Thermal Imaging Market Latest Industry Size, Growth Factors and Major Segments, Forecast Research Report

The global thermal imaging market is likely to gain impetus from the ever-increasing demand for thermal camera from the healthcare sector. They are used by doctors and physicians to record and capture temperature variations of the human body for proper diagnosis. These cameras deliver vast amount of data in the forms of videos and images. Those are then analyzed by healthcare providers to receive insights of the vascular and metabolic activities of a particular patient. This information is given in a recently published report by Fortune Business Insights™, titled, "Thermal Imaging Market Size, Share and Industry Analysis, By Technology (Cooled and Uncooled), By Product (Thermal Camera, Thermal Scopes and Thermal Module), By Wavelength (Shortwave Infrared (SWIR), Midwave Infrared (MWIR) and Longwave Infrared (LWIR)), By Application (Security and Surveillance, Monitoring and Inspection, and Detection and Measurement), By Vertical (Aerospace and Defence, Law Enforcement, Healthcare, Automotive, Oil and Gas, Residential, Manufacturing, and Others), and Regional Forecast 2020-2027." The report further mentions that the thermal imaging market size was USD 2.27 billion in 2019. It is projected to reach USD 4.10 billion by 2027, thereby exhibiting a CAGR of 7.7% during the forecast period.

The Thermal Imaging Market is expected to witness steady growth in the coming years, according to recent research reports. The increasing adoption of thermal imaging technology in various applications such as surveillance, industrial inspection, and medical diagnosis is driving the market growth. The report highlights the adoption of advanced technologies such as cooled and uncooled thermal imaging sensors, which are expected to further boost the demand for thermal imaging. The report also notes that North America is expected to be the largest market for thermal imaging due to the increasing adoption of thermal imaging in defense and aerospace applications. However, the market may face challenges such as the high cost of thermal imaging devices and the lack of skilled personnel. Nonetheless, the emergence of new applications such as autonomous vehicles and building automation is expected to offer significant growth opportunities for the thermal imaging market in the future.

This Report Answers the Following Questions:
What are the thermal imaging market trends?
How many growth drivers and hindrances would arise in the coming years?
Which are the top companies present in the market?
What are the effective strategies adopted by key players for propelling sales?
How will the market be able to cope up with the changing consumer behavior?
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Drivers & Restraints-

High Demand from Fire Service Industry to Augment Growth

Thermal imaging cameras are nowadays used rapidly in the fire service industry. They are utilized for the detection of objects, animals, and humans in smoky environment, as well as complete darkness. Several manufacturers are implementing different inorganic and organic strategies for creating and delivering innovative cameras to this industry. These cameras not only assist the firefighters in recusing trapped people, but also enhances personal safety and security. However, these cameras are equipped with very expensive in-built devices. It may obstruct the thermal imaging industry growth during the forthcoming years.

Segment-

Healthcare Segment to Grow Significantly Backed by Need for Disease Detection

Based on vertical, the market is divided into oil and gas, manufacturing, aerospace and defence, healthcare, residential, law enforcement, automotive, and others. Out of these, the healthcare segment held 9.5% thermal imaging systems market share in 2018. It would exhibit high growth owing to the rapid shift of clinicians towards cameras for detecting and treating numerous severe medical conditions, such as circulatory problems, repetitive strain injury, muscular pain, and arthritis. The aerospace and defence segment, on the other hand, is likely to showcase rising usage of thermal cameras for applications consisting of collision avoidance systems, ship guidance systems, and border surveillance.

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Fortune Business Insights™ presents a list of all the companies operating in the thermal imaging market. They are as follows:

BAE Systems (UK)
Workswell (Czech Republic)
Leonardo S.p.A. (Italy)
Thermoteknix Systems Ltd (UK)
Fluke Corporation (US)
Lynred (France)
FLIR Systems, Inc. (US)
Testo SE & Co. KGaA (Germany)
DALI Technology (China)
L3Harris Technologies, Inc. (US)
Seek Thermal (US)
Opgal (Israel)
Axis Communications AB (Sweden)
Other key market players
Regional Analysis-

North America to Dominate Stoked by Rising Development of Unique Camera

Geographically, the market is grouped into Europe, Asia Pacific, Latin America, the Middle East and Africa, and North America. Amongst them, North America generated USD 1.06 billion thermal imaging market revenue in 2018 and is set to lead throughout the forthcoming period. This growth is attributable to the increasing initiatives by reputed companies to develop state-of-the-art cameras equipped with novel features. Many such cameras possess standardized weatherproof thermal sensor modules, inbuilt calibrated thermal image sensors, and adjacent lenses to keep up with a wide range of industrial applications. Europe is expected to follow the footstep of North America and remain in the second position.

Asia Pacific is set to experience healthy growth owing to the ongoing development of the automotive industry in the emerging economies, such as India and Japan. The India Brand Equity Foundation (IBEF), for instance, stated that the Indian automotive sector is upsurging every year by 9.5%. It was 4.02 billion units in 2017. Besides, in various sectors, the number of awareness programs regarding thermal imaging is rising. It would also contribute to the growth of the market in this region.

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Competitive Landscape-

Key Players Focus on Novel Product Launches to Gain Competitive Edge

Companies present in the market are striving persistently to launch innovative products in the market for broadening their portfolio and thus, driving sales. They are also adding several features in their cameras to upgrade the quality. Below are two of the most recent industry developments:

September 2019: Leonardo S.p.A., a multinational company specializing in aerospace, defence, and security based in Rome, unveiled its latest SLX-SuperHawk camera. It is equipped with the SuperHawk detector and is made up of more than a million infrared pixels. It helps in making the camera highly capable of fulfilling long-range targeting and surveillance requirements in harsh environments.
June 2018: Fluke Process Instruments, provider of a wide range of process imaging systems, launched its brand new high-performance industrial thermal imager named ThermoView® TV40. It is mainly developed for the most challenging climatic conditions. It delivers a fully integrated solution for archiving and monitoring data as well as controlling temperature.

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This release was published on openPR.