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Thermal Imaging Systems Market to Reach $4.46 Billion by 2023, Global Opportunity Analysis and Forecast with Competitive Analysis of Top Industry Players: Flir Systems, L-3 Communications Holdings, Ulis S.A.S, Lockheed Martin, BAE Systems, Drs Technologie

01-02-2019 04:19 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The global thermal imaging systems market was valued at USD 2.58 billion in 2017, and is expected to reach a value of USD 4.46 billion by 2023, at a CAGR of 7.78 %, during the forecast period (2018 - 2023). The scope of the report is segmented by technology includes cooled, uncooled, form factor includeshandheld imaging devices and systems, fixed mounted systems and end user industry are limited to industrial, security & surveillance, thermography, consumer electronics, and transportation. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.

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Major Players:
Flir Systems, L-3 Communications Holdings, Ulis S.A.S, Lockheed Martin, BAE Systems Plc, Drs Technologies, Inc. (Leonardo Drs), Elbit Systems Ltd. Raytheon Company, Sofradir Sas, and Thermoteknix Systems Ltd., among others.

Growing Demand for Military Modernization Programs
Globally, there has been a trend of instability and increase in the number of violent crimes across different regions. There is an increasing trend of cross-border terrorism across the provinces. There are many countries facing insurgency issues across the border from their neighboring countries. Also, the new dimensions of terrorism are causing great losses for many government and non-governmental organizations. These factors are raising the need for modernization programs of the military equipment to maintain deterrent capabilities. These factors are boosting the market for advanced technologies, like thermal imaging systems.

Key Developments in the Market
April 2017 - ULIS, a manufacturer of innovative thermal sensors, announced the launch of Atto320TM, the first in a family of 12-micron, stand-alone, image sensors. The 12-micron pixel pitch is the new industry standard in thermal image sensors for market applications, where reducing the overall size and cost of the camera are important. Key markets include the outdoor leisure/observation, thermography and surveillance sectors. Atto320 brings sharply focused and accurate images, compactness, and extended battery-life to handheld camera makers. The advantage of offering Atto320 as a stand-alone component is that system integrators have ultimate flexibility in configuring designs that meet their specific performance needs, enabling them to offer true product differentiation to end-users. Other 12-micron products are sold either as modules or thermal camera cores, where access to the thermal image sensor’s performance parameters is restricted.

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Fixed Mounted Systems has a Major Market Share
Fixed mounted systems are widely employed in surveillance due to their longer range, high power, and capabilities. Fixed standoff laser detection systems are used in the military to identify toxic chemicals. Accuracy is crucial in the battleground and in a turbid environment, like that creates a need for higher power systems. The fixed mounted systems are used in the defense and civil aircrafts, as they have the ability to provide fast and reliable data, imperative in this case. Additionally, the innovation in technology has led to a close integration of thermal and digital cameras, where the thermal image is superimposed over the original image giving better understanding to the user. Such thermal imaging systems are expected to receive high acceptance especially in the case of fixed mounted systems.

Security and Surveillance Holds the Major Market Share amongst Other End-user Industries
Globally there is growing trend of raising crimes and violence this has raised the budgets of the homeland security forces to procure the advance protective systems and gadgets. Soldiers and police on the ground need constant feed of information. Where it elevates the need for the advanced security and surveillance equipment because it acts as the first line of defense for the homeland security and military personals. In the past few years, modern warfare has become more asymmetric with increasing number of non-lethal and lethal weapons. The ongoing battles with ISIS conflict in Middle East, Indo-Pak conflict over Jammu and Kashmir, and Syrian war are just a few examples. These following dynamics are augmenting the growth of the thermal Imaging market during the forecast period in the Security and surveillance sector.

North America is the Largest Market among the Regions
The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom during the next five years.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMark Pvt Ltd,
Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

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