Thermal Imaging - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Thermal Imaging market is accounted for $2.90 billion in 2018 and is expected to reach $5.90 billion by 2027 growing at a CAGR of 8.2% during the forecast period. Some of the key factors propelling the market growth are the decrease in the average selling price of these cameras, rising government expenditure on aerospace & defence industries, and the incorporation of camera modules with smart phones. However, export restriction imposed on these products and high costs of these devices are the restraining factor for the growth of the market.
Thermal Imaging is the procedure of improving visibility and clarity of objects even in dark by identifying an object or an image utilizing infrared light. Emergence of thermal imaging has helped organizations decrease their down time. Organizations no longer would need to shut down their operational systems even during thermal audit. It aids organizations save lot money by helping them detect defective components at the beginning itself. Besides this, the procedure is totally non-invasive and includes zero physical contact. Consequently, there is no harm caused to the devices exposed to thermal surveys.
By application, monitoring and inspection segment is expected to grow at the significant market share during the forecast period due to the increasing adoption of thermal cameras in commercial, residential, and industrial sectors. They are utilized as a maintenance tool for monitoring and inspection application in different buildings, historical monuments, and industrial equipment. Besides, they are significantly in demand from these sectors to monitor the structural health of buildings and equipment.
On the basis of geography, North America is anticipated to hold considerable market share during the forecast period as the thermal cameras are utilized by maintenance operators for monitoring and inspection of business and residential buildings. North America is home to various historical monuments, commercial as well as residential buildings, and different process and manufacturing industries.
Some of the key players in Thermal Imaging Market include Axis Communications AB, BAE Systems, FLIR Systems Inc, Fluke Corporation, L3HARRIS TECHNOLOGIES INC, Leonardo S.p.A., Opgal, Testo SE & Co KGaA, United Technologies and Xenics.
• Short-Wave Infrared (SWIR)
• Mid-Wave Infrared (MWIR)
• Long-Wave Infrared (LWIR)
• Thermal Cameras
• Thermal Scopes
• Thermal Modules
• Fixed/Mounted Cores
• Scopes & Vision Goggles
• Security and Surveillance
• Monitoring and Inspection
• Detection and Measurement
• Personal Vision Systems
• Search & Rescue
• Intelligent Transportation System
• Research & Development
End Users Covered:
• Aerospace & Defense
• Healthcare & Life Sciences
• Oil & Gas
• Food & Beverages
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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