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The global thermal imaging market size was USD 3.24 billion in 2018 and is projected to reach USD 5.16 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period.
The increasing adoption of thermal cameras in various industries such as aerospace and defence, healthcare, and manufacturing is one of the major factors boosting the growth of the market. Incorporating thermal imaging into predictive maintenance can save money as it helps in locating hot spots and potential failures that could cause expensive manufacturing downtime, production losses, power outages, and fires. Thus, the demand is increasing in the manufacturing sector, thereby uplifting the growth of the market. Additionally, the growing investments by key players in research and development is expected to surge this industry growth. For instance, in February 2019, STEMMER IMAGING AG launched a range of IRSX industrial IR cameras to ease the use in Industry 4.0 applications.
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Integration of Thermal Cameras onto Drones for Search and Rescue Operations
Thermal imaging cameras when integrated onto drones, help in the detection of objects or humans even in the dark. Thermal cameras read and measure the temperature of the object and display readings in the form of image or video to the users. Thus, the search and rescue teams are using drones with integrated thermal cameras to get a complete view of the untapped places to detect objects in the darkness. For instance, in January 2019, a Utah search and rescue team used a drone to rescue a hiker trapped on a ledge during the night time in Snowy Canyon State Park. Thus, the thermal camera helps in mapping larger areas quickly, allowing in the fastest rescue of the trapped people. It also helps in searching for missing people across the regions, which are otherwise difficult to reach. Thus, growing preferences for drones with thermal imaging cameras by search and rescue operations teams is likely to drive the growth of the market.
Growing Use of Thermal Imaging in the Healthcare Sector
Thermal cameras are used to capture and record temperature variations of the human body for medical diagnostic purposes. These cameras provide information in the form of images and videos which are analyzed by medical professionals to get information regarding the metabolic and vascular activity of the patient. For instance, at the Bialystok University of Technology of Poland, the department of automatic control and robotics showed the images captured with a FLIR E60bx thermal scanning camera, which exposes the statistical difference between inflamed and healthy areas of tissue. This result enables physicians to assess inflammation in patients with rheumatoid arthritis. Recently, in China, due to coronavirus outbreak, the thermal imaging device manufacturer has sold thousands of fever screening systems in just two weeks, as authorities and businesses are rushing to deploy them at railway stations, airports, and other public gathering places to detect disease infected people.
Rising Penetration of Thermal Imagings in Aerospace and Defence sector to Augment the Growth of the Market
This is extensively used in airborne surveillance systems of spy planes to monitor enemy forces and other suspicious activities using satellite imaging. It has significantly mitigated the risks of flying in low light and night conditions. Also, it is used for analyzing the thermal and mechanical behavior of test specimens to ensure safety standards in the materials and components testing.
In the defence sector, thermal imaging is very beneficial for the armed forces, including army, navy, and air force owing to its ability to perform well in all weather conditions. It also has applications in ship guidance systems and collision avoidance systems. Moreover, rapid technological advancements in the aerospace and defence sector is boosting the thermal imaging market growth.
Growing Need for Thermal Cameras among Firefighters to Drive the Growth of the Market
Thermal cameras come handy to fire & rescue personnel in order to detect humans, animals, and objects in total darkness and in the smoky environment. Key players are adopting various organic and inorganic strategies to develop and supply advanced cameras, especially for the fire service industry. For instance, in March 2019, Seek Thermal signed a partnership agreement with the Los Angeles Fire Department to supply thermal imaging cameras to fire & rescue personnel across the city. These thermal cameras help in increasing personal safety and security while assisting firefighters in avoiding and rescuing themselves and trapped people from trouble.
High Cost Associated with Thermal Cameras May Restrict Market Growth
Devices, namely, thermal cameras, thermal scopes, and thermal modules are used to find faults in machines and buildings or spot a person or animal in darkness. However, the thermal cameras used for this process are very costly owing to the expensive in-built devices such as cryogenic coolers, which are specially used in cooled thermal cameras. Thus, the high price associated with thermal cameras is hampering the growth of the market. Furthermore, the lack of accurate temperature measurement due to different emissivities and reflections from surfaces is hindering the market growth.
Cooled Segment to Account for the Maximum Share
Based on technology, the market is bifurcated into cooled and uncooled. The cooled segment accounts for the maximum thermal imaging systems market share as it helps in reducing thermally-induced noise while forming enhanced images or videos. The adoption of cooled thermal imaging cameras is increasing as it can detect smaller temperature differences and for longer durations as compared to the uncooled thermal cameras.
Thermal Camera Segment to Procure the Largest Share
Based on product, the thermal imaging market is classified into the thermal camera, thermal scopes, and thermal module. The thermal camera segment accounts for the maximum share of the market as they are used in a massive range of applications due to the availability of a wide range of models and technical specifications. Also, these cameras offer superior protection in various challenging conditions such as low light scenarios. They can provide end-users with a multitude of benefits from better analytics with fewer false alarms to increased coverage and a higher return on investment. Thus, the demand for thermal cameras is relatively high as compared to the other products.
Longwave Infrared (LWIR) Segment Accounts for the Maximum Share
On the basis of wavelength, the market is classified into shortwave infrared (SWIR), midwave infrared (MWIR), and longwave infrared (LWIR). The longwave infrared (LWIR) segment accounts for the maximum share of the market as it provides low-cost imaging in low weight, power, size, and cost as compared to midwave infrared thermal imagers (MWIR). It is majorly used in the defense and security sector, owing to its ability to detect warm or live objects independent of ambient lighting. Additionally, longwave infrared thermal cameras (LWIR) are used in protected areas such as a transportation hub or an airport for 24/7 all-weather surveillance.
Security and Surveillance Segment to Augment the Largest Share
By application, the market is segmented into security and surveillance, monitoring and inspection, and detection and measurement. Among these, the adoption in mainstream security use has grown exponentially in just the past few years mainly to find and trace suspects. Also, industries have deployed thermal cameras in the perimeters of industrial parks to provide safe and protected environments to their staff. Additionally, it is used for long-term observation of certain buildings or facilities regarding structural alterations.
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Aerospace and Defence Sector to Account for Maximum Share
Based on end-user, the market is grouped into various industry verticals, including aerospace and defence, law enforcement, healthcare, automotive, oil and gas, residential, manufacturing, and others. In the aerospace and defence sector, thermal imaging is used in multiple applications, such as border surveillance, ship guidance systems, and collision avoidance systems. Furthermore, it is expected that the demand will increase rapidly in the healthcare sector, owing to the inclination of physicians towards using cameras to detect several medical conditions, such as arthritis, muscular pain, repetitive strain injury, and circulatory problems.
North America Thermal Imaging Market, 2018 (USD Billion)
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Based on the findings of our research methodology, North America thermal imaging market is set to hold the largest market revenue throught the forecast period. The growing initiatives of the prominent players in this region to develop advanced thermal cameras with a variety of different features is fueling the market growth. These thermal cameras are available with advanced progressions such as adjacent lenses, inbuilt calibrated thermal image sensors, and standardized weatherproof thermal sensor modules to suit diversified industrial applications. For instance, in February 2019, US-based FLIR Systems, Inc. launched FLIR T840, a new thermal camera in the high-performance T-Series family, to help plant managers, electrical utility, and other thermography professionals in finding and diagnosing components failure in any lighting conditions without costly power outages and plant shutdowns. Europe is anticipated to hold the second leading position by exhibiting moderate growth in the long-term period.
Our market research study also includes findings suggesting that Asia Pacific would showcase healthy growth in terms of implementation during the forecast period. The growth of this region is attributable to the rapidly developing automotive industry in countries, such as Japan and India. For instance, the India Brand Equity Foundation (IBEF) stated that the automotive sector of India is increasing by 9.5% year-on-year to 4.02 billion units in 2017 and holds the fourth largest position in the world. Furthermore, the rising awareness about the advantages of thermal imaging in various sectors, including aerospace and defence, law enforcement, healthcare, and oil and gas is fueling the growth across the region.
FLIR Systems, Inc. Focuses on New Product Development and Strategic Partnership to Strengthen its Position in Thermal Imaging Market
These Key market players are engaged in initiating strategic partnerships to purchase and integrate advanced detecting sensors in their thermal cameras to enhance the quality of thermal images. They are also involved in launching a variety of thermal cameras with specialized features for various industrial applications. Additionally, prominent players are investing in research and development for making advancements. Further, the majority of well-established companies are focusing on acquiring new startups to strengthen their market position.
Moreover, prominent players in the market are inclined towards increasing their sales capacity as well as expanding their geographical boundaries. These players are also involved in introducing an updated series of cameras, scopes, and modules with enhanced operational efficiency and low cost to gain a competitive edge.
The thermal imaging market report offers qualitative and quantitative insights and detailed analysis of market size & growth rate for all possible segments in the market.
An Infographic Representation of Thermal Imaging Market
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Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption trend by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD billion)
As per our study, the global market is predicted to reach USD 5.16 billion by 2026 with a CAGR of 6.0% (2019 -2026).
Industry verticals including aerospace and defence, law enforcement, healthcare, automotive, oil and gas, residential and manufacturing are using these imaging for the detection of object humans in the dark environment.
In 2018, the market was USD 3.24 billion, and it is anticipated to reach USD 5.16 billion by 2026, growing at a stellar CAGR of 6.0% during the forecast period (2019 -2026).
The use of thermal imaging is increasing rapidly in aerospace and defence, owing to the growing adoption in various applications, including law enforcement, border surveillance, ship guidance systems, and collision avoidance systems.
In the market, the thermal camera is the leading segment owing to the increasing adoption of the thermal cameras in various industry sectors and the availability of a wide range of models and technical specifications.
In the market, the cooled technology is the leading segment owing to the rising adoption of cooled thermal cameras in the detection of smaller temperature differences for longer durations.
In the market, the longwave infrared (LWIR) is the leading segment owing to the increasing adoption of LWIR as it provides low-cost imaging in low weight, power, size, and cost.
In the market, security and surveillance is the leading segment owing to the adoption of these imaging in mainstream security to find and trace suspects.
Some of the driving factors for this market are the rising penetration of thermal imaging in the aerospace and defence sector and the growing need for thermal cameras among firefighters.
In the market, some of the key players are FLIR Systems, Inc., Fluke Corporation, Leonardo S.p.A., L3Harris Technologies, Inc., Axis Communications AB, BAE Systems, Opgal, sTesto SE & Co. KGaA, Lynred, Thermoteknix Systems Ltd, Seek Thermal, DALI Technology, and Workswell.
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