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The Global Thermal Imaging Market was valued at USD 7.92 billion in 2016 and is projected to reach USD 13.39 billion by 2025, growing at a CAGR of 6.01% from 2017 to 2025.
Thermal imaging is a method of improving visibility of objects in a dark environment by detecting the objects' infrared radiation and creating an image based on that information. Thermal imaging works in environments without any ambient light and can penetrate obscurants such as smoke, fog and haze. Thermal imaging can spot electric issues, identify thermal performance, capable of capturing moving targets in real-time, detects objects in dark, and is able to find deterioration.
1. Market Drivers
1.1 Increasing demand for thermal imaging solutions
1.2 Evolution of integrated solutions
1.3 Rising demand for thermal imaging cameras in commercial applications
1.4 Reduced costs of thermal cameras
2. Market Restraints
2.1 Designing highly accurate cameras
2.2 Budget constraints
2.3 Competition with alternative technologies
The Global Thermal Imaging Market is segmented on the application, end user, component, and region.
1. By Application:
1.1 Threat detection
1.3 Predictive maintenance, Radiology
1.4 Commercial and residential security
1.5 Personal vision, Veterinary
1.6 Research and development
1.8 Intelligent transportation system
2. By End User:
2.1 Industrial, commercial, and residential
2.2 Military and defense
3. By Component:
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. DRS Technologies, Inc.
2. Thermoteknix Systems Ltd.
3. Honeywell International, Inc.
4. BAE Systems
5. Raytheon Company
6. L-3 Communications Holdings, Inc.
7. AXIS Communications
8. Fluke Corporation (Fortive Corporation)
9. Flir Systems, Inc.
10. Testo AG
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Thermal Imaging Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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