Yahoo Finance Global Thermal Camera Market to Generate Revenue of $3.82 Billion by 2028 | China, US and India are Top 3 Manufacturers and Exporters of Thermal Camera
Global thermal camera market size was valued at USD 2.15 billion in 2021, and it is expected to reach a value of USD 3.82 billion by 2028, at a CAGR of more than 8.55% over the forecast period (2022–2028).
Westford, USA, Sept. 29, 2022 (GLOBE NEWSWIRE) -- In its latest report, “global thermal camera market”, SkyQuest provides insights on the current and future market for thermal cameras. The study provides estimates for revenue (USD million) and unit shipments (Thousands of units) from 2022-2028. This analysis is based on our advisory services. The market is expected to grow at a CAGR of 8.55%% during the 2022-2028 period.
SkyQuest attributes the growth of the thermal camera market to increasing awareness about and use of the technology for security and surveillance applications. Thermal imaging technology has been used in many industrial and commercial applications such as manufacturing and logistics, law enforcement, homeland security, construction, and agriculture. However, we expect some challenges to the growth of the thermal camera market. For example, there is a limited number of thermal cameras that are designed for edge usage due to their bulky shape and high processing requirements. Additionally, thermal cameras are not well suited for low-light environments because they produce poor image quality. Nevertheless, our study anticipates that these challenges will be overcome over time as more manufacturers develop thermal cameras that are tailored for specific applications.
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The main drivers for this growth of the thermal camera market are increased demand for safety applications in both commercial and industrial settings, as well as the need for improved video quality in surveillance systems. However, the market is currently being hampered by a number of factors, including lower image quality due to the use of low-resolution cameras and limited storage capacity of thermal camera sensors. In addition, regulatory issues related to safety surveillance and privacy concerns are hampering adoption in some geographies.
This report offers specific recommendations to help companies achieve growth in the thermal camera market. These include innovative imaging solutions that improve image quality, expanded use of sensors with longer storage life and new product development models incorporating cloud services.
Law Enforcement Agencies the Key Consumer of Thermal Camera Market
Thermal cameras are versatile tools that can be used in a variety of contexts. They can be used to detect unauthorized entry into a building or manufacturing facility, as well as potential threats such as arson or sabotage. They can also be used to monitor traffic conditions or guard valuable assets. In addition, thermal cameras are an important part of crime prevention strategies, as they can help identify criminals before they commit crimes.
Thanks to their versatility and overall effectiveness, thermal camera market is gaining momentum and popularity among businesses and governments around the world.
One of the most important indicators of the current economic state is shipping activity. The shipping industry is said to be a leading indicator of economic health, and it is no different for thermal camera market. A recent study by SkyQuest found that shipments of TICs are up 43% in just last 2 years. This increase can likely be attributed to an increasing demand for security and surveillance applications, as well as the growing use of facial recognition software in the global thermal camera market. The analysis found that the top five countries importing TICs are the U.S., China, Taiwan, Japan, and South Korea.
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In the latest shipment of thermal imaging camera shipments, SkyQuest found 1980 shipments totaling 175,888 units. Of these, 60% are to law enforcement agencies and 20% is to a national intelligence agency. This makes the second consecutive year that has counted more than 1,000 thermal imaging camera shipments. The total value of these shipments was approximately $650 million.
The primary customers for thermal camera market in the latest shipment are law enforcement agencies and military and defense (87%) and national intelligence agencies (13%). Interestingly, the number of thermal imaging camera shipments to non-government entities (NGOs) increased from 159 in 2018 to 304 in 2021. However, shipments to NGOS accounted for 5% of all thermal imaging camera shipments in the latest shipment.
There have been several notable changes in other market segments over the past few months. Shipments to commercial entities decreased by 17% percent year-over-year, while deployments within corporate security perimeter zones increased 139% in the last 5 years. SkyQuest anticipates continued growth for thermal camera market and expects this market to exceed $3.82 billion by 2028.
China, US and India are the Largest Manufactures of Thermal Camera
In terms of production volume, China ranks first with thermal camera market output reaching over 16 million units in 2021. US is in the second place with output reaching over 9 million units. India lags far behind with just over 2 million thermal camera units produced in 2018. However, when it comes to value added, China dominates the market with a value of over $2.3 billion generated in 2021. As of 2021, China is enjoying a market share of more than 60%, at least 15% growth in the market at the loss of European countries and the US compared to 2019.
While China enjoys the lead in terms of production volume and value added to the global thermal camera market, India is rapidly closing the gap and is expected to overtake China by 2035. The reasons for India’s rapid rise are manifold; including its burgeoning technical capability, increasing investment levels and expansion into new geographies.
SkyQuest’s report highlights China’s dominant market position, with exports accounting for 38% of total global shipments in 2021. This was followed by US shipments (21%), and India’s contribution consisted of 9%. Interestingly, during the same period, shipments from Europe declined by 9%, while those from Japan increased by 4%. Reasons for this decline can be attributed to various factors such as declining defense spending in European countries and increasing competition from electronic imaging products made in Asia.
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Major Players in Global Therma Camera Market
Axis Communications AB (Sweden)
FLIR Systems, Inc. (US)
InfraTec GmbH (Germany)
InView Technology Corporation (US)
IRCameras LLC (US)
Leonardo S.p.A. (US)
Lynred (France)
New Imaging Technologies (NIT) (France)
Princeton Infrared Technologies, Inc. (US)
SATIR (Ireland)
Seek Thermal (US)
Sierra-Olympic Systems, Inc. (US)
Synectics PLC (UK)
Thermoteknix Systems Ltd (UK)
BAE Systems (UK)
Raytheon Company (US)
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