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The global thermal camera market size is projected to reach USD 3,642.8 million by 2027 on account of the growing awareness about the multiple benefits of cooled thermal imaging devices among end-users. This information is contained in the recent Fortune Business Insights™ report, titled “Thermal Camera Market Size, Share and COVID-19 Impact Analysis, By Product (Handheld, Mounted, and Scopes and Goggles), By Technology (Cooled, Uncooled), By Application (Monitoring and Inspection, Security and Surveillance, Detection and Measurement, Search and Rescue Operations), By End-use (Military and Defense, Industrial, Commercial, Healthcare and Life Sciences, Residential, Automotive, and Oil and Gas) and Regional Forecast, 2020 – 2027”. According to the report, the market value was at USD 1,888.5 million in 2019 and is expected to register a CAGR of 8.6% from 2020 to 2027.
The COVID-19 pandemic is expected to create a period of dynamic growth for this market as thermal cameras are proving highly efficient in detecting body temperature changes in individuals. This is allowing healthcare professionals to filter out potential COVID-19 carriers and provide them with immediate medical care. Thus, the coronavirus outbreak is likely to favor the thermal camera market growth throughout 2020.
Dahua Technology Deploys Its Cameras in Areas Hit by COVID-19
In January 2020, the Chinese video surveillance leader, Dahua Technology, deployed its advanced thermal cameras in Wuhan, China, the global epicenter of the coronavirus pandemic. Since then, the company has installed its cameras across various cities in China, targeting hotspot areas such as banks, commercial complexes, and transportation hubs. Besides China, Dahua is also providing its thermal imaging tools to other coronavirus-hit countries in Asia, mainly Japan, South Korea, and Hong Kong. Dahua’s example shows that companies specializing in thermal imaging equipment are expected to make substantial gains during the COVID-19 pandemic.
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Potential of Thermal Imaging in Oil Spill Detection to Drive Market Growth
Oil spills carry significant environmental costs and the cleanup operations that follow are prohibitively expensive. One of the major reasons why these operations are resource-heavy is the lack of technology in tracking the length and breadth of the spill. These cameras and other similar imaging devices provide an efficient solution to this issue. Unmanned aerial systems (UAS), equipped with thermal imagery capabilities, are being increasingly adopted in the oil & gas sector to rapidly detect the extent of oil spills and take appropriate steps to minimize the threats posed by them on the environment. For example, FLIR Systems conducted an experiment with its thermal cameras in the OHMSETT tank in New Jersey a few years ago. The test found that thermal imaging is extremely capable of catching real-time and accurate images of oil, even in the harshest of environments.
Enhancing Innovation Capacities to Remain Central Focus for Market Players
Core players in this market are undertaking various measures to elevate their R&D capacities to bolster their efforts in developing innovative thermal imaging solutions for end-users. For example, Axis Communications is regularly upgrading its line of thermal cameras through increased investment in innovation. As a result, the company today boasts of a diverse product range and a well-established market presence. Such strategies are, therefore, intensifying competition in the market.
List of Players Covered in this Market Report:
Further Report Findings:
Table of Segmentation:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD million)