Thermal Imaging Market worth over $16bn by 2026

Thermal Imaging Market size is set to surpass USD 16 billion by 2026, according to a new research report by Global Market Insights Inc.
 

The growing demand for technologically advanced solutions from the military & defense sectors for threat detection will drive the market growth. The rapid adoption of these solutions has modernized and enhanced the operational capabilities of armored vehicles. Thermal imagers are used in defense & homeland security applications that include scanning broad areas through aircraft, guidance systems to avoid collisions at sea, and locating enemy forces is propelling the market expansion. Several government administrations are investing heavily to upgrade their military platforms and weapons.
 

The growing number of infrastructure development projects globally will surge the market progression for high-performance thermal imaging solutions. Thermal cameras are installed in power plants, bridge or tunnel construction sites, and telecom networks to enable continuous security monitoring and prevent power losses. The systems are also implemented in public transportation networks for pedestrian and vehicle detection. The smart city construction projects in developing countries will also augment the industry growth. These systems provide real-time monitoring in smart buildings, traffic management, smart grids, and transport applications.
 

Fixed/mounted core segment to gain traction due to a rise in demand for continuous stable monitoring in marine applications

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Fixed-mount thermal imagers are contactless devices that measure infrared wavelengths to determine temperatures from a safe distance. They are mounted on a surface for continuous security, industrial, and aerial monitoring. They can be used for condition monitoring and fire prevention in facilities to prevent infrastructure and financial losses. An integrated system comprising thermal cameras, analysis software, and programmable logic controllers can be set up in a facility to monitor processes constantly and obtain real-time feedback.
 

Rise in demand for uncooled cameras attributed to their lower costs

Uncooled cameras offer low heat capacity and good thermal isolation owing to the absence of detectors with cryogenic cooling. The detector design is based on a microbolometer, a tiny resistor on a silicon element that operates quietly and can be activated immediately. Bolometer-based uncooled systems are developed to work in longwave infrared bands. They offer enhanced penetration in poor environmental conditions such as smoke, fog, and dust.
 

Uncooled cameras are cheaper than cooled cameras as they need less expensive vacuum packaging and cryocoolers that lowers the cost of manufacturing the sensors. They have fewer moving parts than cooled cameras, thereby providing enhanced product life with lower maintenance costs. Uncooled cameras also feature low-power consumption, thereby making them environment-friendly. The formerly mentioned factor will fuel the uncooled cameras demand.

Browse key industry insights spread across 450 pages with 605 market data tables and 32 figures & charts from the report, “Thermal Imaging Market Size, By Product (Handheld/Portable Camera, Fixed/Mounted Core, Scopes & Vision Goggles), By Technology (Cooled, Uncooled), By End-Use (Automotive, Commercial, Government & Defense, Healthcare & Life Science, Industrial, Residential), By Application (Detection & Measurement, Monitoring & Inspection, Personal Vision System, Search & Rescue, Security & Surveillance), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/thermal-imaging-market
 

Thermal imaging market will witness a steady growth credited to the demand from the expanding industrial sector globally

The global industrial sector is expanding with several government organizations introducing initiatives to augment industrialization for the overall economic development. For instance, in 2019, the South Korean government announced to spend USD 3.9 billion on advanced technologies, such as AI and 5G, in its 2020 budget to boost R&D, infrastructure, and economic growth. Development in the industrial sector will foster the demand for advanced thermal imaging solutions to monitor and diagnose problems at the manufacturing facilities.
 

The systems are used in industrial facilities to inspect electrical systems and components. They are used for process monitoring and ensuring product quality. Thermal imagers have gained prominence in various industries, such as glass and metal processing, for temperature control operations. The manufacturing facilities need accurate and consistent temperature control technologies led by enhancement in quality standards and requirement of high energy metal manufacturing.
 

The growing use of thermal imaging cameras for search & rescue operations and first responders

Market for search & rescue operations have become a vital tool for firefighters, Federal Emergency Management Agency (FEMA) & military personnel, and first responders to track victims in trouble and save them. High demand for long-range, rugged, compact, and portable thermal imagers will be showcased as time is critical for search & rescue mission operators. There has been a rise in the number of rescue cases over the years such as the case in 2018, where children were trapped in a flooded cave in Northern Thailand. Such cases will spur the demand for technologically advanced thermal imaging solutions for search & rescue operations.

Europe market will be observed exponential growth owing to the developed automotive sector in the region

Market players such as Volkswagen AG and BMW AG, in Europe are investing in research & development to launch high-quality vehicles. Thermal imaging solutions are implemented by manufacturers in the production facilities to monitor the processes and detect temperature anomalies. The demand for thermal cameras in passenger cars is expected to stimulate the market value over the forecast period.
 

In March 2017, BMW incorporated thermal imaging cameras into their cars to reduce the number of accidents while driving at night. Companies are developing these advanced cameras to cater to the demands of the automobile players. SATIR developed SATIR NV618W, which is an IR automotive camera that is used for night driving applications.
 

Stiff competition amongst the thermal imaging market leaders due to price pressure

Increased market competition in the industry has led to significant price pressure on several companies’ product lines. This rising price pressure might affect financial performance in the long run. The semiconductor market is a highly volatile market, companies are raising concerns on issues that include restrained capital spending, which is attributed to an unpredictable balance of supply & demand in the semiconductor market. The unpredictable balance of supply & demand is impelled by a sharp rise in raw material prices, exchange-rate risks, and the accompanying downward pricing pressure.
 

Key participants operating in the market include L3 Technologies, Inc., Fluke Corporation, Raytheon Company, 3M Scott, BAE Systems Imaging Solutions, Axis Communications (parent Canon Inc.), FLIR Systems, Inc., Leonardo DRS, Seek Thermal, and Tonbo Imaging. Market Players in the industry are focusing on expanding their product portfolio to cater to the growing demand for thermal imagers from several end-use sectors. They are also providing customized solutions for specific market demands.