According to a new report Global Thermal Imaging Market (2016-2022), the market is expected to attain a market size of $10.9 billion by 2022, growing at a CAGR of 6.2% during the forecast period.
During the last decade, thermal imaging solutions have witnessed significantly growth as commercial sector is widely adopting the technology for providing improved visibility during difficult environmental conditions such as at nights, and during excess smoke and fog in the surrounding. The market for thermal imaging is largely driven due to surging demand for thermal cameras in smartphones and their declining prices. Nevertheless, alternate competing technologies would be a restraining factor for the market growth. Despite superior benefits of thermal imaging products, manufacturing highly accurate cameras has always been a major challenge.
The scope of this report covers the thermal imaging market by component, application, end user, and region. In 2015, Hardware segment dominated the Global Thermal Imaging Market by Component Type with market revenue of $4,179.1 Million in 2015, and expected to be a dominant segment during the forecast period due to increasing deployment of various devices such as cameras, sensors, lenses, and detectors in various industries for surveillance, threat detection, firefighting, personal vision, research and development, and others. The services segment is anticipated to be a pivotal factor in changing the thermal imaging landscape, with highest CAGR during the forecast period.
Thermal imaging is very highly favorable for sectors such as military & defense as the technology works great in all weather conditions. Therefore, the military and defense end-user segment would be a dominant market with largest market share, whereas the industrial, commercial, and residential end-user segment is expected to grow at the fastest growth rate during the forecast period.
Thermal imaging products and services are now being increasingly adopted in various application areas such as automotive, veterinary, threat detection, and commercial & residential security, adding to the market growth globally. The application of thermal cameras within the automotive sector is gaining prominence as the technology is used largely to enhance night vision which reduces the risks of driving at night or in smoke/fog conditions. Therefore, the segment is anticipated to grow at the highest CAGR during the forecast period. Thermal cameras are used in detecting places, people and also for collecting more useful information from the captured video data. The technology is widely used in military and defense majorly for border patrolling and border security. This has led the surveillance application segment to be a dominant segment within the thermal imaging market, holding the highest market share in 2016.
North America would be the largest market during 2016 to 2022. The market position is due to the presence market leaders in the U.S. Stringent regulatory bodies within the region also add to the market position, as non-compliance measures are adopted by the government and various regulatory bodies in this region. APAC would be a potential region, due to wide spread technological adoption and substantial defense spending.
The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global Thermal Imaging market have been discussed in the report along with the elaborated company profiles namely Honeywell International, Inc., BAE Systems, Flir Systems, Inc., Danaher Corporation, L-3 Communications Holdings, Inc., Axis Communications AB, Raytheon Company and Thermoteknix Systems Ltd.