Thermal Imaging Market likely to be worth US $ 3.96 bn by 2023 | Thermal Imaging Industry Key Players Axis Communications, Fortive, FLIR Systems, Leonardo, Sofradir, Testo, Xenics

Thermal Imaging Market Highlights:

Thermal imaging is a technique that can improve visibility and ensure a clear view of objects kept or located in a dark environment by detecting them via infrared radiation and create an image on the basis of that information. Market Research Future (MRFR) has published a research report about the global thermal imaging market that forecasts profits for this market at 7% CAGR (Compound Annual Growth Rate) during the forecast period between 2018 and 2023. In terms of value, the market has been figured to be worth the US $ 3.96 bn by 2023.

The most important market driver for global thermal imaging is the growing demand for professional surveillance. Other important market drivers are the high investment in infrastructure development, and lastly, and the need for security applications across the public sector as well as private sector.

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Key Players

The key players in the global thermal imaging market include BAE Systems (UK), Axis Communications (Sweden), Fortive (USA), FLIR Systems (USA), Leonardo (Italy), L3 Technologies (USA), Sofradir (France), Seek Thermal (USA), United Technologies (USA), Testo (Germany), and Xenics (Belgium).

Segmentation

The global Thermal Imaging Market can be segmented on the basis of type, application, vertical, and lastly, region. By type, this market can be segmented into modules, cameras, and scopes. The application-based segmentation of this market covers monitoring & inspection, security & surveillance, and detection. Monitoring & inspection segment can be sub-segmented into machine condition monitoring, quality assessment, structural health monitoring, and lastly, heating, ventilation, & air conditioning (HVAC). Regarding vertical, the market can be segmented into automotive, aerospace & defense, commercial, healthcare & life sciences, food & beverages, oil & gas, industrial, and residential.

Regional Analysis

The regional segmentation of the global thermal imaging market segments the market into the regional markets known as Europe, North America, Asia Pacific, and rest of the world (RoW). In Europe, the main reasons for the market growth include technological advancement and the presence of key market players. In this region, the primary country-specific markets are Germany, France, Spain, Italy, and the UK.

During the forecast period, North America can be the big shot of the global market due to the presence of significant market players, and various research and development (R&D) centers. In this region, the influential country-specific markets are USA, Canada, and Mexico.

During the forecast period, the title of largest market size can go to Asia Pacific region due to the high demand for thermal imaging. The most important factor leading to market growth in this region is increasing deployment of thermal imaging technology in various military applications. Other major factors aiding the market growth include growing awareness of the thermal imaging applications areas beyond security & surveillance. Such areas offering additional growth opportunities for industry players include monitoring, detection, and inspection. The powerful country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.

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In the RoW segment, the countries in Latin America and the Middle East & Africa (MEA) are listed. In these regional markets, the growth is due to the presence of markets with high industrial demand. In the MEA region, the market is paltry but decent due to the high demand. Limited technological advancement and lack of education are the main reasons for the limited market in this region. In Latin America, Brazil and Argentina are two key economies that can be major country-specific markets.

Latest Industry News

• Los Angeles Fire Department (LAFD) has added thermal imaging cameras in their equipment for smoke-filled rooms. 22 MAR 2019
• FLIR has launched a new high-resolution thermal camera to help plant managers, electrical utilities, and other thermography professionals to find and diagnose failing components in any lighting conditions. 12 MAR 2019

Intended Audience

• Companies in the thermal imaging market
• Electronics and semiconductor companies
• Technical standards organizations
• Investment communities in the market
• Research institutes and organizations
• Government and financial institutions
• Venture capitalists
• Private equity firms
• Analysts and strategic business planners
• Investors and consultants
• Research/Consultancy Firms

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This release was published on openPR.