“Increasing adoption of thermal imaging technology in the automotive industry to drive market for thermal imaging market”
The global thermal imaging market is estimated to be valued at USD 3.6 billion in 2021 and is expected to reach USD 4.7 billion by 2026, growing at a CAGR of 5.5% during the forecast period. The key factors driving the growth of the global thermal imaging market include Increasing government expenditure on the aerospace & defense sector boosting the growth of the thermal imaging market, Increasing adoption of thermal imaging in the automotive industry, growing R&D investments by companies, governments, and capital firms for developing innovative thermal imaging solutions, and others.
The outbreak and spread of COVID-19 have led to a slowdown in global economic growth. It has adversely affected several industries, including the thermal imaging industry. Companies are planning and working on keeping their businesses operational. Manufacturing and distributing products are the key challenges faced by companies. Several countries worldwide have imposed or prolonged lockdowns to contain the spread of the pandemic, which has resulted in disruptions in the supply chain of the thermal imaging market.
Thermal cameras segment to account for the largest share of thermal imaging market during the forecast period
On the basis of product types, the thermal imaging market has been segmented into three categories—thermal cameras, thermal scopes, and thermal modules. The thermal cameras segment held the largest share of the thermal imaging market in 2020 and is expected to continue this growth during the forecast period. Several reasons, such as an electronic image of high-quality precision produced in less time and the availability in different types (handheld, mounted, and standalone) and various micro-and nano-sizes, contribute to this dominance.
Security and surveillance segment to account for the largest share of thermal imaging market during the forecast period
Based on applications, the thermal imaging market has been segmented into security and surveillance, monitoring and inspection, and detection and measurement. The security and surveillance segment held the largest share of the thermal imaging market during the forecast period. Rapid urbanization increases the demand for advanced thermal imaging solutions for security and surveillance applications. The rising conflicts and terrorist activities among countries also increase the demand for well-equipped systems to monitor the country’s borders from the illegal intrusion of enemies and protect the country from them.
North America to account for the largest share of thermal imaging market during the forecast period
Among all regions, North America accounted for the largest share of the thermal imaging market and is expected to continue this growth during the forecast period. The region is home to the major producers of thermal imaging components, such as thermal cameras, scopes, and modules. The US is the major contributor to this region and accounts for ~89% of the total thermal imaging market share in North America. The growth of the thermal imaging market in this region is attributed to the presence of numerous manufacturers and distributors, the low cost of thermal imaging components, and the increasing government expenditure in the aerospace & defense sector.
Breakdown of primary participants:
- By Company Type: Tier 1 = 18%, Tier 2 = 22%, and Tier 3 = 60%
- By Designation: C-Level Executives = 21%, Managers = 35%, and Others = 44%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Some of the key companies operating in the market are FLIR Systems (US), Fluke Corporation (US), Leonardo (Italy), L3HARRIS TECHNOLOGIES (US), United Technologies (US), Axis Communications (Sweden), BAE Systems (UK), Opgal (Israel), Testo (Germany), Xenics (Belgium), Thermoteknix Systems (UK), and so on.
Research Coverage:
In this report, the thermal imaging market has been segmented on the basis of Type, Product Type, Technology, Wavelength, Vertical, Application, and Geography. It also discusses the market dynamics such as drivers, restraints, opportunities, and challenges, along with the impact of COVID-19 on the market and its segments. The report gives a detailed view of the market across four main regions—North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the description of each stage of the chain.
Key Benefits to Buy the Report:
- This report includes statistics for the thermal imaging market based on Type, Product Type, Technology, Wavelength, Vertical, Application, and Geography, along with their respective market sizes.
- Value chain analysis and key industry trends have been provided for the market.
- Major drivers, restraints, opportunities, and challenges for the thermal imaging market have been provided in detail in this report.
- This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches/developments, contracts/collaborations/agreements/acquisitions.
