1 INTRODUCTION 19
1.1 STUDY OBJECTIVES 19
1.2 MARKET DEFINITION 19
1.2.1 INCLUSIONS AND EXCLUSIONS 20
1.3 SCOPE 21
1.3.1 MARKETS COVERED 21
1.3.2 YEARS CONSIDERED 21
1.4 CURRENCY 22
1.5 LIMITATIONS 22
1.6 MARKET STAKEHOLDERS 22

2 RESEARCH METHODOLOGY 23
2.1 RESEARCH DATA 23
2.1.1 SECONDARY DATA 25
2.1.1.1 Secondary sources 25
2.1.2 PRIMARY DATA 26
2.1.2.1 Primary sources 26
2.1.2.2 Key industry insights 27
2.1.2.3 Breakdown of primaries 27
2.2 MARKET SIZE ESTIMATION 28
2.2.1 BOTTOM-UP APPROACH 30
2.2.1.1 Approach for capturing market size by bottom-up analysis
(demand side) 30
2.2.2 TOP-DOWN APPROACH 30
2.2.2.1 Approach for capturing market share by top-down analysis
(supply side) 31
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 32
2.4 RESEARCH ASSUMPTIONS 33

3 EXECUTIVE SUMMARY 34

4 PREMIUM INSIGHTS 39
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN THERMAL IMAGING MARKET 39
4.2 THERMAL IMAGING MARKET, BY PRODUCT TYPE AND APPLICATION 39
4.3 THERMAL IMAGING MARKET, BY COUNTRY 40
4.4 THERMAL IMAGING MARKET, BY REGION 40
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5 MARKET OVERVIEW 41
5.1 INTRODUCTION 41
5.2 MARKET DYNAMICS 41
5.2.1 DRIVERS 42
5.2.1.1 Increasing government expenditure on aerospace & defense sector is boosting growth of thermal imaging market 42
5.2.1.2 Increasing adoption of thermal imaging in automotive industry 43
5.2.1.3 Growing R&D investments by companies, governments, and capital firms to develop innovative thermal imaging solutions 43
5.2.2 RESTRAINTS 44
5.2.2.1 Export restriction imposed on thermal imaging products 44
5.2.3 OPPORTUNITIES 45
5.2.3.1 Increase in adoption of thermography for infancy stage diagnosis in healthcare applications 45
5.2.3.2 Thermal imaging use to diagnose defects in building
structure fueling growth 46
5.2.4 CHALLENGES 47
5.2.4.1 Thermal cameras do not work through glass and water 47
5.2.4.2 Thermal imaging does not work for see-through wall applications 47
5.3 VALUE CHAIN ANALYSIS 49

6 THERMAL IMAGING MARKET, BY TECHNOLOGY 51
6.1 INTRODUCTION 52
6.2 COOLED 53
6.2.1 HIGHLY SENSITIVE COOLED THERMAL CAMERAS ARE USED TO
MONITOR MINUTE TEMPERATURE DIFFERENCE (<20 MK) 53
6.3 UNCOOLED 54
6.3.1 UNCOOLED THERMAL CAMERAS SUITABLE FOR LOW-COST AND
HIGH-VOLUME APPLICATIONS 54

7 THERMAL IMAGING MARKET, BY WAVELENGTH 55
7.1 INTRODUCTION 56
7.2 SHORT-WAVE INFRARED (SWIR) 57
7.2.1 SWIR THERMAL IMAGING PRODUCT ARE CAPABLE TO PRODUCE DETAILED IMAGE WITH HIGH-RESOLUTION 57
7.3 MID-WAVE INFRARED (MWIR) 58
7.3.1 MWIR THERMAL IMAGING PRODUCTS ARE USED TO PROVIDE
HIGH CONTRAST THERMAL IMAGES 58
7.4 LONG-WAVE INFRARED (LWIR) 58
7.4.1 LWIR THERMAL IMAGING PRODUCTS ARE USED TO MONITOR HUMAN ACTIVITIES AND VEHICLES 58
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8 THERMAL IMAGING MARKET, BY PRODUCT TYPE 59
8.1 INTRODUCTION 60
8.2 THERMAL CAMERAS 61
8.2.1 INCREASE IN ADOPTION OF THERMAL CAMERAS IN APPLICATIONS
SPUR GROWTH OF MARKET 61
8.3 THERMAL SCOPES 61
8.3.1 HIGH ADOPTION OF THERMAL SCOPES IN AEROSPACE & DEFENSE VERTICAL ACCELERATES MARKET GROWTH 61
8.4 THERMAL MODULES 62
8.4.1 INCREASING DEMAND FOR THERMAL MODULES IS EXPECTED TO
BOOST GROWTH OF THERMAL IMAGING MARKET 62

9 THERMAL IMAGING MARKET, BY APPLICATION 63
9.1 INTRODUCTION 64
9.2 SECURITY AND SURVEILLANCE 65
9.2.1 PERIMETER SECURITY 66
9.2.1.1 Rising deployment of thermal cameras in perimeter security
is fueling market 66
9.2.2 UNMANNED AERIAL VEHICLE (UAV) 69
9.2.2.1 Advancement in technology will increase requirement for advanced thermal UAVs to ensure complete protection 69
9.2.3 TRACKING 71
9.2.3.1 Panoramic thermal imaging system enables tracking in wide area spurs growth of market 71
9.3 MONITORING AND INSPECTION 73
9.3.1 MACHINE CONDITION MONITORING 75
9.3.1.1 Increasing machine safety awareness helps in deployment of thermal camera is propelling market growth 75
9.3.2 STRUCTURAL HEALTH MONITORING 77
9.3.2.1 Rising adoption of thermal cameras to safeguard building structures is driving thermal imaging market 77
9.3.3 QUALITY ASSESSMENT 80
9.3.3.1 Human safety increases demand for thermal imaging technology 80
9.3.4 HVAC SYSTEM INSPECTION 82
9.3.4.1 Rise in awareness of HVAC systems increases deployment of thermal imagers in turns drives market growth 82
9.4 DETECTION AND MEASUREMENT 85
9.4.1 GAS DETECTION 87
9.4.1.1 Strict regulations imposed on oil & gas industries to safeguard environment increases adoption of thermal imaging cameras 87
9.4.2 FIRE/FLARE DETECTION 89
9.4.2.1 Deployment of thermal cameras to reduce human, material, and property losses is expected to boost market 89
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9.4.3 BODY TEMPERATURE MEASUREMENT 91
9.4.3.1 Increase in use of thermal cameras for detection of animals and humans using their body temperature is propelling market growth 91
9.4.4 LEVEL MEASUREMENT 94
9.4.4.1 Use of thermal imaging cameras by technician to
maintain appropriate container or tank level is expected to boost market growth 94
9.4.5 PROTOTYPE ASSESSMENT 97
9.4.5.1 Adoption of thermal imagers for prototype assessment saves time and money increasing their demand 97

10 THERMAL IMAGING MARKET, BY VERTICAL 99
10.1 INTRODUCTION 100
10.2 INDUSTRIAL 101
10.2.1 RISE IN DEPLOYMENT OF THERMAL CAMERAS IN INDUSTRIAL SEGMENT TO SAFEGUARD INDUSTRIAL ASSETS AND HUMAN LIVES 101
10.3 COMMERCIAL 103
10.3.1 GROWING DEMAND FOR THERMAL CAMERAS IN COMMERCIAL SEGMENT IS SUPPORTING MARKET GROWTH 103
10.4 RESIDENTIAL 105
10.4.1 INCREASING ADOPTION OF THERMAL CAMERA TO ENSURE BUILDING SAFETY AND INCREASE EFFICIENCY IS EXPECTED TO SPUR MARKET 105
10.5 AEROSPACE & DEFENSE 106
10.5.1 RISING ADOPTION OF ADVANCED THERMAL IMAGING SOLUTIONS ACROSS AEROSPACE & DEFENSE INDUSTRY IS FUELING MARKET GROWTH 106
10.6 AUTOMOTIVE 108
10.6.1 EVOLUTION OF ADVANCED THERMAL IMAGING SOLUTIONS FOR AUTOMOTIVES EXPECTED TO SPUR MARKET 108
10.7 HEALTHCARE & LIFE SCIENCES 109
10.7.1 SIMPLE, NON-INVASIVE, AND LESS EXPENSIVE THERMAL IMAGING TECHNIQUE INCREASES DEMAND FOR THERMAL CAMERA IN HEALTHCARE & LIFE SCIENCE 109
10.8 OIL & GAS 110
10.8.1 INCREASING IMPORTANCE OF PREDICTIVE MAINTENANCE IS
EXPECTED TO FUEL MARKET 110
10.9 FOOD & BEVERAGES 111
10.9.1 GROWING NEED TO PRECISE TEMPERATURE MONITORING OF FOOD PROCESSING MADE THERMAL IMAGING QUALITY CONTROL METHOD PREFERED BY SEVERAL MANUFACTURERS 111

11 GEOGRAPHIC ANALYSIS 114
11.1 INTRODUCTION 115
11.2 NORTH AMERICA 116
11.2.1 US 118
11.2.1.1 Presence of thermal imaging manufacturing companies to
boost market growth in US 118
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11.2.2 CANADA 119
11.2.2.1 Investment in R&D of thermal imaging by government and
non-government to spur growth of market in Canada 119
11.2.3 MEXICO 119
11.2.3.1 Wide distribution network in Mexico to propel market growth 119
11.3 EUROPE 120
11.3.1 UK 122
11.3.1.1 Increasing use of thermal cameras for monitoring and inspecting building structures in residential and commercial sector 122
11.3.2 GERMANY 122
11.3.2.1 Market for thermal imaging in Germany to grow at highest CAGR during forecast period 122
11.3.3 FRANCE 122
11.3.3.1 Presence of automobile manufacturers in France to spur growth of thermal imaging market 122
11.3.4 REST OF EUROPE 123
11.3.4.1 Emerging economy, increasing infrastructure facilities, and funding contributes to growth of market in RoE 123
11.4 APAC 124
11.4.1 CHINA 125
11.4.1.1 Mass production of thermal imaging products would lead China to grow at highest CAGR during forecast period 125
11.4.2 JAPAN 126
11.4.2.1 Increase in use of thermal cameras in healthcare industry and structural health monitoring application led to increase in demand for thermal imaging in Japan 126
11.4.3 INDIA 126
11.4.3.1 Ongoing collaborations, government initiatives, and foreign direct investments are expected to spur market growth 126
11.4.4 REST OF APAC 126
11.4.4.1 Economic growth and favorable market conditions fueling growth of market in Rest of APAC 126
11.5 ROW 127
11.5.1 MIDDLE EAST & AFRICA 128
11.5.1.1 Ongoing investments in oil & gas and aerospace & defense industry support growth of market 128
11.5.2 SOUTH AMERICA 128
11.5.2.1 Increasing demand for monitoring and inspection in healthcare and life sciences, industrial, and aerospace & defense sectors creates growth opportunity 128
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12 COMPETITIVE LANDSCAPE 129
12.1 INTRODUCTION 129
12.2 MARKET RANKING ANALYSIS OF PLAYERS IN THERMAL IMAGING MARKET, 2019 130
12.3 COMPETITIVE SCENARIO 131
12.3.1 PRODUCT LAUNCHES AND DEVELOPMENTS 132
12.3.2 EXPANSIONS 133
12.3.3 PARTNERSHIPS, AGREEMENTS, AND CONTRACTS 133
12.3.4 MERGERS & ACQUISITIONS 134
12.4 COMPETITIVE LEADERSHIP MAPPING 135
12.4.1 VISIONARY LEADERS 135
12.4.2 INNOVATORS 135
12.4.3 DYNAMIC DIFFERENTIATORS 135
12.4.4 EMERGING COMPANIES 135

13 COMPANY PROFILES 137
13.1 INTRODUCTION 137
13.2 KEY PLAYERS 137
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
13.2.1 FLIR SYSTEMS, INC. 137
13.2.2 FLUKE CORPORATION 145
13.2.3 LEONARDO S.P.A. 148
13.2.4 L3HARRIS TECHNOLOGIES, INC. 153
13.2.5 UNITED TECHNOLOGIES 157
13.2.6 AXIS COMMUNICATIONS AB 160
13.2.7 BAE SYSTEMS 162
13.2.8 OPGAL 164
13.2.9 TESTO SE & CO. KGAA 166
13.2.10 XENICS 167
* Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
13.3 RIGHT TO WIN 169
13.4 OTHER KEY PLAYERS 170
13.4.1 THERMOTEKNIX SYSTEMS LTD. 170
13.4.2 ZHEJIANG DALI TECHNOLOGY CO., LTD 171
13.4.3 HGH INFRARED SYSTEMS 173
13.4.4 LYNRED 174
13.4.5 ZHEJIANG ULIRVISION TECHNOLOGY CO., LTD. 175
13.4.6 TONBO IMAGING 176
13.4.7 SEEK THERMAL 178
13.4.8 COX 179
13.4.9 CALUMINO 179
13.4.10 TERABEE 180
13.4.11 C-THERMAL 180

14 APPENDIX 181
14.1 DISCUSSION GUIDE 181
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 185
14.3 AVAILABLE CUSTOMIZATIONS 187
14.4 RELATED REPORTS 187
14.5 AUTHOR DETAILS 188