Thermal Cameras Market Sales Revenue Analysis with Emerging Technologies, New Applications, Industry Size, Share, Growth, Top Companies, Upcoming Trends And Forecast 2020 to 2025

Market Highlights

The global thermal camera market was valued at USD 6.85 Billion in 2018; it is expected to reach USD 13.78 Billion by the end of the forecast period at a CAGR of 10.8%.

The need for thermal cameras has tremendously increased for usage in the manufacturing and automotive industries. Although most of the already deployed thermal cameras are fixed or mounted over a vehicle to capture images in motion, the fixed cameras are being replaced by the handheld ones owing to their mobility. Thermal cameras find applications in BFSI, IT and telecommunication, automotive, food and beverages, healthcare, and other industry verticals. Additionally, research and development activities are in progress to overcome the challenges associated with temperature control in thermal cameras.

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Key Players

The Key Players in the Thermal Camera Market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are FLIR Systems Inc, Fluke Corporation, Seek Thermal, InfraTec GmbH, Axis Communications AB, Opgal Optronic Industries Ltd, Jenoptik AG, PCE Instruments, Mobotix AG, LumaSense Technologies Inc, Spectric Plc, Optris GmbH, DIAS Infrared GmbH, Ulirvision Technology Co Ltd, HikVision Digital Technology Co, Micro-Epsilon, Bullit Mobile Ltd, and 3M Scott. These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 20-25% in the thermal camera market.

Key Developments

In July 2018, ABB acquired GE Industrial solutions with an aim at offering a comprehensive product portfolio to its customers and increase its global reach, distribution network, and sales force.

In December 2017, Schneider Electric SE launched ClimaSys DT data loggers to examine different temperature conditions of the existing as well as new equipment. The ClimaSys DT data loggers are used for measuring indoor as well as outdoor temperature conditions.

In August 2017, ANSYS Inc collaborated with Caterpillar Inc., for CFD simulation software to solve the industry's toughest design challenges while offering its customers some of the most cutting-edge products in the market.

Segmentation

The Global Thermal Camera Market has been segmented based on Type, Mobility, Application, and Region.

By Type, the market has been segmented into a cooled IR detector and uncooled IR detector.

By Mobility, the market has been segmented into handheld fixed/mounted.

By Application, the market has been segmented into building inspection, fault detection, law enforcement, medical, industrial process, astronomy, meteorology, and others.

By Region, the thermal camera market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

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Regional Analysis

For the study of the global thermal camera market, several primaries and secondary research were conducted which helped us analyze the market for major regions such as North America, Europe, Asia-Pacific, and the rest of the world. Among the aforementioned regions, North America dominated the thermal camera market in 2018 in terms of revenue and also continued its dominance throughout the forecast period. The factors subjected to this growth include rising adoption of thermal cameras for medical and manufacturing applications. Moreover, the aerospace and defense sector is undergoing transformational changes using power efficient and high-power density components. Thermal cameras are used to improve the performance of equipment or devices. In the defense sector, the application scope of directed-energy weapons, surveillance drones, and unmanned aerial vehicles (UAVs) is growing in the US.

On the other hand, the food and beverage sector also uses active cooling systems to facilitate heat dissipation. Active cooling systems use chillers or heat-pumps to enhance the cooling process. The refrigeration units must maintain a rigid temperature range to ensure the quality of food and beverages. The methods associated with beverage transportation and dispensing are continuously advancing. All the above-mentioned factors have increased the usage of thermal cameras in the US. However, the markChina and India are expected to register the highest and second-highest growth rates, thereby making the market in Asia-Pacific register the highest CAGR during the forecast period.

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