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“Thermal imaging market is expected to grow at CAGR of 6.2% from 2020 to 2025”
The global thermal imaging market is estimated to grow from USD 3.4 billion in 2020 to USD 4.6 billion by 2025; at a CAGR of 6.2%. Increasing adoption of thermal imaging in the automotive industry is one of the key factors fueling the growth of this market.
“Uncooled technology segment is expected to grow at highest CAGR during forecast period”
Among technology, the market for uncooled technology is expected to grow at the highest CAGR during the forecast period. Thermal products based on uncooled technology are widely used in different verticals such as aerospace & defense, industrial, commercial, residential, and others due to their ability to work in all weather conditions. Also, they cost low and are less subjected to restrictions compared to cooled thermal products. Moreover, they have long operation life as well as require less maintenance.
“ Market for SWIR wavelength is expected to grow at highest CAGR during forecast period”
Among wavelengths, the market for SWIR wavelength is expected to grow at the highest CAGR during the forecast period. The growth is attributed to its ability to serve numerous applications such as high-temperature thermography, moisture detection, spectroscopy, security and surveillance, semiconductor inspection, and scientific research.
“ Market for thermal modules is expected to grow at highest CAGR during forecast period”
Among thermal products, thermal modules are at the heart of systems used to deliver superior image quality. Moreover, they are available in small sizes, lightweight, and consume low power and produce the same image under different light conditions. Owing to this, the market for modules is expected to grow at the highest CAGR during the forecast period.
“ Monitoring and inspection application of thermal imaging is expected to grow at highest CAGR during forecast period”
Monitoring and inspection application of the thermal imaging is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the rising adoption of thermal imaging cameras for a thermal audit of machines and equipment in the manufacturing industry. This helps to avoid operational shutdown and aid companies to save money by detecting the fault at the infancy stage. Moreover, the thermal audit does not cause any damage to the machines and equipment.
“Healthcare and life sciences vertical is expected to grow at highest CAGR during forecast period”
The market for healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the rising adoption of thermography due to their several benefits, such as instant detection of injuries or blockages with high definition image quality and low cost. Moreover, thermal imaging solutions are a reliable tool for medical assessment and diagnosis of various illnesses and diseases such as fever, headache, allergy, and different types of cancer in humans and animals.
“Europe to held second-largest share of thermal imaging market during in 2019”
Europe is the second-largest market for thermal imaging, owing to the presence of lucrative automotive, healthcare, and industrial & manufacturing verticals in the region. Moreover, Europe is home to huge players in the thermal imaging market, such as Axis Communications AB (Lund, Sweden) and Thermoteknix Systems Ltd. (UK). They are considered as a trendsetter in this market as they develop innovative thermal imaging cameras and thermal scopes, used in security and surveillance, as well as monitoring and inspection application areas.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 = 20%, Tier 2 = 35%, and Tier 3 = 45%
- By Designation: C Level = 40%, Managers = 24%, Others = 36%
- By Region: North America = 25%, Europe = 42%, APAC = 21%, RoW = 12%
Major players profiled in this report:
- FLIR Systems, Inc. (Oregon, US)
- Fluke Corporation (Washington, US)
- Leonardo S.p.A. (Rome, Italy)
- L3HARRIS TECHNOLOGIES, INC. (Florida, US)
- United Technologies (Connecticut, US)
- Axis Communications AB (Lund, Sweden)
- BAE Systems (UK)
- Opgal (Israel)
- Testo SE & Co. KGaA (Lenzkirch, Germany)
- Xenics (Belgium)
This report offers detailed insights into the thermal imaging market based on technology, wavelength, product type, application, vertical, and region. Based on technology, the thermal imaging market has been segmented into uncooled and cooled. Based on wavelength, the market has been divided into long-wave infrared (LWIR), mid-wave infrared (MWIR), and short-wave infrared (SWIR). Based on product type, the thermal imaging market is segmented into thermal cameras, scopes, and modules. Based on the application, the thermal imaging market has been classified into security and surveillance, monitoring and inspection, and detection and measurement. Based on vertical, the market is segmented into industrial, commercial, residential, aerospace & defense, automotive, healthcare and life sciences, oil & gas, and food & beverages. The market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments the thermal imaging market comprehensively and provides the closest approximations of the overall size of the market, as well as its segments and subsegments.
- The report is expected to help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
- This report aims at helping stakeholders in obtaining an improved understanding of their competitors and gaining insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem of the market, as well as growth strategies such as product launches and developments, expansions, partnerships, agreements, contracts, and mergers & acquisitions adopted by major market players.