Thermal Imaging Market shipments to grow at 13% CAGR from 2018 to 2024

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Global Thermal Imaging Market to grow at 8 CAGR
from 2018 to 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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• Key Insights from Thermal Imaging Market
• Thermal Imaging Market size was estimated at over
  USD 5.5 billion in 2017, and is set to exceed USD
  10 billion by 2024 according to a new research
  report by Global Market Insights, Inc. The global
  shipments are set to grow at over 13 CAGR
  between 2018 and 2024. The cooled thermal imaging
  market accounted for over 50 of the revenue
  share in 2017, with the chief growth drivers
  being the surging demand for security,
  surveillance, and firefighting applications for
  better accuracy and image details. Indoor
  applications including emergency management and
  building security are poised to offer growth
  opportunities for cooled thermal imaging product
  suppliers. The segment is forecast to lose share
  in the coming years to uncooled technology due to
  the growing number of application industries for
  the latter.
• The demand across healthcare life sciences
  applications in the thermal imaging market is
  expected to grow at a rapid pace due to the
  provision of advanced diagnostic and
  visualizations offered by such solutions.
  Thermography facilitates quantifiable, accurate,
  and non-invasive diagnostic detection by means of
  changes in surface temperatures. In the
  healthcare sector, thermography applications
  include muscle strain assessment, vascular
  evaluation, and bleeding point detection. In
  addition, the technology helps to identify the
  tissue damage site in case of injuries, aiding
  the sports medicine field.

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Continued...

• Thermography helps in the detection of fever and
  related signs of infection. Thus, the technology
  has been used extensively by airports during an
  epidemic outbreak such as Severe Acute
  Respiratory Syndrome (SARS), swine flu, and Ebola
  to screen passengers with elevated body
  temperatures. Hyperspectral imaging and remote
  sensing are expected to serve as the key
  opportunity domains for thermal imaging market
  expansion.
• The rising awareness of the thermal imaging
  market for applications other than security
  surveillance, such as detection, monitoring, and
  inspection, to offer additional revenue growth
  opportunities for industry players, particularly
  in high industrial demand markets including
  China, India, Middle East, and South America. The
  miniaturization of infrared detector cores opens
  diverse avenues for the deployment and
  integration of the technology with other consumer
  electronic devices. In addition, the emerging
  application segments in the thermal imaging
  market including personal vision systems have led
  to the development of low-cost solutions that
  meet the needs of the end users.

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China thermal imaging market size, by end-use,
2017 2024 (USD Million)

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Continued...

• Personal vision system devices are expected to
  register the fastest growth due to the
  availability of low-cost solutions and demand for
  technology in consumer outdoor use such as
  hunting and mountain sports, law enforcement, and
  border patrol. The emergence of unmanned and
  airborne vehicles in defense applications is
  expected to stimulate thermal imaging market
  growth.
• Handheld/portable cameras constitute the largest
  segment accounting for over 50 of the thermal
  imaging market revenue share in 2017. Growing
  security concerns coupled with technological
  advancements, reduction in size, and an average
  selling price are the major factors driving the
  demand for handheld imagers. The ability of such
  devices to track, locate, capture, and record
  criminal activity in adverse conditions is
  expected to favorably drive the handheld thermal
  imaging market demand.
• Major thermal imaging market drivers in Asia
  Pacific countries including India, Malaysia, and
  South include the rapid pace of technology
  adoption and penetration in the region. The
  declining price of thermal cameras and the
  presence of regional vendors offering low-cost
  solutions are expected to favorably impact the
  market growth in India and China.

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Continued...

• Major vendors in the thermal imaging market space
  are FLIR Systems, Leonardo DRS, Raytheon Company,
  and Fluke Corporation. The market is
  characterized by stiff price competitiveness and
  innovative solutions. To sustain competition,
  players have been focusing on vertical
  integration to cut down input costs and
  developing technologically-advanced products.
• In addition, the expansion of product offering to
  penetrate new application verticals, such as
  smartphone integration offered by FLIR One and
  Seek Thermal Compact, enables vendors to garner
  additional revenue thermal imaging market growth
  opportunities.
• The integration of thermal camera cores into CCTV
  applications creates a bi-spectral camera
  solution that enables users to capture both
  visible image and thermal heat signatures for
  accurate surveillance and reduction in false
  alarms. The combination of thermography with
  other complementary sensing technologies, such as
  radar, laser, sonar, environmental, and chemical
  sensing, increases the functionality of the
  systems. Classification-based analytics and
  networking-enabled thermal cameras improve the
  response time for emergency situations while
  lowering the costs associated with the downtime
  and potential hazards contributes to the thermal
  imaging market.

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Industry Coverage

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Table OF Content

• Chapter 1. Methodology and Scope
• 1.1. Methodology
• 1.1.1. Initial data exploration
• 1.1.2. Statistical model and forecast
• 1.1.3. Industry insights and validation
• 1.1.4. Definition and forecast parameters
• 1.1.4.1. Definitions
• 1.1.4.2. Assumptions, methodology and forecast
  parameters
• 1.2. Data Sources
• 1.2.1. Primary
• 1.2.2. Secondary
• Chapter 2. Executive Summary
• 2.1. Thermal imaging industry 3600 synopsis,
  2013 - 2024
• 2.1.1. Business trends
• 2.1.2. Product trends
• 2.1.3. Technology trends
• 2.1.4. End-use industry trends
• 2.1.5. Application trends
• 2.1.6. Regional trends

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Continued...

• Chapter 3. Thermal Imaging Industry Insights
• 3.1. Industry segmentation
• 3.2. Industry landscape, 2013 2024
• 3.2.1. Thermal infrared (IR) detector industry
  landscape
• 3.2.1.1. Thermal IR detector market size
  forecast, 2013 2024
• 3.2.1.1.1. North America
• 3.2.1.1.2. Europe
• 3.2.1.1.3. Asia Pacific
• 3.2.1.1.4. Latin America
• 3.2.1.1.5. MEA
• 3.3. Industry ecosystem analysis
• 3.3.1. Component suppliers
• 3.3.2. Product manufacturers/OEMs
• 3.3.3. System integrators
• 3.3.4. Distribution channel analysis
• 3.3.5. End-use landscape
• 3.3.6. Vendor matrix

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Continued...

• 3.4. Technology landscape
• 3.4.1. Advanced Driver-Assistance Systems (ADAS)
• 3.4.2. Internet of Things (IoT)
• 3.4.3. Smartphone integration
• 3.4.4. UAV drones
• 3.4.5. Video analytics
• 3.5. Price trend analysis, 2013 - 2024
• 3.5.1. North America
• 3.5.2. Europe
• 3.5.3. Asia Pacific
• 3.5.4. Latin America
• 3.5.5. Middle East and Africa
• 3.6. Cost structure analysis
• 3.6.1. Assembly, test calibration
• 3.6.2. Board electronics
• 3.6.3. Housing packaging
• 3.6.4. IR sensor system
• 3.6.5. Lenses

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