The Global Thermal Imaging Technologies Market is projected to reach USD 5.13 billion by 2028, growing at a CAGR of 5.1% during the forecast period.
Thermal Imaging Technologies Market
Thermal imaging helps in improving visibility by detecting the objects' infrared radiations and creating an image based on that information. Over the years, advancements in thermal imaging systems and their enabling technologies have penetrated different verticals, like Aerospace and Defense, Thermography, Security and Surveillance, NDT, and others. This is increasing the scope of the thermal imaging technologies market. Rapid advancements in technology and money being pumped into aerospace and defense research and development (R&D) have brought its costs down substantially and also introduced the world to a smarter, efficient way of doing things. There is an increasing trend of cross-border terrorism across the provinces. There are many countries facing insurgency issues across the border from their neighboring countries. Hence, there has been a growing demand for military modernization programs include improved thermal imaging systems requirements. However, the uncertainty of the defense budget and lack of awareness about the full capabilities and its application are the factors restricting the thermal imaging technologies' market growth.
Based on the application, the security & surveillance segment is expected to dominate the thermal imaging technologies market during the forecast period. Globally, there is a growing trend of rising crimes and violence; this has raised the budgets of the homeland security forces to procure advanced protective systems and gadgets. Modern warfare has become more asymmetric with an increasing number of non-lethal and lethal weapons. The ongoing battles with ISIS conflict in the Middle East, Indo-Pak conflict over Jammu and Kashmir, Syrian war are just a few examples. Also, increasing tensions across borders and between countries have led to an increase in the demand for IR and thermal imaging long-range surveillance in low-light conditions. According to SIPRI, the world military expenditure has reached USD 1.8 trillion in 2018, which is 2.6% higher than the previous year and 5.6% higher than in 2009. The rise in the military modernization program includes the application of thermal imaging systems. Terrorist attacks have been seen increasing for damaging critical infrastructure in many countries. To avoid such incidences the governments are investing in stringent surveillance with infrared and thermal imaging security systems.
Thermal Imaging Technologies Market
North America is expected to lead the market demand for thermal imaging systems during the forecast period. The main driver behind the investments was the continuous evolution and use of new techniques to unlock huge quantities earlier deemed non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America are set to boom during the next five years. As ADAS (Advances Driving Assistance Vehicle) and AV (Autonomous Vehicle) platforms to become the future of the automotive industry, research has shown that equipping thermal imaging system will make the autonomous driving safer. Also, the declining production cost of thermal imaging systems with mass manufacturing will create the demand for thermal imaging systems in the recent future. Leading companies in the thermal imaging technologies market- such as DRS technologies, PixonImaging, and FLIR are situated in North America. FLIR has invested 10% of its revenue on research and development in FY2018. It's primary research and development includes the project of a thermal imaging system for autonomous vehicles.
Key Factors Impacting the Growth of Thermal Imaging Technologies Market:
- Reduction in the price of thermal imaging products.
- Increasing adoption of thermal imaging in perimeter security.
- Penetration in machine vision-based applications.
- Longwave infrared cameras require additional cameras for better detailing.
- Use of thermal imaging in autonomous vehicles.
Key Developments in the Thermal Imaging Technologies Market:
- In June 2018, Thales S.A. (France) introduced Sophie Ultima, a thermal imager designed to give tactical superiority through collaborative and augmented imaging capability at night and by the day. It is a lightweight four in one thermal imager combining tactical binoculars, infrared target locator, daytime laser rangefinder, and teleconverter.
- In March 2019, FLIR Systems Inc. (US) announced the acquisition of Endeavor Robotic Holdings Inc. (US), a leading developer of tried and tested unmanned tactical ground vehicles (UGVs) for worldwide military, government security and critical infrastructure markets. FLIR will be leveraging its thermal imaging and adjacent technologies to provide innovative, intelligent solutions for the new segments of the acquisition.
What Does This Report Provide?
This report provides a detailed understanding of the global thermal imaging technologies market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the thermal imaging technologies market.
By Form Factor:
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, Rest of Asia Pacific)
- By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
- By Region (South America, Africa)
Companies Covered: Major Companies profiled in the report which are key players in the global thermal imaging technologies market are Flir Systems Inc., Technologies, Inc., Ulis S.A.S., Elbit Systems Ltd, Raytheon Company, Lockheed Martin, Fluke Corporation, BAE Systems PLC, Leonardo DRS, Inc., Sofradir SAS, Thermoteknix Systems Ltd, and Testo SE & Co. KGaA.
Years Considered In The Study
CAGR % (2019-2028)
Reasons to Buy This Report:
- Market size estimation of the global thermal imaging technologies market on a regional and global basis.
- The unique research design for market size estimation and forecast.
- Profiling of major companies operating in the thermal imaging technologies market with key developments.
- Broad scope to cover all the possible segments helping every stakeholder in the thermal imaging technologies market.
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