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What is the growth scope of the thermal imaging market?


iCrowdNewswire   Jun 9, 2020  8:00 PM ET

The global thermal imaging market is estimated to grow from USD 3.4 billion in 2020 to USD 4.6 billion by 2025; at a CAGR of 6.2%. The key factors fueling the growth of this market are the growing R&D investments by companies, governments, and capital firms to develop innovative thermal imaging solutions and increasing the adoption of thermal imaging in the automotive industry.

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Uncooled technology segment accounted for larger share of thermal imaging market in 2019

The uncooled technology segment accounted for a larger share of the thermal imaging market in 2019. The larger share is due to several advantages such as better penetration in weak environmental conditions such as dust, fog, and smoke and fewer mobile parts, providing long operating life with low maintenance.

 

Market for LWIR wavelength accounted for largest share of thermal imaging market in 2019

The market for LWIR wavelength accounted for the largest share of the thermal imaging market in 2019. The growth is attributed to increasing demand for thermal products operating in LWIR wavelengths in automotive, civil infrastructure, food & beverages, and medical for monitoring and inspection as well as detection and measurement applications.

 

Market for thermal cameras accounted for largest share of thermal imaging market in 2019

In 2019, the thermal cameras segment held the largest share of the thermal imaging market. The growth of this market is attributed to the increasing adoption of thermal cameras in residential and commercial sectors. In the residential and commercial sectors, thermal imagers are used to offer details for leakage (water or air), home insulation, cracks, and locate insufficient insulation. Also, thermal cameras are capable of operating in the day, night, fog, and cluttered environment.

 

Market for monitoring and detection expected to grow at highest CAGR during forecast period

The market for monitoring and detection application is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the increasing adoption of thermal cameras in commercial, residential, and industrial sectors. Thermal cameras are used as a maintenance tool for monitoring and inspection application in various buildings, historical monuments, and industrial equipment. Furthermore, thermal cameras are majorly in demand from these sectors to monitor the structural health of buildings and equipment.

 

Aerospace & defense sector dominated thermal imaging market in 2019

In 2019, the aerospace & defense vertical dominated the thermal imaging market. The dominance is due to the capability of thermal imaging products such as thermal cameras, scopes, and modules to work in all weather conditions irrespective of the time. Also, they are used for border surveillance, law enforcement, in ship collision avoidance and guidance systems, and structural health monitoring of aircraft. Moreover, they help soldiers in identifying, locating, and targeting the enemy forces.

North America held major share of thermal imaging market in 2019

The thermal cameras are used by maintenance operators for monitoring and inspection of commercial and residential buildings. North America is home to numerous historical monuments, commercial as well as residential buildings, and different process and manufacturing industries. Owing to this, North America held the major share of the market in 2019.

 

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Key Market Players
FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US), Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), and United Technologies (Connecticut, US) are a few major companies operating in the market. These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, agreements, contracts, and mergers & acquisitions to strengthen their position in the market.



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Keywords:    Thermal Imaging Market

Tags:    Wire, Extended Distribution, Research Newswire, English