THERMAL IMAGING MARKET ANALYSIS

Thermal Imaging MarketSize and Trends

Market Overview

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.

The global Thermal Imaging Market was accounted for US$ 1,978.7 Mn in terms of value in 2019 and is expected to grow at CAGR of 9.7% for the period 2020-2027.

Statistics:

North America held dominant position in the global Thermal Imaging market in 2019, accounting for 32.4% share in terms of value, followed by Europe and Asia Pacific respectively

Figure 1: Global Thermal Imaging market Share (%) in terms of Value, By Region, 2019

The global Thermal Imaging market was valued at US$ 1,978.7 Mn in 2019 and is forecast to reach a value of US$ 4,180.1 Mn by 2027 at a CAGR of 9.7% between 2020 and 2027.

Market Trends

1. Advent of high-resolution thermal cameras

The introduction of high-resolution thermal imaging cameras has increased its adoption across applications such as remote and long-distance monitoring and surveillance. Manufacturers introduced thermal imaging camera with 640 x 480 resolutions that can be used for long-distance monitoring and surveillance. Furthermore, due to mass production, manufacturers have reduced the cost of high-resolution thermal imaging camera to make it affordable to end-users, mainly commercial and residential sectors. For instance, thermal imaging cores with 320 x 240 and 384 x 288 resolutions are available at affordable prices (e.g. US$ 2500 to US$ 5000) which are increasingly being deployed in dual closed-circuit television (CCTV with thermal and video) and commercial applications for security and surveillance.

2. Contracts and agreements among market players is another major trend

Major market players are focused on contracts and agreements, in order to gain a significant advantage in the market. For instance, in March 2012, L-3 Communications Holdings, Inc. entered into a US$ 50 million contract with the U.S. special operations command. According to this contract, the company would provide a new lighter and smaller night vision goggles to the U.S. special operations command. Furthermore, in April 2012, BAE Systems Inc. entered into a US$ 11 million contract with USSOCOM (The United States Special Operations Command).