Thermal Imaging Market Regional Trends, Revenue, Forecast & Companies Profiled (3M, Axis Communications, FLIR Systems, Fluke Corporation, L3 Technologies, Leonardo DRS and Raytheon) 2024
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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.
Key industry players involved and promoting the growth of the global thermal imaging market are as follows:
• 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
• Palmer Wahl Instrumentation Group
• Seek Thermal
• Testo SE & Co. KGaA
• Thermoteknix Systems Ltd
• Tonbo Imaging
• Wuhan Guide Infrared Co., Ltd
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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.
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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Major thermal imaging market drivers in Asia Pacific countries including India, Malaysia, and South include the rapid pace of technology adoption and penetration in the region. The declining price of thermal cameras and the presence of regional vendors offering low-cost solutions are expected to favorably impact the market growth in India and China.
Major vendors in the thermal imaging market space are FLIR Systems, Leonardo DRS, Raytheon Company, and Fluke Corporation. The market is characterized by stiff price competitiveness and innovative solutions. To sustain competition, players have been focusing on vertical integration to cut down input costs and developing technologically-advanced products. In addition, the expansion of product offering to penetrate new application verticals, such as smartphone integration offered by FLIR One and Seek Thermal Compact, enables vendors to garner additional revenue thermal imaging market growth opportunities.
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