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The global thermal imaging market size is projected to reach USD 4.10 billion by the end of 2027. The increasing investments in the research and development of efficient imaging tools will bode well for market growth. According to a report published by Fortune Business Insights, titled “Thermal Imaging Market Size, Share & COVID-19 Impact Analysis, By Type (Handheld and Fixed/Mounted), By Technology (Cooled, Uncooled), By Product (Thermal Camera, Thermal Scopes, Thermal Module), By Wavelength (Shortwave Infrared (SWIR), Mid-wave Infrared (MWIR) and Longwave Infrared (LWIR)), By Application (Border Surveillance, Vehicle Targeting, C-UAS, Maritime & Coastal Surveillance, Critical Infrastructure, and Others), By Vertical (Aerospace and Defense, Law Enforcement, Healthcare, Automotive, Oil and Gas, Residential, Manufacturing, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 2.27 billion in 2019 and will exhibit a CAGR of 7.7% during the forecast period, 2020-2027.
Thermal imaging is a concept that involves the representation of infrared radiation heat in visual form. The concept is used for research and study purposes in several industry verticals including medical, aerospace and defense, and chemical industries. The benefits offered by thermal imaging measure quite more than the investment that is required to implement the tools. Thus, the high efficiency of this concept is a primary reason why it is widely adopted across the world. The presence of several large scale companies, coupled with the integration of modern concepts by these companies, will bode well for the growth of the overall market in the foreseeable future.
FLIR System’s Latest Thermal Cameras are Encouraged by the Coronavirus Outbreak
The report highlights a few of the major industry developments of recent times and gauges their impact on the growth of the overall market. Due to the surge in demand for contactless temperature sensors during the pandemic, several large scale companies are focusing on introducing innovative products. With more focus now centred towards the development of innovative products, the market is likely to welcome newer innovations at a rapid pace. In April 2020, FLIR Systems announced the launch of two new versions of thermal cameras. The company introduced A400 and A700 thermal cameras that are dedicated for use in research and engineering purposes. The company’s decision is certainly influenced by the pandemic and the changing lifestyle habits of people across the world. These products will not just help the company grow but will also bode well for the global thermal imaging market in the coming years.
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Increasing Applications of Thermal Cameras for Border Surveillance Will Emerge in Favor of Market Growth
The increasing investments in thermal cameras are consequential to the rising applications of the product across diverse industry verticals. The increasing use of thermal cameras in border surveillance will create several growth opportunities for the companies operating in the market. Increasing number of company mergers and collaborations among tech companies and defense organizations will have a huge impact on the growth of the overall market in the coming years.
Major Companies are Focused on Product Innovations
The increasing applications of thermal imaging tools and the subsequently rising demand for the product have encouraged companies to invest huge sums in product R&D. As a result, there is a healthy market competition in the global market. This creates a difficult situation for the SMEs operating in the market. Thus, the healthy market competition has encouraged companies to focus on product innovations to ward off the healthy market competition.
List of companies profiled in the market:
The global market is segmented on the basis of:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD Billion)