Press release
Thermal Imaging Market to hit 4 million-unit shipments by 2024 | Key Vendors: Scott Safety, Allied Vision, Avon Protection Systems, Axis Communications, COX, FLIR Systems, L3 Technologies, Leonardo DRS, Raytheon, Testo SE, ULIS, Fluke Corporation
Thermal Imaging Market
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Personal vision system devices are expected to register the fastest growth due to the availability of low-cost solutions and demand for technology in consumer outdoor use such as hunting and mountain sports, law enforcement, and border patrol. The emergence of unmanned and airborne vehicles in defense applications is expected to stimulate thermal imaging market growth.
World Thermal Imaging Market is set to grow from its current market value of $5.5 billion to more than $10 billion by 2024, growing at a CAGR of 8%. The global shipments are forecast to witness 13% gains to reach over 4 million units by 2024.
Industry Growth drivers –
• Increasing demand from military across the U.S.
• Thermal building surveys in the UK
• Growth of automotive night vision market in China
• Stringent border security in Asia Pacific region
• Growing awareness of thermal imaging in Latin America to combat crimes
• Demand across oil & gas industries in the Middle East
The demand across healthcare & life sciences applications in the thermal imaging market is expected to grow at a rapid pace due to the provision of advanced diagnostic and visualizations offered by such solutions. Thermography facilitates quantifiable, accurate, and non-invasive diagnostic detection by means of changes in surface temperatures. In the healthcare sector, thermography applications include muscle strain assessment, vascular evaluation, and bleeding point detection. In addition, the technology helps to identify the tissue damage site in case of injuries, aiding the sports medicine field.
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Thermography helps in the detection of fever and related signs of infection. Thus, the technology has been used extensively by airports during an epidemic outbreak such as Severe Acute Respiratory Syndrome (SARS), swine flu, and Ebola to screen passengers with elevated body temperatures. Hyperspectral imaging and remote sensing are expected to serve as the key opportunity domains for thermal imaging market expansion.
The rising awareness of the thermal imaging market for applications other than security & surveillance, such as detection, monitoring, and inspection, to offer additional revenue growth opportunities for industry players, particularly in high industrial demand markets including China, India, Middle East, and South America. The miniaturization of infrared detector cores opens diverse avenues for the deployment and integration of the technology with other consumer electronic devices. In addition, the emerging application segments in the market including personal vision systems have led to the development of low-cost solutions that meet the needs of the end users.
Key vendors in the thermal imaging market include 3M Scott, Allied Vision, American Technologies Network (ATN) Corp., Avon Protection Systems Inc., Axis Communications, Bae Systems Imaging Solutions, COX, Dali Technology, Draeger Safety Inc., FLIR Systems, Fluke Corporation, General Starlight Company Inc. (GSCI), L3 Technologies, Leonardo DRS, Magnity Electronics, Opgal Optronic Industries Limited, Palmer Wahl Instrumentation Group, Raytheon, Seek Thermal, Testo SE, Thermoteknix Systems, Tonbo Imaging, ULIS, Wuhan Guide Infrared Co., Ltd., and Xenics NV.
The difficulty in manufacturing and commercialization of accurate cameras, strict licensing norms, and export regulations has deterred new entrants from garnering market share. Product differentiation can be attributed as a part of the key business growth strategy.
Browse key industry insights spread across 380 pages with 508 market data tables & 36 figures & charts from the report, “Thermal Imaging Market Size By Product (Handheld/Portable Camera, Fixed/Mounted Core, Scopes & Vision Goggles), By Technology (Cooled, Uncooled), By End-Use (Automotive, Commercial, Government & Defense, Healthcare & Life Science, Industrial, Residential), By Application (Detection & Measurement, Monitoring & Inspection, Personal Vision System, Search & Rescue, Security & Surveillance), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, China, India, Japan, South Korea, Malaysia, Australia, Brazil, Mexico, Saudi Arabia, UAE, Israel, South Africa), Application Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/thermal-imaging-market
The Asia Pacific market is largely driven by the rising demand for thermal cameras in smartphones and the availability of low-cost imagers. The MEA thermal imaging market is expected to witness a sharp growth owing to the favorable infrastructure development trends and the rising demand across oil & gas industries in the region.
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