Increasing Demand for Security and Surveillance Application in Private and Public Environment Is One Factor Which Drives the Thermal Imaging Market
Hyderabad, India - July 16, 2021 /MarketersMedia/ —
The global Thermal Imaging Market is estimated to surpass $14.2 billion mark by 2026 growing at an estimated CAGR of more than 7.6% during the forecast period 2021 to 2026. The market growth is mainly driven by the factors such as increasing adoption in many sectors like automotive, R&D, Defence, Manufacturing and medical for the thermal solutions. Increasing demand for security and surveillance application in private and public environment is one factor which drives the market. Increased urbanization is expected to increase the demand for additional advanced security solutions. Rising investment in infrastructural systems along with developing demand for surveillance is another key factor for the market growth. Decrease in the cost of thermal cameras has been driving the market. Increased demand for the wireless temperature sensors. These factors are set to boost the market growth for Thermal Imaging during the forecast period 2021-2026
Thermal Imaging Market Segment Analysis - By Technology type
Thermal imaging Market is segmented into cooled and Un-cooled type. Cooled segment has major market share at 56.2% in 2020 as they can detect even the smallest changes in the temperature. Uncooled thermal imaging is that which has an opportunity to grow during the forecast period due to its low cost devices used in monitoring. These Uncooled segment can be used for the closer monitoring applications around 5KM. It is also less expensive comparatively than the Cooled segment. The manufacturing of the components are also easy and can be done in fewer steps thus propelling adoption.
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Thermal Imaging Market Segment Analysis - By Application
The thermal imaging technology is basically used in commercial, residential, military & defence, and industrial applications. In industrial setup thermal imaging is used to monitor manufacturing process in electrical installation where it is used to detect the errors. In Commercial applications it is mainly utilized in airport security and building diagnosis. Thermal imaging is used in the residential applications because it is cost effective, high production and easily available. This also helps in reducing the time-consumed and expensive invasive investigations, and conducting energy audits, detection of moisture in ceilings, walls, or roofs, and plumbing leaks or blockages. This drives the residential market at 7.9% CAGR through 2026.
Thermal Imaging Market Segment Analysis - By Geography
North America will dominate the market during the forecasted period with a share of 35% in 2020 due to increasing manufacturers, providers and also increasing R&D centres. APAC has the great opportunity during the period due to the military expenses and their impact towards the market. China is one country which spends increasingly more on Military thereby driving market growth. Europe has rising demand for the products like security and surveillance applications also provide great investments on advanced solutions.
Thermal Imaging Market Drivers
Rising demand for thermal imaging cameras in defence and residential surveillances
The driving factors of Thermal Imaging Market include factors attributed to increased usage of thermal cameras in the military industry for monitoring and night patrolling. Due to its great features like capability of capturing images in rough weather and capturing images from very long distance, the market growth has increased. In Surveillance thermal cameras and other equipments are used heavily. High investments in the infrastructures with security have paved the way for the growth of market. Medical imaging has advancements in the digital infrared technologies which will also drive the market growth.
Development of Low Priced Products
Development of low-priced or low-cost systems is one of the major challenges of thermal imaging market. These systems penetrate easily into the market, which in turn raises the demand for new apps due to their exceptional features like technological evolutions, outsourcing of work and increased knowledge. The market is also driven by increased demand for low-price infrared and thermal imaging systems which lay path for new applications. With increased focus on the size of the system and also its price, manufactures are more concerned about designing, integration and advancement of the system which results in rise in sales of the thermal cameras. Growing competition is another driver of thermal imaging market, which is forcing manufacturers to increase their manufacturing efficiency and also resulting in demand for technological innovations in the field of optics, sensor size, pyro electrics, thermopiles and many others. This demand is expected to be key factors for continual reduction in cost of thermal imaging systems, along with increase in adoption of thermal imaging systems across various commercial markets.
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Thermal Imaging Market Challenges
Restriction of Imports and Exports
The challenges in Thermal Imaging market have always had issues in exports and imports. Exports of thermal and infrared cameras are restricted by many governments across the globe. Rule and Regulations must be followed strictly as they are used for security and surveillances in defence. To start an export/import business in this sector it requires high initial investment. These are the challenging factors in the thermal imaging market.
Thermal Imaging Market Landscape
The market for Thermal Imaging Market is consolidated with the players FLIR systems Inc., BAE Systems Inc., Fluke Corporation, Leonardo S.p.A, Raytheon Company. These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, agreements, contracts, and mergers & acquisitions to strengthen their position in the market.
Key Takeaways
The thermal imaging market is estimated to driven by the factors like increasing demand for the security and surveillance. Also the high demand across the commercial and residential sector is another factor.
North America is expected to hold the major market share due to presence manufacturers and increased R&D for the thermal imaging market.
Due to law enforcement activities as well as in the commercial and industrial sectors, there is huge demand for the products in the market.
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