Thermal Imaging Market

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THERMAL IMAGING MARKET ANALYSIS

• Thermal Imaging Market, By Applications
  (Surveillance and security, Monitoring and
  maintenance, Traffic monitoring, Healthcare,
  Automobile, Research and development and Others
  (firefighting and personal vision)), By End Users
  (Defense and military sector, Industrial sector,
  Commercial sector and Residential sector) and By
  Geography (North America, Europe, Asia Pacific
  and RoW (Rest of the World)) - Size, Share,
  Outlook, and Opportunity Analysis, 2020 - 2027

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• Market Overview
• The global Thermal Imaging Market was accounted
  for US 1,978.7 Mn in terms of value in 2019 and
  is expected to grow at CAGR of 9.7 for the
  period 2020-2027.
• Market Dynamics Drivers
• Increased investment in armed forces
  modernization is expected to drive growth of the
  global thermal imaging market during the forecast
  period
• Penetration of thermal imaging devices in new
  applications is expected to propel the global
  thermal imaging market growth over the forecast
  period

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Figure 1. Global Thermal Imaging market Share ()
in terms of Value, By Region, 2019
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• Market Dynamics Restraints
• Reduction in the defense budget is expected to
  restrain growth of the global thermal imaging
  market during the forecast period
• Export restrictions imposed on thermal imaging
  products is expected to hamper the global
  thermal imaging market growth over the forecast
  period

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• Market Trends
• Advent of high-resolution thermal cameras
• Contracts and agreements among market players is
  another major trend

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Figure 2 Global Thermal Imaging market Value
(US MN), 2017 - 2027
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• Value Chain Analysis Component suppliers
• The market consists of a large number of
  suppliers of components required in making
  thermal imaging devices. Components namely video
  signal generators, IR lenses, detectors, video
  signal generators, and displays are provided by
  various component suppliers such as Vision
  Systems Design, FLIR Systems Inc. and Lightpath
  Technologies among others. 

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• Key Developments
• Key players are focused on product launches, in
  order to expand the product portfolio. For
  instance, in July 2020, FLIR Systems Inc.
  launched TG165-X MSX Thermal Camera with
  multispectral dynamic imaging technology.
• Major market players are involved in contracts
  and agreements, in order to gain significant
  advantage in the market. For instance, in July
  2019, BAE Systems Inc. received a contract from
  Kongsberg Protech of Norway for thermal imaging
  module TIM 1500.
• Competitive Section
• Key players operating in the global thermal
  imaging market are FLIR Systems Inc. (FLIR),
  Raytheon Company, BAE Systems Inc., L-3
  Communications Holdings, Inc., Axis
  Communications AB, Danaher Corporation, and DRS
  Technologies Inc.

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