Portable Thermal Imagers Analysis By Manufacturers Flir Systems, BAE Systems, Thales Group, Safran Electronics and Defense, Elbit Systems, Seek Thermal, Fluke

Market Dynamics- Restraints

Competitive pricing by new entrants in Asia Pacific companies is expected to restrain growth of the global portable thermal imagers market over the forecast period

Intense competition among manufacturers of portable thermal imagers is expected to restrain the market growth in the near future. The manufacturers of portable thermal imagers in China and India have easy access to cheap raw materials and labors, which allows them to produce low priced products. This, in turn, is expected to hamper the global market players significantly. Increasing functionality and performance, coupled with decreasing prices in developed economies such as North America and Europe have made it challenging for key market players to compete with manufacturers from emerging economies. This is expected to hinder the market growth over the forecast period.

High initial cost of portable thermal imagers is expected to hamper the global portable thermal imagers market growth during the forecast period
The initial cost of this equipment is much higher than the currently used contact type temperature detection instrument. Therefore, companies are hesitant in investing in portable thermal imagers. This is expected to hamper growth of the global portable thermal imagers market over the forecast period.

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Market Opportunities

An increasing use of portable thermal imagers in the healthcare sector is expected to create lucrative growth opportunities to key players
Portable thermal imagers are used predominantly in the healthcare sector for determining body temperature, as body temperature is an essential indicator of people's health. By measuring temperature using infrared camera systems, it offers few specific advantages for doctors as well for patients. There are various diseases, which can be diagnosed with the help of temperature. The portable thermal imagers are useful for detection of breast cancer at an early stage. Therefore, increasing prevalence of breast cancer is expected to result in increasing adoption of portable thermal imagers. This, in turn, is expected to create lucrative growth opportunities for the market players during the forecast period.

Increasing demand for mobile thermal imagers is expected to create lucrative growth opportunities for key players.

The advancements in technologies has enabled the production of portable thermal imagers that can be connected to Android smart phone devices. This portable mobile device is the smallest and the lightest thermal imagers available so far. Moreover, mobile type thermal imagers require significantly low energy, it is smaller in size, and operate on low voltage. These factors are expected to provide growth opportunities for key players.

The global portable thermal imagers market was valued at US$ 2,540 Mn in 2019 and is expected to reach US$ 5,210.0 Mn by 2027, at a CAGR of 9.4 % between 2019 and 2027.

Competitive Landscape

Key players operating in the global portable thermal imagers market include Flir Systems Inc., BAE Systems PLC, Thales Group, Safran Electronics and Defense, Elbit Systems Ltd., Seek Thermal Inc., Fluke Corporation, American Technologies Network Corporation, Thermoteknix Systems Ltd., Raytheon Company, Leonardo DRS , OMEGA Engineering Inc., Visma Instruments and Technologies Pvt. Ltd., and others.

Key Developments

Key players in the market are focused on adopting strategies such as product launch, in order to gain competitive edge in the market. For instance, in May 2017, Caterpillar Inc., a U.S.-based construction machinery and equipment company, entered into a strategic partnership with FLIR Systems, Inc., a U.S.-based company, to launch new smart phone device Cat S60 and S61. These smartphones are equipped with portable thermal imagers and works on android software.

Key companies in the market are involved in product development, in order to expand their product portfolio. In February 2018, FLIR Systems Inc. launched the FLIR M232 marine thermal night vision camera that belongs to the FLIR M100 and M200 series.

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