The thermal imaging market
was valued at USD 2.72 Billion in 2017 and is expected to reach USD 4.04
Billion by 2023, at a CAGR of 6.73% during the forecast period.
Reduction in the
price of thermal imaging products, the increasing adoption of thermal imaging
in perimeter security, and penetration in machine vision applications are
driving the growth of this market. However, export restrictions and additional
detailing required for longwave infrared cameras restrain the growth of the
thermal imaging market.
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The thermal
imaging market for modules is expected to grow at the highest CAGR during the
forecast period. Thermal imaging modules have been witnessing mass adoption
owing to their compactness, low cost, and flexibility to integrate with other
devices such as drones, smartphones, and wearables, enabling them to penetrate
in new application areas. With advancements in the technology, thermal camera
module manufacturers have been developing low-cost and smaller cores.
The security
and surveillance application held the largest share of the thermal imaging
market in 2017. Most of the thermal cameras are used by border control
professionals during nighttime and other low-light conditions. Thermal imaging
technology also helps security management teams reduce the cost of security and
surveillance systems with a low rate of false alarms.
Aerospace
& defense held the largest share of the thermal
imaging market in 2017. In the aerospace & defense industry,
thermal imaging plays a major role in temperature measurement. Thermal imaging
products are used for safe temperature monitoring and control for application
in extremely demanding and hazardous environments. In sensitive defense
installations, thermal imaging provides temperature sensing and protection
against electromagnetic pulses.
North
America is likely to continue to lead the thermal
imaging market; it accounted for the largest share of the global market in
2017. Growing demand for smartphone-based devices and the increasing adoption
of thermal imaging in commercial and home automation are driving the growth of
the thermal imaging market in the region. Owing to the presence of thermal
imaging product manufacturers, such as FLIR Systems (US), Fortive (US), United
Technologies (US), IRCameras (US), Photon etc. (Canada), and L3 Technologies
(US), and R&D centers in the region, demand for thermal imaging is high in
North America.
However,
export restrictions and additional detailing required for longwave infrared
cameras restrain the market growth.
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Dominant
players in the thermal imaging market are FLIR Systems (US), Fortive (US), Axis
Communications (Sweden), Leonardo (Italy), BAE Systems (UK), L3 Technologies
(US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics
(Belgium), and Seek Thermal (US).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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