The Thermal Imaging market is projected to grow at a CAGR of 6.20% to reach US$4.776 billion by 2023, from US$3.329 billion in 2017. Thermal imaging is a technology that uses heat to produce an image or identify an object. The thermal imaging market will grow on account of research and development of thermal imaging products for reduction in initial and running costs. In addition, the increasing adoption of thermal imaging in security, residential, manufacturing and inspection services will result in a boom in the market. However, the market will see restraints because thermal imaging is still used majorly for military services which lead to many trade and export restraints on thermal imaging products. The North American region holds a substantial share in the market due to technological advancements in military and defence, medical and manufacturing industry. The market will also see a lot of growth opportunities due to the increasing demand for thermal imaging mobile accessories and increasing adoption for commercial and residential purposes in the region.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top-down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the Thermal imaging value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the thermal imaging market.
Major industry players profiled as part of the report are FLIR Systems, Inc., Fortive, Axis Communications, Seek Thermal, Selex ES, among others.
The Thermal imaging market has been analyzed through following segments:
By Industry Vertical
Military and Defense
Middle East and Africa