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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