Thermal Imaging Market is projected to grow at CAGR of 6.20% during the forecast period to reach a market size of US$4.776 billion in 2023

The recent study on the thermal imaging market covers an in-depth analysis of the market on the basis of component, industry vertical, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Thermal Imaging Market – Forecasts from 2018 to 2023”, the market is expected to increase from US$3.329 billion in 2017 to US$4.776 billion by 2023, at a CAGR of 6.20% during the projected period. The report has segmented the thermal imaging market by component (Hardware, Software, Services), industry vertical (Military and Defense, Manufacturing, Consumer Electronics, Aviation, Construction, Others) and geography (North America, South America, Europe, the Middle East and Africa, Asia Pacific). The thermal imaging technology helps users visualize heat signatures radiating from people or objects. Thermal imaging is designed to work in environments without any ambient light. Furthermore, thermal imaging can also bypass smoke, fog or such obstacles. It works on the principle of detection of infrared energy radiation, or in other words heat signature. These radiations cannot be observed by the human eye but longer wavelengths can be identified as heat and can be captured by heat sensors installed in thermal imagers or cameras.

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The growing manufacturing industry will boost the demand for thermal imaging.

The manufacturing segment of the thermal imaging market will see exciting growth opportunities during the forecast period due to a rise in the manufacturing industry worldwide. Thermal imaging is significantly required in the manufacturing industry as thermal cameras coupled with accurate temperature data are used to identify the condition and predict the maintenance requirement of the production machinery and all other kinds of equipment without interrupting the manufacturing process. Moreover, they can also help in optimizing the production process and monitor quality control further increasing their requirement in the manufacturing industry.

North America holds a significant share in the market.

The North American region’s dominance in the market is due to the early adoption of thermal imaging in industries like military and defense, construction, manufacturing, and others. Furthermore, the increase in expenditure on military and defense and presence of many key players designing thermal imaging solutions for the same will snowball the demand for thermal imaging in the region. In addition, the region will also see growth opportunities with the increasing availability of consumer-grade thermal imaging add-ons for devices such as smartphones and tablets.

Some of the major players discussed in the reports are FLIR Systems, Inc., Fortive, Axis Communications, Seek Thermal, and Selex ES, among others.

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