The Global Thermal Imaging market size is expected to attain a market size of $10.9 billion by 2022, rising at a CAGR of 6.2% during the forecast period.
Thermal imaging is a technique that is widely used to improve the visibility and enhance clarity of objects even in dark environmental conditions with the help of infrared light. Companies have taken advantage of the technology to reduce down times and remain functional even during thermal audit. With the incorporation of thermal imaging, companies have the opportunity to detect faulty components at the very early stage. Additionally, the process requires minimal or zero physical contact. Therefore, no damage is caused to the devices that are subject to thermal surveys. The gradual decrease of cost for thermal cameras has been a major driving factor for the market. Additionally, deployment of thermal cameras in devices such as CCTV cameras, and smart phones among others also contribute to the fast growing industry. Nevertheless, awareness levels about the product and sluggish widespread adoption rate in certain segments would be restraints for the market growth. Identifying temperature differences is a major strength of the technology; therefore, as awareness levels increase, sectors such as aerospace, automotive, military and others would be highly opportunistic sectors. The report highlights the adoption of Personal Identity Management.
Based on the component type, the Thermal Imaging market is segmented into Hardware, Software and Services. Based on service Type, the market is segmented into Professional, and Managed Services. The market is segmented into Military & Defence and Industrial, Commercial, & Residential bases upon the End User type. The Applications highlighted in this report include Surveillance, Threat Detection, Predictive Maintenance, Radiology, Commercial & Residential Security, R&D and Surveys, Fire fighting, Automotive and Others. The surveillance application is further segmented across Airborne Systems, Maritime Systems and Land Systems. Based on region, Thermal Imaging market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in the global Thermal Imaging market in 2015. Asia-Pacific would witness highest CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Thermal Imaging market. Key companies profiled in the report include Honeywell International, Inc., BAE Systems, Flir Systems, Inc., Danaher Corporation, L-3 Communications Holdings, Inc., Axis Communications AB, Raytheon Company and Thermoteknix Systems Ltd.
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