Thermal Imaging Market 2018 Global Key Player by FLIR Systems, Fortive, Axis, Leonardo, BAE, L3, United Technologies, Sofradir, Testo, Xenics

Market synopsis:

Thermal imaging is a technique of improving visibility and clarity of objects in a dark environment by detecting them using infrared radiation and creating an image based on that information. Thermal Imaging Market can penetrate obscurants such as smoke, fog, and haze and can work in environments without any ambient light. With the help of thermal imaging, companies can reduce their downtime as they no longer have to shut down their operational systems even during thermal energy audit. Furthermore, this is non-invasive technique and involves zero physical contact. Thus, there is no damage caused to the devices subjected to thermal surveys. Thermal imaging is used in industrial, residential, commercial and military & defense applications to monitor critical manufacturing processes and detect hot spots in mechanical or electrical installation in industries. Commercial applications consist of building diagnosis and airport security. Furthermore, it is also used in numerous security applications. The residential sector is expected to witness substantial growth owing to the availability of low-cost devices and high market penetration. Thermal imaging helps in detecting moisture in walls, ceiling, roofs, plumbing leaks and blockages.

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Players like FLIR Systems, Bae Systems, L-3 Communications contributes to the major share in the thermal imaging market. However, new startups like Bounce Imaging are challenging the existing players with their innovative product portfolio. Companies such as FLIR Systems and Vummi have introduced smartphones with thermal imaging capability. BAE Systems OASYS thermal imaging product uses the latest uncooled thermal technology to deliver thermal imaging and aiming products for the most discerning operators.

High investment in infrastructure development along with the growing demand for professional surveillance and the need of security applications across public and private sectors are the major factors responsible for driving the thermal imaging market. However, export restrictions and additional detailing required for longwave infrared cameras, used in thermal imaging would hinder the market growth over the forecast period.
Key players

The prominent players in the market of thermal imaging are:

• FLIR Systems (US)
• Fortive (US)
• Axis Communications (Sweden)
• Leonardo (Italy)
• BAE Systems (UK)
• L3 Technologies (US)
• United Technologies (US)
• Sofradir (France)
• Testo (Germany)
• Xenics (Belgium)
• Seek Thermal (US).

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 bifurcated into perimeter security, unmanned aerial vehicle (UAV) and tracking. Monitoring & inspection segment is further bifurcated into machine condition monitoring, structural health monitoring, quality assessment and HVAC. Detection segment is further segmented into gas detection, fire/flare detection, body temperature measurement, level measurement, and research & development.

By vertical, the market is segmented into industrial, commercial, residential, aerospace & defense, automotive, healthcare & life sciences, oil & gas and food & beverages.

Regional analysis:

The global market for thermal imaging is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of thermal imaging market is studied for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the thermal imaging market due to the presence of thermal imaging product manufacturers and R&D centers. The main factor driving the thermal imaging market in this region is high demand for thermal imaging devices across several law enforcement activities as well as in the commercial and industrial sectors. 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. 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 detection, monitoring, and inspection is offering additional growth opportunities for industry players, particularly in markets with a high industrial demand such as China, India, Middle East, and South America.

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Intended Audience:

• Companies in the thermal imaging market
• Electronics and semiconductor companies
• Technical standards organizations
• Investment communities in the market
• Research institutes and organizations
• Government and financial institutions
• Venture capitalists
• Private equity firms
• Analysts and strategic business planners
• Investors and consultants
• Research/Consultancy Firms

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This release was published on openPR.