What's Driving the Thermal Imaging Market Trends? 3M, Axis Communications, FLIR Systems, Fluke Corporation, L3 Technologies, Leonardo DRS, Raytheon, Testo SE & Co. KGaA, Tonbo Imaging, Xenics

The Asia Pacific thermal imaging market is anticipated to stand tall in the regional hierarchy with India, China, and Malaysia as major revenue pockets. The region is adopting thermal imaging technology at a rapid pace, which, in part, can be credited to the declining cost of thermal cameras.

Elaborating further on the geographical landscape, MEA thermal imaging market is also likely to exhibit noteworthy growth in the coming years. Favorable infrastructure development patterns and upsurge in demand within the oil & gas industry is expected to propel the regional thermal imaging market size.

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Driven by rising popularity of thermal imaging as an imaging modality, global thermal imaging market size is projected to gain remarkable traction in the coming years. In terms of revenue, thermal imaging market share is anticipated to surpass USD 10 Bn by 2024. While remote sensing, space imaging, and surveillance are among the common use cases, the vertical is witnessing remarkable opportunities from detection and inspection applications. Advances made in thermographic imagery such as smart intelligence capabilities have facilitated the use of the technology across multiple end use sectors. Additionally, the advent and integration of communication interfaces is fueling the market trends positively.

Speaking of the competitive landscape, key thermal imaging market players are implementing various strategies such as new product launches, technology development, and product differentiation to gain an edge in the stiff environment.

Major Market Competitors:
o 3M
o Allied Vision
o American Technologies Network, Corp.
o Avon Protection Systems
o Axis Communications
o FLIR Systems
o Fluke Corporation
o L3 Technologies
o Leonardo DRS
o Raytheon
o Testo SE & Co. KGaA
o Tonbo Imaging
o ULIS
o Xenics

Product-wise, the handheld/portable cameras segment led the industry in 2017 with more than 50% share. The growth of the segment can be credited to improvisations brought about in handheld cameras such as technology advancement, size reduction, and superior properties such as the ability to function in adverse conditions.

Meanwhile, the scopes & vision goggles segment is anticipated to exhibit heightened growth in the coming years. They are being increasingly used for border patrolling. Riflescopes feature several color palates and help in accurate determination of position, which enable military personnel to locate their targets. Growing geopolitical unrest is creating lucrative opportunities for scopes & vision goggles segment in thermal imaging market.

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The cooled thermal imaging camera market led the technology landscape in 2017 procuring over 50% of the global share. Cooled cameras are aligned with the advantages of superior imagery, which makes them desirable in the healthcare, life sciences, and special industrial detection applications. Excellent sensitivity make them ideally suited for long-ranging imaging in low-contrast scenes. Their use is predominant in areas such as nuclear power plants, correctional facilities, and high-security buildings.

Encompassing a diversified end-use spectrum, thermal imaging is experiencing an exponentially rising demand across the healthcare & life sciences sector. The technology facilitates advanced quantifiable and non-invasive diagnostic procedures. Thermography applications in the healthcare & life sciences sector is inclusive of bleeding point detection, muscle strain assessment, identification of tissue damage, vascular evaluation, and others.

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