Thermal Imaging Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Hardware, Software, Services), By Industry Vertical (Military and Defense, Manufacturing, Consumer Electronics, Aviation, Construction, Others), And By Geography - Forecasts From 2021 To 2026

The thermal imaging market is projected to grow at a CAGR of 5.58% to reach a market size of US$5.977 billion in 2026 from US$4.087 billion in 2019.

Thermal imaging is a technology that utilizes thermal energy and infrared radiation to gather information about various objects to formulate images of them. It uses heat to produce an image or identify an object. This technology can produce high-quality images even in low-visibility environments. The Thermal Imaging market is expected to grow owing to the increased investments in research and development by various companies, governments, and capital firms with the objective to create effective thermal imaging solutions. For instance, in 2013, the German Armed Forces gave a contract to the Thales Group to supply sets of long-range cooled thermal imagers called, Sophie XF. The increasing adoption of thermal imaging in security, residential, manufacturing, and inspection services is projected to result in a surge in the market. 

Thermal imaging is a blessing to the defense forces, the army, the navy, and the air force owing to its day-night working capability and the ability to perform well in adverse weather conditions. For instance, the thermal detectors capture the infrared radiation discharged by all the objects above absolute zero temperature. Thermal Imaging solutions are widely used by the army and navy to monitor border security and law enforcement. In the navy, it is used for ship collision avoidance and guidance systems.

Thermal Imaging also greatly helps in the aviation industry. It mitigates the risks of flying in low light and night conditions. For instance, the German Aerospace Center and the European Aeronautic Defence and Space Company (EADS) use thermography solutions provided by InfraTec GmbH, a Dresden-based company, which has developed a high thermal resolution of the infrared camera series VarioCAM® and a specialized software IRBIS to cater to the increasing need of thermal imaging solutions. The market is expected to see significant growth opportunities owing to the increasing demand for thermography software and hardware, globally. For instance, FLIR Systems, Inc. has actively been developing thermography software, such as FLIR Route creator, FLIR tools app, FLIR scree-est, etc. to meet the increasing demand.

The Global Thermal Market is segmented on the basis of Components, Industry Vertical, and Geography.

• On the basis of Components, the global thermal market can be segmented into Hardware, Software, and Services. 
• On the basis of Industry Vertical, the global thermal market can be segmented into Military and Defense, Manufacturing, Consumer Electronics, Aviation, Construction, and others. 
• On the basis of Geography, the global thermal market can be segmented into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific.

Growth Factors

• Growing demand for security and surveillance applications in the private and public sector 

The growing demand for security and surveillance in both public and private sectors is expected to drive the thermal imaging market growth. This growth can be attributed to the need for increased security for citizens and employees of the countries. Increased urbanization is projected to impose a rise in demand for additional advanced security solutions. Furthermore, the increase in investment in the infrastructural systems along with spurring demand for professional surveillance is estimated to positively impact the thermal imaging market growth over the forecast period.

Restraints

• Decrease the budget for military and defense across the globe

Thermal imaging is widely used for military services, certain countries like North America and Europe have started decreasing their budget for military and defense, which has resulted in the decline in the thermal imaging market for these regions. For instance, according to the European Army Interoperability Centre, Italy and France have reduced their spending on defense forces.

Key Developments

September 2019- FLIR Systems, Inc. has announced the newest addition to their T-Series line, FLIR T860. They will be the first ones to create an onboard Inspection Route software, which helps streamline critical aspect inspection. 

March 2019- Seek Thermal, Inc. collaborated with the Los Angeles Fire Department, to provide each one of the 3,350 firefighters the RevealFirePRO, which is a device that will enable them to fasten primary searches and locate victims quickly during emergencies. 

Impact of Covid-19 on the Thermal Imaging Market

The COVID-19 pandemic has increased the demand for thermal imaging solutions in the healthcare and transportation industries. Several market players are developing innovative solutions that are collaborative with Artificial Intelligence. For instance, in May 2020, Honeywell International, Inc. introduced an AI-enabled thermal imager that detects elevated body temperatures at the entryway of factories, airports, distribution centers, and other commercial buildings. This product was highly appreciated in the market. It also helped Honeywell in getting the first-mover advantage in the industry as not many companies came up with such a product in a short span of time. In addition, with strict social distancing norms being imposed in all countries, the market demand for such thermal imagers gained prominence at public places and airports to trace patients.

Competitive Insights

Prominent/major key market players in the Global Thermal Imaging Market include FLIR Systems, Inc., Fortive Corporation, Axis Developer Community, Seek Thermal Application, Selex ES GaN Technology, among others. The players in the Global Thermal Imaging Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years.

The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Global Thermal Imaging Market.

Thermal Imaging Market Scope:

 

Report Metric	Details
Market Size Value in 2019	US$4.087 billion
Market Size Value in 2026	US$5.977 billion
Growth Rate	CAGR of 5.58% from 2019 to 2026
Base Year	2019
Forecast Period	2021–2026
Forecast Unit (Value)	USD Billion
Segments Covered	Component, Industry Vertical, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	FLIR Systems, Inc., Fortive Corporation, Axis Developer Community, Seek Thermal Application, Selex ES GaN Technology, Leonardo – Società per azioni, L3 Technologies, Inc., BAE Systems plc, Testo SE & Co. KGaA, Xenics N.V.
Customization Scope	Free report customization with purchase

 

Segmentation

The Thermal imaging market has been analyzed through the following segments:

• By Component
  • Hardware
  • Software
  • Services
• By Industry Vertical
  • Military and Defense
  • Manufacturing
  • Consumer Electronics
  • Aviation
  • Construction
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others

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1.Introduction

1.1.Market Definition

1.2.Market Segmentation

 

2.Research Methodology

2.1.Research Data

2.2.Assumptions

 

3.Executive Summary

3.1.Research Highlights

 

4.Market Dynamics

4.1.Market Drivers

4.2.Market Restraints

4.3.Porters Five Forces Analysis

4.3.1.Bargaining Power of Suppliers

4.3.2.Bargaining Power of Buyers

4.3.3.The threat of New Entrants

4.3.4.Threat of Substitutes

4.3.5.Competitive Rivalry in the Industry

4.4.Industry Value Chain Analysis

 

5.Global Thermal Imaging Market Analysis, By Component

5.1.Hardware

5.2.Software

5.3.Services

 

6.Global  Thermal Imaging Market Analysis, By Industry Vertical

6.1.Military and Defense

6.2.Manufacturing

6.3.Consumer Electronics

6.4.Aviation

6.5.Construction

6.6.Others

 

7.Global Thermal Imaging Market Analysis, by Geography

7.1. Introduction

7.2. North America

7.2.1.North America Thermal Imaging Market Analysis, By Component, 2020 to 2026

7.2.2.North America Thermal Imaging Market Analysis, By Industry Vertical, 2020 to 2026

7.2.3.By Country

7.2.3.1. United States

7.2.3.2. Canada

7.2.3.3. Mexico

7.3.South America

7.3.1.South America Thermal Imaging Market Analysis, By Component, 2020 to 2026

7.3.2.South America Thermal Imaging Market Analysis, By Industry Vertical 2020 to 2026

7.3.3.By Country

7.3.3.1. Brazil

7.3.3.2. Argentina

7.3.3.3. Others

7.4.Europe

7.4.1.Europe Thermal Imaging Market Analysis, By Component, 2020 to 2026

7.4.2.Europe Thermal Imaging Market Analysis, By Industry Vertical, 2020 to 2026

7.4.3.By Country

7.4.3.1. UK

7.4.3.2. Germany

7.4.3.3. France

7.4.3.4. Spain

7.4.3.5. Others

7.5.The Middle East and Africa

7.5.1.Middle East and Africa Thermal Imaging Market Analysis, By Component, 2020 to 2026

7.5.2.Middle East and Africa Thermal Imaging Market Analysis, By Industry Vertical, 2020 to 2026

7.5.3.By Country

7.5.3.1. Saudi Arabia

7.5.3.2. Israel

7.5.3.3. Others

7.6.Asia Pacific

7.6.1. Asia Pacific Thermal Imaging Market Analysis, By Component, 2020 to 2026

7.6.2.Asia Pacific Thermal Imaging Market Analysis, By Industry Vertical 2020 to 2026

7.6.3.By Country

7.6.3.1. Japan

7.6.3.2. China

7.6.3.3. India

7.6.3.4. Indonesia

7.6.3.5. Others

FLIR Systems, Inc.

Fortive Corporation

Axis Developer Community

Seek Thermal Application

Selex ES GaN Technology

Leonardo – Società per azioni

L3 Technologies, Inc.

BAE Systems plc

Testo SE & Co. KGaA

Xenics N.V.