with adequate monitoring. Key companies in the market can capitalize on these opportunities by providing novel solutions and gain a competitive edge in the market.
Inability to work through glass and water is expected to hamper the global thermal imaging market growth over the forecast period
Thermal imaging devices do not work through glass and water, which is a major disadvantage of the device. Since thermal imaging cameras detect heat, it cannot see through solid objects, bricks, objects, walls, water, etc. Besides, it cannot see through the glass as well. Hence, these factors are expected to hamper the global thermal imaging market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global thermal imaging market during the forecast period. This is owing to the large presence of thermal imaging manufacturing companies across the region. Furthermore, rising investment in R&D of thermal imaging by government and non-government organizations and a wide distribution network is expected to boost the regional market growth over the forecast period.
Europe is expected to register a robust growth rate in the global thermal imaging market over the forecast period. This is owing to increasing use of thermal imaging for monitoring and inspecting building structures across the region. Furthermore, a large presence of manufacturers and increasing infrastructure facilities are expected to accelerate growth of the regional market in the near future.
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.