Thermal Imaging Market Size and Growth Analysis by Top Key Players 3M, Axis Communications, FLIR Systems, Fluke Corporation, L3 Technologies, Leonardo DRS, Raytheon, Testo SE & Co. KGaA

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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Major vendors in the Thermal Imaging Market Space: -
1. 3M
2. Allied Vision
3. Avon Protection Systems
4. Axis Communications
5. FLIR Systems
6. Fluke Corporation
7. L3 Technologies
8. Leonardo DRS
9. Opgal
10. Raytheon
11. Testo SE & Co. KGaA
12. Tonbo Imaging
13. ULIS
14. Xenics

Thermal Imaging Market By End-Use
1. Automotive
2. Commercial
3. Government & defense
4. Healthcare & life sciences
5. Industrial
6. Residential
7. Others

Thermal Imaging Market By Application
1. Detection & measurement
2. Monitoring & inspection
3. Personal vision systems
4. Search & rescue
5. Security & surveillance
6. Others

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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.

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.

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.

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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.

The North American region is likely to dominate the thermal imaging market; it accounted for over 35% of the revenue share in 2017. Increasing adoption across home automation and commercial applications coupled with the growing demand for smartphone-based dongles is expected to drive the thermal imaging market growth in the region. The U.S. Army can be attributed as an early adopter and eminent enabler of the technology awareness among the various application segments.

Export restrictions related to thermal imaging products may hinder growth in North America. The presence of several prominent vendors in the U.S. including FLIR Systems, Raytheon, Fortive (Fluke Corporation), L3 Technologies, etc., and the strong demand from the military in the country can be factored as a key growth driver for the thermal imaging market in the U.S.

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