Yahoo Finance At 5.5% CAGR, The Thermal Imaging Market is Anticipated to Grow $4.7 billion by 2026 Globally
Chicago, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Thermal Imaging Market by Product Type (Modules, Cameras, Scopes), Type (Handheld and Standstill), Technology(Cooled, Uncooled), Application, Wavelength(SWIR, MWIR, LWIR), Vertical, and Region (2021-2026), The key factors driving the growth of the global thermal imaging market include Increasing government expenditure on the aerospace & defense sector boosting the growth of the thermal imaging market, Increasing adoption of thermal imaging in the automotive industry, growing R&D investments by companies, governments, and capital firms for developing innovative thermal imaging solutions, and others.
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Scope of the Report
Report Metric | Details |
Thermal Imaging Market Research Report |
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Base Year | 2020 |
Forecast Period | 2021–2026 |
Forecast Unit | Value (USD Billion) |
Segments Covered | By Type, By Product Type, By Technology, By Wavelength, By Vertical, By Application, and By Region |
Geographic Regions Covered | North America, Asia Pacific, Europe, and RoW |
Companies Covered |
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Browse in-depth TOC on "Thermal Imaging Industry"
137– Tables
57 – Figures
220 – Pages
FLIR Systems is engaged in designing, developing, marketing, and distributing technologies that are used to enhance user perception and awareness. FLIR Systems is among the key players in the market. The company has a strong thermal imaging product portfolio consisting of over 50 SWIR, MWIR, and LWIR products. FLIR Systems maintains its competitive edge in the market by continuously strengthening its product portfolio through the launch of new products. The company also has a strong brand image, sales network, and customer base. FLIR Systems stresses heavily on the product launch strategy to enhance its product portfolio. From January 2020 to June 2021, the company launched more than ten new products. It also focuses on other strategies such as contracts and partnerships to strengthen its presence in the thermal imaging market.
Fluke operates as a wholly-owned subsidiary of Fortive Corporation. Fluke is engaged in the manufacture, distribution, and servicing of electronic test tools and software. The company offers several products, including battery analyzers, clamp meters, bench instruments, electrical testers, IR windows, infrared cameras, insulation testers, and power & energy loggers. The company’s brand has a good reputation in the market for ruggedness, ease of use, safety, and quality. Fluke offers various types of industrial testing equipment used by technicians, engineers, metrologists, medical device manufacturers, and computer network professionals, among others. Its wide product portfolio consisting of various LWIR cameras gives the company a stronghold on the thermal imaging market. Fluke’s focus is on further broadening and strengthening its product portfolio by adopting the product launch strategy. In December 2019, it launched two new thermal cameras: Fluke TiS20+ and Fluke TiS60+Fluke. These fully radiometric, fixed-mount cameras have advanced features, including MATLAB and LabVIEW software plug-ins to easily analyze thermal data.
Leonardo S.p.A. is one of the major players in the aerospace & defense and security markets. The thermal product portfolio offered by the company includes thermal cameras for MWIR and LWIR wavelengths, thermal modules, sights, and navigation systems. In addition, the company offers thermal core products through one of its subsidiaries, Leonardo DRS, a global manufacturer and a supplier of integrated products, services, and support to military forces, intelligence agencies, and prime contractors. Strong brand image and diversified product portfolio are the key reasons for the prominent position of Leonardo S.p.A in the thermal imaging industry. The company also has a strong geographic presence with 65 plants located in the US, the UK, Canada, and RoW. It focuses on the defense and commercial industries that are some of the major markets for thermal imaging products. Continuous focus on innovation and upgrading its existing products helps to maintain its competitive position in the market. In recent years, the spending in the defense sector has been increased. The company has adopted the contracts strategy to maintain its position in the thermal imaging market. It has won contracts from defense forces in the region to develop and deliver thermal imaging products.
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Thermal cameras segment to account for the largest share of thermal imaging market during the forecast period
On the basis of product types, the thermal imaging market has been segmented into three categories—thermal cameras, thermal scopes, and thermal modules. The thermal cameras segment held the largest share of the thermal imaging market in 2020 and is expected to continue this growth during the forecast period. Several reasons, such as an electronic image of high-quality precision produced in less time and the availability in different types (handheld, mounted, and standalone) and various micro-and nano-sizes, contribute to this dominance.
Security and surveillance segment to account for the largest share of thermal imaging market during the forecast period
Based on applications, the thermal imaging market has been segmented into security and surveillance, monitoring and inspection, and detection and measurement. The security and surveillance segment held the largest share of the thermal imaging market during the forecast period. Rapid urbanization increases the demand for advanced thermal imaging solutions for security and surveillance applications. The rising conflicts and terrorist activities among countries also increase the demand for well-equipped systems to monitor the country's borders from the illegal intrusion of enemies and protect the country from them.
North America to account for the largest share of thermal imaging market during the forecast period
Among all regions, North America accounted for the largest share of the thermal imaging market and is expected to continue this growth during the forecast period. The region is home to the major producers of thermal imaging components, such as thermal cameras, scopes, and modules. The US is the major contributor to this region and accounts for ~89% of the total thermal imaging market share in North America. The growth of the thermal imaging market in this region is attributed to the presence of numerous manufacturers and distributors, the low cost of thermal imaging components, and the increasing government expenditure in the aerospace & defense sector.
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