Thermal imaging technology is a method of enhancing the object’s visibility in a totally dark environment by detection of infrared radiation emitted by an object and interpreting these radiations to create a visible pattern (image). This technology captures the upper layer of the infrared light spectrum. It best works in a dark environment without any ambient light and can see through fog, smoke, haze, and is capable of catching moving objects in real-time. There are two types of thermal imaging devices namely un-cooled devices and cryogenically cooled devices.

Market Dynamics

Thermal imaging technology is widely used in military and defense equipment, which accounts for over 40% of the total global thermal imaging market. Increase in investment by governments of various countries such as China, India, the U.K., and Russia for up-gradation and modernization of weapons and equipment in the armed forces is one of the major factors driving the growth of the thermal imaging market. Thermal imaging devices offer armed forces, the ability to see in dark environment by generating a reliable and identifiable image of the environment based on radiation emitted by objects. Countries such as India, China, and the U.K. are improving effectiveness and capabilities of their armed forces and enhancing command, control, and interoperability by investing in thermal imaging. For instance, in 2013, Thales Group received a contract from the German Armed Force to supply sets of long-range cooled thermal imagers named Sophie XF. Thus, these factors are expected to drive growth of the global thermal imaging market during the forecast period. Thermal imaging technology is being used in numerous fields apart from military and defense. These sectors include healthcare, commercial, and other applications. Furthermore, the energy audit sector has provided new opportunities for thermal imaging technology, particularly in preventative maintenance. Automobile industry is incorporating thermal imaging cameras in cars to reduce the potential dangers of accidents at night. For instance, BMW and Audi have deployed thermal imaging cameras in cars that help in detecting living objects such as pedestrians and animals, which are difficult to spot in the dark. Moreover, thermal imaging technology is used in the healthcare sector to protect animals and humans from disease. Thus, these factors are expected to propel the global thermal imaging market growth over the forecast period.

Market Taxonomy

This report segments the Global Thermal Imaging Market on the basis of Application, End-users and Region. On the basis of Application, Global Thermal Imaging Market is segmented into Surveillance and security, Monitoring and maintenance, Traffic monitoring, Healthcare, Automobile, Research and development and Others (firefighting and personal vision). On the basis of End-users, the Global Thermal Imaging Market is segmented into Defense and military sector, Industrial sector, Commercial sector and Residential sector. On the basis of region, Global Thermal Imaging Market is segmented into North America, Europe, Asia Pacific and RoW (Rest of the World)

Key features of the study:

• This report provides an in-depth analysis of the Global Thermal Imaging Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global Thermal Imaging Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the Global Thermal Imaging Market includes FLIR Systems Inc. (FLIR), Raytheon Company, BAE Systems Inc., L-3 Communications Holdings, Inc., Axis Communications AB, Danaher Corporation, and DRS Technologies Inc.
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
• The global Thermal Imaging market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Thermal Imaging Market.

Detailed Segmentation:

• Global Thermal Imaging Market, By Application:
  • Surveillance and security
  • Monitoring and maintenance
  • Traffic monitoring
  • Healthcare
  • Automobile
  • Research and development
  • Others (firefighting and personal vision)
• Global Thermal Imaging Market, By End-users:
  • Defense and military sector
  • Industrial sector
  • Commercial sector
  • Residential sector
• Global Thermal Imaging Market, By Region:
  • North America
  • Europe
  • Asia Pacific
  • RoW (Rest of the World)
• Company Profiles
• Axis Communications AB
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• Future Plans
• BAE Systems Inc.
• Danaher Corporation
• DRS Technologies Inc.
• FLIR Systems Inc. (FLIR)
• L-3 Communications Holdings Inc.
• Raytheon Company

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