Thermal Imaging Market - Overview
The global Thermal Imaging Market size can reach USD 3.96
billion by 2023 at a CAGR of 7% over the forecast period. Investments in
thermal imaging cameras for distinguishing between objects clearly using
different gradients of color can bode well for the market. The demand for
thermal imaging in private and public environments due to increased demand for
security by citizens can fuel market growth. Rapid pace of urbanization and
modernization of commercial buildings with integration of latest technologies
can work favorably for the market. The COVID-19 outbreak and its need for
devices to assess abnormal temperatures can drive the demand in the market. It
has been used in commercial and public buildings by security personnel to
detect cases early and curb infection rates.
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Segmentation
By type, the market is segmented into cameras,
modules, and scopes.
By application, the market is segmented into
security & surveillance, monitoring & inspection, and detection.
Security & surveillance segment is further segmented into tracking,
perimeter security, and unmanned aerial vehicle (UAV). Monitoring &
inspection segment is similarly segmented into machine condition monitoring,
quality assessment, structural health monitoring, and HVAC. Detection segment
is further segmented into gas detection, level measurement, body temperature
measurement, fire/flare detection, and research & development.
By vertical, the market is segmented into
industrial, commercial, residential, oil & gas, healthcare & life
sciences, aerospace & defense, automotive, and food & beverages. The
residential vertical is expected to generate returns for the market till 2025
owing to availability of low-cost devices and detection of moisture in
blockages, ceilings, roofs, and walls.
Regional Analysis
North America is expected to dominate the global
market of thermal imaging due to the presence of thermal imaging product
manufacturers and R&D centers. The main factor driving the thermal imaging
industry in this region is high demand for thermal imaging devices across
several law enforcement activities as well as in the commercial and industrial
sectors. Their uses in the construction industry by technicians for identifying
leaks and maintain temperature regulation can bode well for the market.
In Europe, rising demand in surveillance &
security applications and gradual decrease of cost for thermal cameras is
expected to fuel the growth of this market in this region. The installation of
thermal imaging cameras at airports for curbing the cases of the COVID-19 virus
will be pivotal in driving market demand. This is exemplified by its trails at
Birmingham International Airport, U.K. Moreover, integration of IoT technology
in thermal cameras has been used to cover blind spots and cover the entire
perimeter. It can provide alerts to customers on alarming heat levels.
Recently, Dahua Technology launched eco-thermal cameras for various applications
in security and surveillance.
Asia Pacific is estimated to hold the largest market
size owing high demand for thermal imaging due to increasing deployment of
thermal imaging technology in various military applications. The rising
awareness of the thermal imaging applications areas other than security &
surveillance, such as monitoring, inspection, and detection is offering growth
opportunities for industry players.
Competitive Outlook
Axis Communications, Leonardo, Testo, Fortive,
United Technologies, FLIR Systems, L3 Technologies, BAE Systems, Seek Thermal,
Sofradir, and Xenics are prominent players of the global thermal imaging
market.
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