The thermal imaging market is expected to grow at an exponential rate to attain a market size of US$5.977 billion in the year 2026, from US$4.087 billion in the year 2019. The market is anticipated to grow at a CAGR of 5.58% during the forecasted period 2019 to 2026. The key reason driving the growth in the market is the growing adoption of this technology in various industrial verticals owing to its unique capability in a low visibility environment.
This technology uses infrared radiation and thermal energy to accumulate details about objects and form an image of them. Infrared refers to the heat emitted from objects and the quantity of radiation is proportional to the heat emitted. Thermal cameras are designed in a way that they become sensitive to heat sensors, even if there is a minute difference. These cameras record the difference in heat generation and print an image on a map based on the information collected. The map created is black and white, representing the hot and cold region, while shades of grey represent the difference in the temperature. In this way, the thermal imaging cameras form an efficient image.
The Military and Defense Segment of the Market Is Predicted to Dominate the Market. Consumer Electronics and Aviation Sectors Will Grow At a Significant Rate
Based on industry vertical, the market for thermal imaging is segmented into military and defense, manufacturing, consumer electronics, Aviation, Construction, and others. The military and defense segment of the market is anticipated to dominate the market demand owing to surging equipment requirements. All four segments, defense, army, navy, and air-force, widely use thermal imaging market due to its day-night capability and ability to support during harsh weather conditions. thermal imagers enable the monitorization of border security and law enforcement for the defense and army segment. In the navy and air force, the technology helps in enabling locating of other vehicles to avoid a collision. In the air force and aviation industry, it reduces the risk of flying in low light and during the night.
In the consumer electronics segment, the technology is used particularly by security and safety markets in the construction of security devices such as security cameras. The technology is also used by the electrical maintenance team to efficiently pinpoint joints and parts that are at a greater risk of overheating by locating excessive heat emissions above normal levels. Plumbers this technology to inspect possible leak sites, through walls and pipes. The thermal imaging capability to form an image from a distance facilitates firefighters and law enforcement agencies to carry out operations. The cameras enable the user to see through smoke and go on with rescue operations. Animal and pest management spot pests or animals in a dark room without climbing up into them. Rapid urbanization and increased disposable income have significantly spiked the demand for consumer electronics and it is predicted that exponential growth would be seen in this market segment during the forecasted period. Particularly in developing countries, where technological penetration has resulted in greater demand. Surging demand for consumer electronics will increase demand for the thermal imaging market.
The Manufacturing and construction segments are predicted to hold a noteworthy market share. In these sectors, thermal imaging technology ensures safety and production efficiency. Both sectors are incurring booming demand, resulting in greater market share. Skyrocketing manufacturing sector, especially in the Asia Pacific region, will drive in considerable market size. The construction industry is not far behind. Thermal imaging is used to locate leaks or breakage that may result in possible leaks. In the healthcare sector, the cameras help in spotting fever and temperature differences quickly and efficiently. Research and science sectors use the technology for visualizing accurate and precise heat patterns.
Based on components, the market is fragmented into hardware, software, and services. The hardware chunk of the market is expected to outperform and grow at a noteworthy rate during the study period owing to the installation of technology in various other techniques, such as security cameras, defense equipment, and others.
Restraints Facing the Market; Decrease In Military and Defense Budget Reduces Market Demand
One of the major restraints facing the thermal imaging market is reducing military and defense budgets. Countries in regions of North America and Europe have started re-channelizing their finances and reduce the budget of the military and defense sector.
The North American Region Has the Greatest Market Share and Is Expected to Hold a Dominating Position During the Forecasted Period
Based on geography, the thermal imaging market is segmented into the North American region, the South American region, the European region, the Middle East and African region, and the Asia Pacific region. The North American region is expected to outstand in the market growth, consuming the prime market. a good investment in defense and military along with aviation and consumer electronics will support the market. The European region is predicted to grow at a noteworthy rate with greater adoption of the technology. German Aerospace Center along with European Aeronautic Defense and Space Company (EADSC), for instance, has successfully developed a high thermal resolution infrared camera. The series is named VarioCAM and specializes in IRBIS software. This technology was developed to cater to the increasing demand for Thermal Imaging Solutions.
Coronavirus Pandemic Impact on the Market
The coronavirus pandemic had a positive impact on the thermal imaging market. the virus spread through physical touch or breathing in the same air as the infected person. The most common symptoms include cough and fever in the infected person. The thermal imaging technology was widely used as a result to note the temperature of the person for the presence of the virus. The technology was widely used at airports, malls, and other public places for ensuring safety and security. The pandemic spiked the demand for the technology.