Thermal Imaging Market Opportunities and Challenges
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Thermal cameras segment to account for the largest share of thermal imaging market during the forecast period
On the basis of product types, the thermal imaging market has been segmented into three categories—thermal cameras, thermal scopes, and thermal modules. The thermal cameras segment held the largest share of the thermal imaging market in 2020 and is expected to continue this growth during the forecast period. Several reasons, such as an electronic image of high-quality precision produced in less time and the availability in different types (handheld, mounted, and standalone) and various micro-and nano-sizes, contribute to this dominance.
Security and surveillance segment to account for the largest share of thermal imaging market during the forecast period
Based on applications, the thermal imaging market has been segmented into security and surveillance, monitoring and inspection, and detection and measurement. The security and surveillance segment held the largest share of the thermal imaging market during the forecast period. Rapid urbanization increases the demand for advanced thermal imaging solutions for security and surveillance applications. The rising conflicts and terrorist activities among countries also increase the demand for well-equipped systems to monitor the country's borders from the illegal intrusion of enemies and protect the country from them.
North America to account for the largest share of thermal imaging market during the forecast period
Among all regions, North America accounted for the largest share of the thermal imaging market and is expected to continue this growth during the forecast period. The region is home to the major producers of thermal imaging components, such as thermal cameras, scopes, and modules. The US is the major contributor to this region and accounts for ~89% of the total thermal imaging market share in North America. The growth of the thermal imaging market in this region is attributed to the presence of numerous manufacturers and distributors, the low cost of thermal imaging components, and the increasing government expenditure in the aerospace & defense sector.
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Some of the key companies operating in the market are FLIR Systems (US), Fluke Corporation (US), Leonardo (Italy), L3HARRIS TECHNOLOGIES (US), United Technologies (US), Axis Communications (Sweden), BAE Systems (UK), Opgal (Israel), Testo (Germany), Xenics (Belgium), Thermoteknix Systems (UK), and so on.
Mr. Aashish Mehra
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MarketsandMarkets™ 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™ for their painpoints around revenues decisions.
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