Press release
Panoramic Thermal Imaging System Enables Tracking in Wide Area Spurs Growth of Market
The global thermal imaging market is estimated to grow from USD 3.4 billion in 2020 to USD 4.6 billion by 2025; at a CAGR of 6.2%. The key factors fueling the growth of this market are the growing R&D investments by companies, governments, and capital firms to develop innovative thermal imaging solutions and increasing the adoption of thermal imaging in the automotive industry.https://www.marketsandmarkets.com/Market-Reports/thermal-imaging-market-1300.html
Uncooled technology segment accounted for larger share of thermal imaging market in 2019
The uncooled technology segment accounted for a larger share of the thermal imaging market in 2019. The larger share is due to several advantages such as better penetration in weak environmental conditions such as dust, fog, and smoke and fewer mobile parts, providing long operating life with low maintenance.
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Market for LWIR wavelength accounted for largest share of thermal imaging market in 2019
The market for LWIR wavelength accounted for the largest share of the thermal imaging market in 2019. The growth is attributed to increasing demand for thermal products operating in LWIR wavelengths in automotive, civil infrastructure, food & beverages, and medical for monitoring and inspection as well as detection and measurement applications.
Market for thermal cameras accounted for largest share of thermal imaging market in 2019
In 2019, the thermal cameras segment held the largest share of the thermal imaging market. The growth of this market is attributed to the increasing adoption of thermal cameras in residential and commercial sectors. In the residential and commercial sectors, thermal imagers are used to offer details for leakage (water or air), home insulation, cracks, and locate insufficient insulation. Also, thermal cameras are capable of operating in the day, night, fog, and cluttered environment.
North America held major share of thermal imaging market in 2019
The thermal cameras are used by maintenance operators for monitoring and inspection of commercial and residential buildings. North America is home to numerous historical monuments, commercial as well as residential buildings, and different process and manufacturing industries. Owing to this, North America held the major share of the market in 2019.
Key Market Players
FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US), Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), and United Technologies (Connecticut, US) are a few major companies operating in the market. These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, agreements, contracts, and mergers & acquisitions to strengthen their position in the market.
Mr. Sanjay Gupta
MarketsandMarkets(TM) INC.
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MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.
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