Global thermal imaging market to grow at a CAGR of 6.73% between 2018 and 2023
The thermal imaging market was valued at USD 2.72 billion in 2017 and is expected to reach USD 4.04 billion by 2023, at a CAGR of 6.73% during the forecast period. Reduction in the price of thermal imaging products, the increasing adoption of thermal imaging in perimeter security, and penetration in machine vision applications are driving the growth of this market. However, export restrictions and additional detailing required for longwave infrared cameras restrain the growth of the thermal imaging market.
Market for monitoring and inspection application to witness significant growth between 2018 and 2023
The market for the monitoring and inspection application is expected to grow at the highest CAGR owing to the penetration of low-cost and high-quality thermal imaging cameras in home automation, medical, food processing, and ADAS. Moreover, miniaturized camera modules are used by most of the OEMs for their customized solutions, resulting in their increased growth.
Market for healthcare & life sciences vertical to grow at highest CAGR during forecast period
The market for healthcare & life sciences is expected to grow at the highest CAGR during the forecast period. Thermography in the healthcare & life sciences sector provides an accurate, quantifiable, and noncontact diagnostic detection, which is used to visualize and quantify changes in surface temperatures. In this sector, the applications of thermography include vascular evaluation, muscle strain assessment, and bleeding point detection.
Market in APAC to witness considerable growth during forecast period
The thermal imaging market in APAC is expected to grow at the highest CAGR during 2018–2023. A number of OEMs as well as product manufacturers have presence in APAC. Growing demand for thermal imaging is attributed to the increasing demand for security and surveillance in aerospace & defense and commercial sectors.
Breakup of profiles of primary participants:
- By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation: C-Level Executives – 50%, Directors – 32%, and Others – 18%
- By Region: North America – 32%, Europe – 30%, APAC –24%, and RoW – 14%
The report details the competitive landscape for prominent players, including FLIR Systems (US), Fortive (US), Axis Communications (Sweden), Leonardo (Italy), BAE Systems (UK), L3 Technologies (US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics (Belgium), and Seek Thermal (US).
This research report categorizes the global thermal imaging market on the basis of type, application, vertical, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the market.
Reasons To Buy This Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the thermal imaging market comprehensively and provides the closest market size estimation for subsegments across regions.
- The report would help stakeholders understand the pulse of the market and provide them information on key drivers, restraints, challenges, and opportunities pertaining to the market.
- This report would help stakeholders understand their competitors better and gain insights to improve their position in the business.
- The competitive landscape section includes the competitor ecosystem, product launches, acquisitions, partnerships, expansions, agreements, and collaborations.