RUGGED THERMAL CAMERAS MARKET ANALYSIS

A rugged thermal camera or thermal imaging camera is a device that provides images with the help of infrared radiation. Such cameras are typically used in military and defense applications along with electronics, healthcare, energy & utility, automotive, etc. Cost reduction in the manufacturing of the technology has enabled many new applications are evolving such as used in smartphones, drones, etc. and this emerging application is poised to provide growth in demand.

The global Rugged Thermal Cameras market is estimated to be valued at US$ 5,271.3 million in 2021 and is expected to exhibit a CAGR of 9.1% over the forecast period (2021-2028).

Recent Developments:

In September 2021, IRay Technology Co., Ltd, a leading brand in the thermal imaging industry launched M200A and P200 handheld thermal cameras equipped with IRay thermal CMOS technology.

In September 2021, Plus a global provider of self-driving truck technology announced that it is going to develop Thermal Cameras for Autonomous Trucks.

In April 2021, FLIR Systems launched advanced thermal imaging camera. This new camera core comes in two versions, 640 x 512 or 320 x 256 resolutions, with multiple lens configurations

Statistics:

Figure 1. Global Rugged Thermal Cameras Market Value (US$ Mn), by Region, 2020

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North America excluding Japan held dominant position in the global Rugged Thermal Cameras market in 2020, accounting for 39.4% share in terms of Value, followed by Western Europe.

Market Dynamics- Drivers

Declining cost in manufacturing of thermal imaging cameras is expected to drive growth of the global rugged thermal cameras market during the forecast period. Rapidly declining cost required for the manufacturing of thermal imaging cameras has increased the adoption of rugged thermal cameras in various sectors. Previously, these cameras were used for particular applications due to high cost. Moreover, the companies used to provide thermal cameras with 17-micron pixel-pitch, however, it has started to provide thermal cameras with 12 and 10-micron pixel pitch. As a result of this, the cost of cameras has reduced by 25-30%. Thus, these factors are expected to drive growth of the global rugged thermal cameras market during the forecast period. For instance, in April 2015, DRS Technologies Inc., a U.S. based defense contractor, launched a thermal camera with a 10-micron pixel pitch infrared detector, offering benefits such as reduced size and cost benefits.    

Increasing defense budgets of the Middle East, Asia, and Eastern European economies is expected to propel the global rugged thermal cameras market growth over the forecast period. Defense budgets of various countries in Middle East, Asia, and Eastern European countries have increased significantly, owing to increasing conflicts among neighboring countries. This, in turn, has increased the demand for thermal imaging cameras for surveillance and security. According to Coherent Market Insights’ analysis, 7 out top 10 countries with the largest defense budgets are from Asia and Eastern Europe region.

Market Opportunities

Thermal cameras have witnessed a decline in cost, which is why the product is witnessing an increase in demand for industrial, commercial, and residential applications. Thermal cameras with 10-micron pixels are 25-30% cheaper than traditional 17-micron pixel cameras, which is why these cameras are witnessing new applications in the field of electronics, healthcare, surveillance & security, etc. Thermal cameras with 10-micron pixels are expected to dominate in terms of shipment volumes.

Un-cooled thermal cameras are primarily been used for security and surveillance application for the perimeter security of larger compounds, which is why these cameras are witnessing strong demand from regions such as the U.S., China, Russia, etc., countries having large industrial sectors, utilities, and critical infrastructure.

Market Trends

The decline in the price of thermal cameras has resulted in an increase in the application of these cameras in electronic manufacturing where these cameras are used to detect thermal irregularities providing benefits in phases involving product designing, quality inspection, and testing. For instance, in PCB manufacturing, thermal cameras are been used in testing phases to identify power fluctuation, faults in circuit soldering, causes of heating up of circuitry, etc. Thermal cameras are now been provided with smartphones having applications in the industrial and commercial inspection. Moreover, Thermal cameras are now been provided with smartphones having applications in the industrial and commercial inspection.

Thermal cameras are now been provided with smartphones having applications in the industrial and commercial inspection. Fire prevention is another important aspect for which thermal cameras are been used intensively for inspecting ruptured pipes supplying oil and fuel, which causes the majority of engine room fires causing loss of life and property.

Figure 2. Global Rugged Thermal Cameras Market Share, By Application, 2020

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Key Takeaways of the Graph:

• The Surveillance & Security segment held dominant position in the market and accounted for 35.5% share in the global Rugged Thermal Cameras market in 2020. The segment is expected to reach US$ 3453.6 million in 2028. This is owing to increased demand of thermal cameras.
• The Electronics segment is expected to show highest CAGR of 10% during the forecast period 2021 to 2028.

Market Dynamics- Restraints

Decline in the defense budget from countries with the largest defense budget is expected to restrain growth of the global rugged thermal cameras market during the forecast period. Although countries from the Middle East, Eastern Europe, and Asia are increasing their defense budget, countries with the largest budget are declining their defense budgets. This is typically due to crude oil prices thereby reducing demand for rugged thermal cameras. Furthermore, developed economies who have witnessed downfall in their defense budget include U.S., Russia, Saudi Arabia, etc. which are major contributors to the global defense expenditure. Hence, these factors are expected to restrain growth of the market during the forecast period.

High price of thermal imaging cameras is expected to hinder the global rugged thermal cameras market growth over the forecast period. Despite the fact that the manufacturing price of thermal imaging cameras has decreased, it still remains one of the expensive devices in certain applications, especially for commercial use. High price involved in the manufacturing of these thermal cameras poses a challenge to the rugged thermal camera market. For commercial usages, only top vendors in limited verticals are using thermal cameras and the product is still suffering from the perception of being too expensive. Applications for thermal cameras in the field of radiology, firefighting, predictive maintenance are still limited owing to the high price of these thermal cameras.

Competitive Section

Key players operating in the global rugged thermal camera market are Flir Systems, Inc., Fluke Corporation, BAE Systems, Inc., Bosch Security Systems, Raytheon Company, SKF, Leonardo SpA, Thermoteknix Systems Ltd., Axis Communication, and L3 technologies Inc.

Key Developments

1. Key players in the market are focused on product launches, in order to expand product portfolio. For instance, in June 2017, Flir Systems, Inc. introduced third-generation FLIR ONE and FLIR ONE PRO thermal imaging cameras.
2. Major market players are involved contracts and agreements, in order to enhance the market presence. For instance, in July 2018, BAE Systems, Inc. received contract for thermal imagining cameras from Kongsberg Protech of Norway.