Thermal Imaging Market Revenue, Opportunity, Segment and Key Trends 2024 | Top vendors are 3M, Axis Communications, FLIR Systems, Fluke Corporation, L3 Technologies, Leonardo DRS, Raytheon, Testo SE & Co. KGaA, Tonbo Imaging and Xenics

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.

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The cooled thermal imaging market accounted for over 50% of the revenue share in 2017, with the chief growth drivers being the surging demand for security, surveillance, and firefighting applications for better accuracy and image details. Indoor applications including emergency management and building security are poised to offer growth opportunities for cooled thermal imaging product suppliers. The segment is forecast to lose share in the coming years to uncooled technology due to the growing number of application industries for the latter.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. 3M
2. Allied Vision
3. American Technologies Network, Corp.
4. Avon Protection Systems
5. Axis Communications
6. Bae Systems Imaging Solutions
7. Cox Inc
8. Dali Technology
9. Draeger Safety INC
10. FLIR Systems
11. Fluke Corporation
12. General Starlight Company Inc
13. L3 Technologies
14. Leonardo DRS
15. Magnitude Electronics Ltd
16. Opgal
17. Palmer Wahl Instrumentation Group
18. Raytheon
19. Seek Thermal
20. Testo SE & Co. KGaA
21. Thermoteknix Systems Ltd
22. Tonbo Imaging
23. ULIS
24. Wuhan Guide Infrared Co., Ltd
25. Xenics

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.

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.

Handheld/portable cameras constitute the largest segment accounting for over 50% of the market revenue share in 2017. Growing security concerns coupled with technological advancements, reduction in size, and an average selling price are the major factors driving the demand for handheld imagers. The ability of such devices to track, locate, capture, and record criminal activity in adverse conditions is expected to favorably drive the handheld thermal imaging market demand.

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Major vendors in the thermal imaging market space are 3M, Allied Vision, American Technologies Network, Corp., Avon Protection Systems, Axis Communications, Bae Systems Imaging Solutions, Cox Inc, Dali Technology, Draeger Safety INC,FLIR Systems, Fluke Corporation, General Starlight Company Inc,L3 Technologies, Leonardo DRS, Magnitude Electronics Ltd, Opgal, Palmer Wahl Instrumentation Group, Raytheon, Seek Thermal, Testo SE & Co. KGaA, Thermoteknix Systems Ltd, Tonbo Imaging, ULIS, Wuhan Guide Infrared Co., Ltd, Xenics.

The integration of thermal camera cores into CCTV applications creates a bi-spectral camera solution that enables users to capture both visible image and thermal heat signatures for accurate surveillance and reduction in false alarms. The combination of thermography with other complementary sensing technologies, such as radar, laser, sonar, environmental, and chemical sensing, increases the functionality of the systems. Classification-based analytics and networking-enabled thermal cameras improve the response time for emergency situations while lowering the costs associated with the downtime and potential hazards contributes to the thermal imaging market.

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