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Thermal Imaging Market By Type (Hardware, Software, Service), By Application (Surveillance and Security, Monitoring and Maintenance, Automobile, Veterinary, Radiology, Other Applications), By End User (Defense and Military, Industrial Sector, Commercial Sector, Residential Sector) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2023

The day-night working capability of the thermal imaging camera makes it a popular device in the defense and military sector for performing security and surveillance applications. This is increasing the uptake of thermal imaging technology in this sector. Also, increasing spending by defense and military on the modernization of armed forces is boosting the growth of the thermal imaging market. Therefore, a fall in the price of thermal imaging cameras and a broadening application area of thermal imaging technology is expected to fuel the growth of the market. However, budgetary cuts by defense and military, especially in developed countries, challenge the market's growth.

Report Scope

This report analyzes the global thermal imaging market in terms of type, application, end-user, and geography. The global thermal imaging market has been segmented based on type into hardware, software, and service. The market is bifurcated into surveillance and security, monitoring and maintenance, automobile, veterinary, radiology, and other applications. Based on end-user, the global thermal imaging market is segmented into defense and military, industrial sector, commercial sector, and residential sector. The global thermal imaging market covers major geographies such as North America, Europe, Asia Pacific, and the Rest of the World.

The thermal imaging market is consolidated, with the top 5 players constituting over 70% of the overall market revenue. High capital requirements and technological expertise make it difficult for new players to enter the global thermal imaging market. Therefore, acquisition and strategic partnership are major strategies followed by key vendors operating in the market. This helps them to enhance their market share and customer base. Some prominent players identified in the thermal imaging market are FLIR System, BAE Systems Inc., Axis Communications AB, Danaher Corporation, DRS Technologies Inc., Raytheon Company, L-3 Communications Holdings, Inc., Testo AG, Honeywell International, Inc., and Fluke Corporation.

1.1 Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Thermal imaging Market - Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global thermal imaging market.

Target Audience

  • Industry Investors
  • Thermal Imaging Camera Providers
  • Service Provider
  • Government Agencies

Overall, the research study provides:

  • A holistic view of the global thermal imaging market.
  • Offering market size and estimates for the period from 2014 to 2023.
  • Keeping in mind the factors mentioned above.

Based on application, the global thermal imaging market is categorized into the following sub-segments:

  • Surveillance and Security
  • Monitoring and Maintenance
  • Automobile
  • Veterinary
  • Radiology
  • Other Applications (Firefighting, Personal Vision, etc.)

As of 2015, surveillance and security was the dominant segment among all types of applications in the global thermal imaging market, accounting for over 25% share of the overall market revenue. Additionally, the segment is expected to continue its dominance by 2023. This is mainly attributed to the growing concern of governments of major countries to enhance homeland security and surveillance by deploying advanced thermal imaging devices. Monitoring and maintenance is the second largest segment in terms of revenue, owing to the growing usage of thermal imaging devices for installation and process monitoring. Additionally, increasing adoption of thermal imaging technology in other emerging applications such as traffic monitoring, personal vision, firefighting, veterinary, etc., is expected to boost the growth of the thermal imaging market worldwide.

Based on end users, the global thermal imaging market is categorized into the following segments:

  • Defense and Military
  • Industrial Sector
  • Commercial Sector
  • Residential Sector

As of 2015, the global thermal imaging market was dominated by the defense and military end-user segment. The segment accounted for over 40% of the global thermal imaging market revenue in the same year. With the ongoing modernization of existing weapons in the sector, demand for enhanced thermal imaging devices is increasing; this, in turn, is driving the market growth in this sector. The commercial sector is the second-largest end-user segment in terms of revenue generation. Additionally, the market in this sector is expected to expand at the highest CAGR of over 10% throughout the forecast period. Thermal imaging devices are increasingly finding applications in major industry verticals and commercial sectors such as automobile, healthcare, and commercial property inspections. Also, thermal imaging devices are gaining traction in building diagnosis applications to avoid premature failure of commercial flat roofs. This is expected to fuel the growth of the thermal imaging market in the commercial sector.

Based on geography, the global thermal imaging market is segmented into the following regions and countries.

  • North America
  • U.S.
  • Canada
  • Europe
  • United Kingdom
  • France
  • Germany
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
  • Rest of the World
  • Latin America
  • Middle East and Africa

The contribution of these regions (North America, Europe, Asia Pacific, and RoW) to the global thermal imaging market in 2015 is shown in the figure below.

By geography, North America dominated the global thermal imaging market in terms of revenue contribution in 2015. The region accounted for more than 30% market share in the same year. Additionally, North America is expected to remain dominant regional market over the forecast period. This is mainly attributed to The increasing adoption of advanced thermal imaging cameras and scopes that are used to capture clear images in a dark environment has led to the growth of the thermal imaging market in the region. However, the thermal imaging market in the Asia Pacific is projected to expand at a significant CAGR between 2016 and 2023. Major growth is coming from emerging Asian countries such as China and Japan, propelling the market growth. Additionally, growing spending on homeland security and border surveillance is increasing the uptake of thermal imaging products in these countries.

Frequently Asked Questions:

The market for Thermal Imaging is expected to reach XX Bn in 2023.

The Thermal Imaging market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2016-2023.

The base year of this report is 2021.

FLIR System, BAE Systems Inc., Axis Communications AB, Danaher Corporation, DRS Technologies Inc., Raytheon Company, L-3 Communications Holdings, Inc., Testo AG, Honeywell International, Inc. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jan 2017
Category:  Technology & Media
Report ID:   57768
Report Format:   PDF
Pages:   120
Rating:    4.2 (55)
Delivery Time: 24 Hours to 48 Hours   
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