Global Thermal Imaging Market expected to be worth US $ 3.96 bn due to growing demand for professional surveillance
Thermal imaging is a technique that improves the improves the visibility and clarity of objects in a dark environment by detecting them using infrared radiation and creating an image based on that information. Market Research Future (MRFR) has published a research report about the global thermal imaging market that foresees gains for this market at 7% CAGR (Compound Annual Growth Rate) during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the US $ 3.96 bn by the end of the forecast period.
The key market drivers for thermal imaging include growing demand for professional surveillance, high investment in infrastructure development, and the need for security applications across public and private sectors. However, the additional detailing required for longwave infrared cameras in thermal imaging and export restrictions can hinder the market growth.
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The global thermal imaging market has been segmented on the basis of application, type, vertical, and lastly, region. The application-based segmentation segments this market into security & surveillance, monitoring & inspection, and detection. Monitoring & inspection segment has been sub-segmented into heating, ventilation, & air conditioning (HVAC), machine condition monitoring, structural health monitoring, and quality assessment.
By type, the market has been segmented into cameras, modules, and scopes. On the basis of vertical, the market has been segmented into aerospace & defense, automotive, commercial, food & beverages, healthcare & life sciences, industrial, oil & gas, and residential.
The regional segmentation of the global thermal imaging market can segment the market into the regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, North America is expected to dominate the global market due to the presence of key market players, and research and development (R&D) centers. In this region, the important country-specific markets are USA, Canada, and Mexico.
The Asia Pacific is expected to hold on to the status of largest market size due to the high demand for thermal imaging due to increasing deployment of thermal imaging technology in various military applications. Major factors leading to market growth in this region is the rising awareness of the thermal imaging applications areas that are beyond security & surveillance. Such areas are detection, monitoring, and inspection that are offering additional growth opportunities for industry players, especially in the country-specific markets with a high industrial demand, such as China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
In Europe, the market is growing due to the presence of key market players, and the technological advancement that is second only to North America. In this region, the vital country-specific markets are France, Germany, Italy, Spain, and the UK. The RoW segment covers the countries in Latin America and the Middle East & Africa. In both of these regions, the market is growing due to the presence of markets with high industrial demand. In Latin America, Argentina and Brazil are two important economies that can be lucrative markets.
The key players in the global thermal imaging market include Axis Communications (Sweden), BAE Systems (UK), FLIR Systems (USA), Fortive (USA), L3 Technologies (USA), Leonardo (Italy), Seek Thermal (USA), Sofradir (France), Testo (Germany), United Technologies (USA), and Xenics (Belgium).