PORTABLE THERMAL IMAGERS MARKET ANALYSIS

The Global Portable Thermal Imagers Market accounted for US$ 3.67 Bn in terms of value in 2023 and is expected to grow at a CAGR of 10.3% during the forecast period (2023-2030). A thermal imager is a temperature-measuring instrument. Thermal imagers are also known as thermographic cameras, infrared cameras, and thermal imaging cameras. There are two types of thermal imagers, portable and fixed. These thermal imagers are non-contact type, which means that there is no physical contact between the material, of which temperature needs to be measured, and the instrument. Thermal imagers detect the infrared energy emitted, transmitted, or reflected by all materials. The device creates similar images as those made by regular cameras but with infrared radiation.

Global Portable Thermal Imagers Market: Regional Insights

North America region held a dominant position in the global portable thermal imagers market in 2022, accounting for a 40.3% share in terms of value, followed by Europe, North America, Middle East & Africa, and Latin America. The US Armed force granted Leonardo DRS9 (a defense contractor developing advanced technologies) an agreement in October 2022 to give progressed warm symbolism innovation (TS III) for the military's remote battle vehicle weapon stations. Harris Partnership (Florida, US) and L3 Advancements (New York) participated in June 2022 to lay out L3HARRIS Innovations, INC., another tactical innovation firm. This is one of the largest mergers ever in the military industry. The mix was made to serve various organizations, gain a piece of the pie, and grow the worldwide client base Due to military expenditures and their impact on the market, APAC has a significant opportunity during this time. One nation that is increasing its military expenditures is China, which is contributing to the expansion of the market. Europe is seeing an expansion sought after for items like security and reconnaissance applications, as well as huge uses in imaginative arrangements. The world's most successful manufacturer of thermal cameras is FLIR.

Figure 1: Global Portable thermal imager Market Share (%), By Region, 2022

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Global Portable Thermal Imagers Market Drivers:

Modernization of military equipment

Portable thermal imagers are largely used in modern military equipment for soldiers to navigate in difficult situations. Increasing incidences of terrorist attacks have compelled security forces and other agencies to upgrade their equipment. This trend of modernization of military equipment is continued in India and other countries such as China, the U.S., Russia, and others. For instance, In 2020, the Royal Air Force (RAF) committed to using Leonardo’s Counter-Uncrewed Aerial System (C-UAS) equipment, backed by the company’s thermal imaging technology, as part of its ongoing research program to develop the ORCUS C-UAS system, SYNERGIA.

The increasing demand for thermal imaging technology across various industries and applications

In the industrial sector, portable thermal imagers have become indispensable tools for preventive maintenance and troubleshooting. These devices allow for the detection of anomalies in electrical systems, mechanical equipment, and HVAC (heating, ventilation, and air conditioning) systems. By identifying hotspots and potential malfunctions, thermal imagers help prevent costly breakdowns and minimize downtime, thus improving overall operational efficiency. As a result, industries such as manufacturing, energy, and utilities have been investing heavily in portable thermal imaging equipment. The development and building assessment industry additionally adds to the development of the convenient warm imagers market. Warm imaging cameras take into consideration non-disastrous testing and appraisal of designs, recognizing potential issues like dampness interruption, energy misfortune, and protection abandons. Construction professionals can improve building quality, energy efficiency, and occupant comfort by identifying these issues early on and taking corrective action. As development guidelines and manageability principles become more rigid, the interest in compact warm imagers in this area keeps on rising.

Global Portable Thermal Imagers Market Opportunities:

Increasing use of portable thermal imagers in the healthcare sector

Portable thermal imagers are used predominantly in the healthcare sector for determining body temperature, as body temperature is an essential indicator of people’s health. Measuring temperature using infrared camera systems, offers a few specific advantages for doctors as well as for patients. There are various diseases, which can be diagnosed with the help of temperature. Portable thermal imagers are useful for the detection of breast cancer at an early stage. Therefore, the increasing prevalence of breast cancer is expected to result in the increasing adoption of portable thermal imagers. This, in turn, is expected to create lucrative growth opportunities for the market players during the forecast period. In September 2022, A new study by American Journal of Infection Control (AJIC) has found that portable thermal imaging cameras may improve hand hygiene in health care professionals.

Increasing demand for mobile thermal imagers

The advancements in technologies have enabled the production of portable thermal imagers that can be connected to Android smartphone devices. This portable mobile device is the smallest and the lightest thermal imager available so far. Moreover, mobile-type thermal imagers require significantly low energy, it is smaller in size, and operates on low voltage. These factors are expected to provide growth opportunities for key players. For instance, In June 2023, Fluke introduced a new Fluke iSee TC01A Mobile Thermal Camera for Android. Designed for everyday use, in the toughest industrial environments, Fluke offers infrared cameras for a wide range of applications.

Covid-19 Impact Analysis:

The episode and spread of Coronavirus have prompted a stoppage in worldwide monetary development. It has unfavorably impacted a few ventures, including the portable thermal imagers industry. Businesses are planning and working to keep their operations going. Fabricating and disseminating items are the key difficulties looked by organizations. The thermal imaging market's supply chain has been disrupted as a result of lockdowns imposed or extended by several nations to contain the pandemic's spread. The strict health and safety protocols implemented in response to the pandemic impacted field operations and service activities. These restrictions limited the deployment and usage of portable thermal imagers in certain applications, where physical access to sites and close interactions with clients were restricted.

Restraints:

Competitive pricing by new entrants in industry

Over the forecast period, the global portable thermal imagers market may face a restraint in its growth due to the impact of competitive pricing strategies adopted by new entrants in the industry. As technological advancements continue to make thermal imaging devices more accessible and affordable, it becomes easier for new players to enter the market and offer competitive products at lower price points.These new entrants are likely to disrupt the market dynamics by introducing cost-effective alternatives to established brands' offerings. As a result, the competitive landscape is expected to become more intense, leading to price wars and narrower profit margins for existing companies.Moreover, as consumers become more price-conscious and seek value-for-money options, they may be drawn towards the competitively priced thermal imagers offered by these new market players. This shift in consumer preference could further erode the market share of established companies, hindering their growth prospects.In conclusion, the global portable thermal imagers market is expected to witness growth constraints over the forecast period due to the competitive pricing strategies employed by new entrants.To overcome this challenge, established companies will need to adopt innovative approaches and differentiate their products to remain competitive in the evolving marketplace.

High initial cost of portable thermal imagers

The initial cost of this equipment is much higher than the currently used contact-type temperature detection instrument. Therefore, companies are hesitant in investing in portable thermal imagers.

Portable thermal imagers are sophisticated devices that incorporate advanced sensors, optics, and image processing capabilities, making them costly to manufacture. The research and development investments required to improve the technology further contribute to the high initial cost of these devices. Additionally, stringent quality standards and compliance regulations in industries such as military and aerospace also impact the overall cost. The high cost of portable thermal imagers poses a barrier for potential buyers, especially for small and medium-sized enterprises or budget-constrained organizations. These organizations may find it challenging to allocate significant financial resources to invest in thermal imaging technology, which limits their adoption rate. the high initial cost affects the market's growth potential in emerging economies and developing regions where affordability is a crucial factor. The cost-sensitive nature of these markets may lead to slower adoption rates, as organizations and end-users prioritize other budgetary requirements over portable thermal imagers.

Global Portable Thermal Imagers Market Trends:

The increasing adoption of handheld devices in non-traditional sectors

A portable thermal imager is a handheld device that uses infrared technology to detect and visualize heat signatures emitted by objects or individuals. These devices find applications in various industries, including construction, military and defense, law enforcement, firefighting, and healthcare. The military and law enforcement sectors have been the primary users of thermal imagers historically, other industries are now recognizing the benefits and incorporating them into their operations. For example, construction companies are using portable thermal imagers for identifying insulation gaps and detecting leaks in buildings, while healthcare professionals are utilizing them for monitoring patient body temperatures and diagnosing certain medical conditions.

Significant growth potential in emerging economies

The increasing industrialization in emerging economies of Eastern Europe, Latin America, and APEJ are creating a lucrative environment for the portable thermal imagers market. This, in turn, is expected to drive the global portable thermal imagers market growth in these regions. For instance, according to Coherent Market Insights’ analysis, Asia Pacific region is expected to witness the highest CAGR during the forecast period, followed by Eastern Europe. An increasing population in Asia Pacific and Middle East & Africa is expected to boost the global portable thermal imagers market growth. Direct sales to customers through e-commerce platforms

Figure 2: Global Portable Thermal Imager Market Share (%), By Technology, 2022

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Global Portable Thermal Imagers Market Segmentation:

The global portable thermal imagers market is segmented on the basis of technology, application, end-use industry, and region. On the basis of technology, the market is segmented into cooled and uncooled. On the basis of application, the market is segmented into detection & measurement, monitoring & inspection, personal vision systems, search & rescue, security & surveillance, and others. On the basis of end-use industry, the market is segmented into defense, public safety, industrial (oil and gas, utility, etc.), healthcare, and others. On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Global Portable Thermal Imagers Market: Key Developments

In June 2023,Teledyne FLIR (a subsidiary of Teledyne Technologies, specializes in the design and production of thermal imaging cameras and sensors) introduced Premium E8 Pro Edition for Point-and-Shoot Thermography Inspection. The FLIR E8 Pro features a larger 3.5-inch touchscreen with FLIR Ignite Cloud connectivity within the same pistol-grip form factor as legacy E8 series thermal cameras.

In June 2021,Teledyne FLIR (a subsidiary of Teledyne Technologies, specializes in the design and production of thermal imaging cameras and sensors)launched A500f/A700f Cameras for Fire Detection and Condition Monitoring. The FLIR A500f and A700f Advanced Smart Sensor ruggedized thermal cameras feature high-temperature detection for extreme environments paired with on-camera analytics and alarm capabilities – ideal for industrial early fire detection or outdoor condition monitoring applications.

In 2020,Thales(provides satellites, payloads, equipment, systems and services for communications, navigation, Earth observation and space exploration) expanded the family to include SOPHIE Optima, which can identify a tank at a range of 3 km, and whose uncooled infrared technology delivers the same range performance as the current generation of cooled infrared imagers and target locators.

Global Portable Thermal Imagers Market: Key Companies Insights

Key players involved in the global Portable Thermal Imagers Market are Flir Systems Inc., BAE Systems PLC, Thales Group, Safran Electronics and Defense, Elbit Systems Ltd., Seek Thermal Inc.,  Fluke Corporation, American Technologies Network Corporation, Thermoteknix Systems Ltd., Raytheon Company, Leonardo DRS, OMEGA Engineering Inc., Visma Instruments and Technologies Pvt. Ltd., and others.

*Definition: A Portable thermal imager is a handheld electronic device used to detect temperature or heat and display it as an image or a color map.