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Thermal Imaging Market - Global Industry Analysis

Thermal Imaging Market By Component (Software, Hardware And Services), Application (Surveillance & Security, Maintenance & Monitoring, Automotive, Traffic Monitoring, Healthcare, And Others) For Military & Defense, Industrial, Residential, And Commercial End-Users- Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2020 – 2028

Published Date: 20-Aug-2021 Category: Technology & Media Report Format : PDF Pages: 142 Report Code: ZMR-215 Status : Published

The global Thermal Imaging Market accounted for USD 10.28 Billion in 2020 and is expected to reach USD 17.71 Billion by 2028, growing at a CAGR of 6.8% from 2021 to 2028.

Description

Market Overview     

The global Thermal Imaging Market accounted for USD 10.28 Billion in 2020 and is expected to reach USD 17.71 Billion by 2028, growing at a CAGR of 6.8% from 2021 to 2028.     

Thermal Imaging is a non-contact technique that is employed to capture infrared wavelengths emitted through objects, further it processes these inputs into a picture. The out of this process forms a color palette that represents the temperature range of the captured image. These are completely radiometric by gauging and recording infrared wavelengths at every point within the image. Increasing demands for security and surveillance for residential and homeland security will escalate the thermal imaging market Additionally, increasing adoption of integrated solutions across commercial applications along with the utilization of thermal imaging in high-resolution cameras and smartphones would further fuel the expansion of the industry.

Global Thermal Imaging Market Size

COVID-19 Impact Analysis:

The covid-19 have led to stern consequences because it has deepened the expansion to a big level and the thermal imaging market was not an exception. The demand for thermal imaging primarily depends on the residential and commercial sectors among others. The covid-19 pandemic has brought these sectors on backfoot as they need to aspect the loss in revenue. This is due to the closure of many small and large-scale producing facilities owing to lockdowns. However, the industry has huge growth potential and profits in the coming years.

Growth Factors  

Increasing demand for surveillance and security application in a public and private environment is one factor that boosts the thermal imaging market. Increased urbanization is predicted to extend the demand for extra advanced security solutions. Increasing investment in infrastructural systems alongside developing demand for surveillance is another chief factor for the market growth. In budgets, thermal cameras have been also driving the market. Increased demand for the wireless temperature sensors.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Component Segment Analysis Preview

The thermal imaging market is segmented based on different components into software, hardware, and services. In 2020, hardware was the largest segment of the thermal imaging market and accounted for the largest share of the total market. The software was another key outlet for this market in the same year.

Application Segment Analysis Preview

Thermal imaging market includes the application such as surveillance and security, maintenance and monitoring, traffic monitoring, healthcare, automotive, and others. In 2020, surveillance & security, maintenance and monitoring dominated the global thermal imaging market in terms of revenue and accounted for over 45 % share of the overall market.

End-User Segment Analysis Preview

By end-user, military and defense segments dominated the market of thermal imaging with over 40% shares of the overall market in 2018. The Industrial segment was the second largest application of the thermal imaging market. The residential & industrial segment is expected to exhibit considerable growth in the next few years due to the availability of low-cost devices.

Regional Analysis Preview

Demand for thermal imaging was highest in North America, with around 30% of the market share in 2020. North America was followed by Europe and Asia-Pacific in terms of demand. In terms of revenue, Asia Pacific was the fastest-growing region within the forecast period. Europe is predicted to grow at a moderate rate due to the increased adoption of thermal imaging devices for commercial security and enforcement activities.

Global Thermal Imaging Market Share

Application Segment Analysis Preview

Thermal imaging market includes the application such as surveillance and security, maintenance and monitoring, traffic monitoring, healthcare, automotive, and others. In 2020, surveillance & security, maintenance and monitoring dominated the global thermal imaging market in terms of revenue and accounted for over 45 % share of the overall market.

End-User Segment Analysis Preview

By end-user, military and defense segments dominated the market of thermal imaging with over 40% shares of the overall market in 2018. The Industrial segment was the second largest application of the thermal imaging market. The residential & industrial segment is expected to exhibit considerable growth in the next few years due to the availability of low-cost devices.

Regional Analysis Preview

Demand for thermal imaging was highest in North America, with around 30% of the market share in 2020. North America was followed by Europe and Asia-Pacific in terms of demand. In terms of revenue, Asia Pacific was the fastest-growing region within the forecast period. Europe is predicted to grow at a moderate rate due to the increased adoption of thermal imaging devices for commercial security and enforcement activities.

Global Thermal Imaging Market Regional Analysis

Key Market Players & Competitive Landscape

Some of the key players in the thermal imaging market include Flir Systems, Danaher, L-3 Communications Holdings, Inc., Drs Technologies, Raytheon, Bullard, BAE Systems Inc., Axis, Thermoteknix, Sofradir Group, Testo Ag, CI Infrared Cameras, Inc., Nippon Avionics Co. Ltd., Honeywell International, Inc., and Infratec. 

The global Thermal Imaging Market is segmented as follows:    

By Application

  • Surveillance & Security
  • Maintenance &Monitoring
  • Automotive
  • Traffic Monitoring
  • Healthcare
  • Others

By Component

  • Hardware
  • Software
  • Services

By End-User

  • Military & Defense
  • Commercial
  • Residential
  • Industrial

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Application
        • 2.1.1.2. Market Attractiveness Analysis, By Component
        • 2.1.1.3. Market Attractiveness Analysis, By End-User
        • 2.1.1.4. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Thermal Imaging Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Thermal Imaging Market – Application Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 4.2. Surveillance & Security
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Maintenance & Monitoring
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Automotive
      • 4.4.1. Market Size and Forecast, By Region (USD Billion)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.5. Traffic Monitoring
      • 4.5.1. Market Size and Forecast, By Region (USD Billion)
      • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.6. Healthcare
      • 4.6.1. Market Size and Forecast, By Region (USD Billion)
      • 4.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.6.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.7. Others
      • 4.7.1. Market Size and Forecast, By Region (USD Billion)
      • 4.7.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.7.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Thermal Imaging Market – Component Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Component, 2020 & 2028
    • 5.2. Hardware
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Software
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Services
      • 5.4.1. Market Size and Forecast, By Region (USD Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Thermal Imaging Market – By End-User Segment Analysis
    • 6.1. Overview
      • 6.1.1. Market Revenue Share, By End-User, 2020 & 2028
    • 6.2. Military & Defense
      • 6.2.1. Market Size and Forecast, By Region (USD Billion)
      • 6.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.3. Commercial
      • 6.3.1. Market Size and Forecast, By Region (USD Billion)
      • 6.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.4. Residential
      • 6.4.1. Market Size and Forecast, By Region (USD Billion)
      • 6.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.5. Industrial
      • 6.5.1. Market Size and Forecast, By Region (USD Billion)
      • 6.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.5.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 7 Thermal Imaging Market – Regional Analysis
    • 7.1. Overview
      • 7.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 7.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 7.2. North America
      • 7.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.2.2. North America Market Revenue, By Application, 2016 – 2028
      • 7.2.3. North America Market Revenue, By Component, 2016 – 2028
      • 7.2.4. North America Market Revenue, By End-User, 2016 – 2028
      • 7.2.5. U.S.
        • 7.2.5.1. U.S. Market Revenue, By Application, 2016 – 2028
        • 7.2.5.2. U.S. Market Revenue, By Component, 2016 – 2028
        • 7.2.5.3. U.S. Market Revenue, By End-User, 2016 – 2028
      • 7.2.6. Canada
        • 7.2.6.1. Canada Market Revenue, By Application, 2016 – 2028
        • 7.2.6.2. Canada Market Revenue, By Component, 2016 – 2028
        • 7.2.6.3. Canada Market Revenue, By End-User, 2016 – 2028
      • 7.2.7. Mexico
        • 7.2.7.1. Mexico Market Revenue, By Application, 2016 – 2028
        • 7.2.7.2. Mexico Market Revenue, By Component, 2016 – 2028
        • 7.2.7.3. Mexico Market Revenue, By End-User, 2016 – 2028
    • 7.3. Europe
      • 7.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.3.2. Europe Market Revenue, By Application, 2016 – 2028
      • 7.3.3. Europe Market Revenue, By Component, 2016 – 2028
      • 7.3.4. Europe Market Revenue, By End-User, 2016 – 2028
      • 7.3.5. Germany
        • 7.3.5.1. Germany Market Revenue, By Application, 2016 – 2028
        • 7.3.5.2. Germany Market Revenue, By Component, 2016 – 2028
        • 7.3.5.3. Germany Market Revenue, By End-User, 2016 – 2028
      • 7.3.6. France
        • 7.3.6.1. France Market Revenue, By Application, 2016 – 2028
        • 7.3.6.2. France Market Revenue, By Component, 2016 – 2028
        • 7.3.6.3. France Market Revenue, By End-User, 2016 – 2028
      • 7.3.7. U.K.
        • 7.3.7.1. U.K. Market Revenue, By Application, 2016 – 2028
        • 7.3.7.2. U.K. Market Revenue, By Component, 2016 – 2028
        • 7.3.7.3. U.K. Market Revenue, By End-User, 2016 – 2028
      • 7.3.8. Italy
        • 7.3.8.1. Italy Market Revenue, By Application, 2016 – 2028
        • 7.3.8.2. Italy Market Revenue, By Component, 2016 – 2028
        • 7.3.8.3. Italy Market Revenue, By End-User, 2016 – 2028
      • 7.3.9. Spain
        • 7.3.9.1. Spain Market Revenue, By Application, 2016 – 2028
        • 7.3.9.2. Spain Market Revenue, By Component, 2016 – 2028
        • 7.3.9.3. Spain Market Revenue, By End-User, 2016 – 2028
      • 7.3.10. Rest of Europe
        • 7.3.10.1. Rest of Europe Market Revenue, By Application, 2016 – 2028
        • 7.3.10.2. Rest of Europe Market Revenue, By Component, 2016 – 2028
        • 7.3.10.3. Rest of Europe Market Revenue, By End-User, 2016 – 2028
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.4.2. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 7.4.3. Asia Pacific Market Revenue, By Component, 2016 – 2028
      • 7.4.4. Asia Pacific Market Revenue, By End-User, 2016 – 2028
      • 7.4.5. China
        • 7.4.5.1. China Market Revenue, By Application, 2016 – 2028
        • 7.4.5.2. China Market Revenue, By Component, 2016 – 2028
        • 7.4.5.3. China Market Revenue, By End-User, 2016 – 2028
      • 7.4.6. Japan
        • 7.4.6.1. Japan Market Revenue, By Application, 2016 – 2028
        • 7.4.6.2. Japan Market Revenue, By Component, 2016 – 2028
        • 7.4.6.3. Japan Market Revenue, By End-User, 2016 – 2028
      • 7.4.7. India
        • 7.4.7.1. India Market Revenue, By Application, 2016 – 2028
        • 7.4.7.2. India Market Revenue, By Component, 2016 – 2028
        • 7.4.7.3. India Market Revenue, By End-User, 2016 – 2028
      • 7.4.8. South Korea
        • 7.4.8.1. South Korea Market Revenue, By Application, 2016 – 2028
        • 7.4.8.2. South Korea Market Revenue, By Component, 2016 – 2028
        • 7.4.8.3. South Korea Market Revenue, By End-User, 2016 – 2028
      • 7.4.9. South-East Asia
        • 7.4.9.1. South-East Asia Market Revenue, By Application, 2016 – 2028
        • 7.4.9.2. South-East Asia Market Revenue, By Component, 2016 – 2028
        • 7.4.9.3. South-East Asia Market Revenue, By End-User, 2016 – 2028
      • 7.4.10. Rest of Asia Pacific
        • 7.4.10.1. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
        • 7.4.10.2. Rest of Asia Pacific Market Revenue, By Component, 2016 – 2028
        • 7.4.10.3. Rest of Asia Pacific Market Revenue, By End-User, 2016 – 2028
    • 7.5. Latin America
      • 7.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.5.2. Latin America Market Revenue, By Application, 2016 – 2028
      • 7.5.3. Latin America Market Revenue, By Component, 2016 – 2028
      • 7.5.4. Latin America Market Revenue, By End-User, 2016 – 2028
      • 7.5.5. Brazil
        • 7.5.5.1. Brazil Market Revenue, By Application, 2016 – 2028
        • 7.5.5.2. Brazil Market Revenue, By Component, 2016 – 2028
        • 7.5.5.3. Brazil Market Revenue, By End-User, 2016 – 2028
      • 7.5.6. Argentina
        • 7.5.6.1. Argentina Market Revenue, By Application, 2016 – 2028
        • 7.5.6.2. Argentina Market Revenue, By Component, 2016 – 2028
        • 7.5.6.3. Argentina Market Revenue, By End-User, 2016 – 2028
      • 7.5.7. Rest of Latin America
        • 7.5.7.1. Rest of Latin America Market Revenue, By Application, 2016 – 2028
        • 7.5.7.2. Rest of Latin America Market Revenue, By Component, 2016 – 2028
        • 7.5.7.3. Rest of Latin America Market Revenue, By End-User, 2016 – 2028
    • 7.6. The Middle-East and Africa
      • 7.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.6.2. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 7.6.3. The Middle-East and Africa Market Revenue, By Component, 2016 – 2028
      • 7.6.4. The Middle-East and Africa Market Revenue, By End-User, 2016 – 2028
      • 7.6.5. GCC Countries
        • 7.6.5.1. GCC Countries Market Revenue, By Application, 2016 – 2028
        • 7.6.5.2. GCC Countries Market Revenue, By Component, 2016 – 2028
        • 7.6.5.3. GCC Countries Market Revenue, By End-User, 2016 – 2028
      • 7.6.6. South Africa
        • 7.6.6.1. South Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.6.2. South Africa Market Revenue, By Component, 2016 – 2028
        • 7.6.6.3. South Africa Market Revenue, By End-User, 2016 – 2028
      • 7.6.7. Rest of Middle-East Africa
        • 7.6.7.1. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.7.2. Rest of Middle-East Africa Market Revenue, By Component, 2016 – 2028
        • 7.6.7.3. Rest of Middle-East Africa Market Revenue, By End-User, 2016 – 2028
  • Chapter No. 8 Thermal Imaging Market – Industry Analysis
    • 8.1. Introduction
    • 8.2. Market Drivers
      • 8.2.1. Driving Factor 1 Analysis
      • 8.2.2. Driving Factor 2 Analysis
    • 8.3. Market Restraints
      • 8.3.1. Restraining Factor Analysis
    • 8.4. Market Opportunities
      • 8.4.1. Market Opportunity Analysis
    • 8.5. Porter’s Five Forces Analysis
    • 8.6. PEST Analysis
    • 8.7. Regulatory Landscape
    • 8.8. Technology Landscape
    • 8.9. Regional Market Trends
      • 8.9.1. North America
      • 8.9.2. Europe
      • 8.9.3. Asia Pacific
      • 8.9.4. Latin America
      • 8.9.5. The Middle-East and Africa
    • 8.10. Pricing Analysis
    • 8.11. Value Chain Analysis
    • 8.12. Downstream Buyers
    • 8.13. Distributors/Traders List
  • Chapter No. 9 Competitive Landscape
    • 9.1. Company Market Share Analysis – 2019
      • 9.1.1. Global Thermal Imaging Market: Company Market Share, 2019
      • 9.1.2. Global Thermal Imaging Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 9.1.3. Global Thermal Imaging Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 9.1.4. Global Thermal Imaging Market: Radar Determinant Chart, 2019
    • 9.2. Strategic Developments
      • 9.2.1. Acquisitions & Mergers
      • 9.2.2. New Device Launch
      • 9.2.3. Regional Expansion
    • 9.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 10 Company Profiles
    • 10.1. Flir Systems
      • 10.1.1. Company Overview
      • 10.1.2. Key Executives
      • 10.1.3. Device Portfolio
      • 10.1.4. Financial Overview
      • 10.1.5. Operating Business Segments
      • 10.1.6. Business Performance
      • 10.1.7. Recent Developments
    • 10.2. Danaher
    • 10.3. L-3 Communications Huldings, Inc.
    • 10.4. Drs Technulogies
    • 10.5. Raytheon
    • 10.6. Bullard
    • 10.7. BAE Systems Inc.
    • 10.8. Axis
    • 10.9. Thermoteknix
    • 10.10. Sofradir Group
  • Chapter No. 11 Marketing Strategy Analysis
    • 11.1. Marketing Channel
    • 11.2. Direct Marketing
    • 11.3. Indirect Marketing
    • 11.4. Marketing Channel Development Trends
    • 11.5. Economic/Pulitical Environmental Change
  • Chapter No. 12 Research Methodology
    • 12.1. Research Methodology
    • 12.2. Phase I - Secondary Research
    • 12.3. Phase II - Data Modeling
      • 12.3.1. Company Share Analysis Model
      • 12.3.2. Revenue Based Modeling
    • 12.4. Phase III - Primary Research
    • 12.5. Research Limitations
      • 12.5.1. Assumptions

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Thermal Imaging market. Zion Research has collected and analyzed key data belong to the global Thermal Imaging market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Thermal Imaging across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Thermal Imaging industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Thermal Imaging market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

The report covers forecast and analysis for the Thermal Imaging market on a global and regional level. The study provides historic data of 2018 along with a forecast from 2019 to 2026 based revenue (USD Billion). The study includes drivers and restraints for the Thermal Imaging market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Thermal Imaging market on a global level.

Rising demand for thermal cameras in smartphones due to decrease in the cost of is expected to be the major drivers for the global thermal imaging market. In addition, growing application of thermal imaging in the security and surveillance and automobile industry and escalated demand from industrial and commercial sectors is expected to trigger the growth of this industry. Moreover, the use of thermal cameras in devices including CCTV camera and smartphones are also anticipated to drive the thermal imaging market over the forecast period. However, lack of awareness and availability of alternative technologies to these systems may pose the challenge to the market growth.

Based on the component, thermal imaging market has been segmented into software, hardware, and services. Thermal imaging market was dominated by hardware segment and is expected to continue its dominance in the global market over the estimated period. Software emerged as another key outlet for thermal imaging market in 2015. This segment is expected to exhibit moderate growth over the forecast period. The services segment is expected to play a significant role in changing the thermal imaging landscape and is projected to grow at the highest CAGR during the forecast period.

 

On the basis of end-user, thermal imaging market can be segmented as military & defense, commercial, residential and industrial. Military and defense segments dominated the thermal imaging with over 45% share of the overall market in 2015. Military & defense was followed by industrial, commercial and residential application segments. Industrial was the second largest application segment of thermal imaging market. The residential and industrial segment is expected to exhibit moderate growth in the next few years due to the availability of low-cost devices.

Different application segments of the thermal imaging market include surveillance and security, maintenance and monitoring, automotive, traffic monitoring, healthcare, and others. Surveillance and security dominated the thermal imaging market in 2018. Surveillance & security was followed by maintenance & monitoring segment and accounted for over 45 % share of the overall market in 2018. Moreover, automotive application segment is expected to grow at a moderate rate in the next five years due to the increasing use of thermal cameras in this sector.

Thermal imaging market is growing across the world. North America was the largest regional market and accounted for over 30% share of thermal imaging market in 2018. Europe would be the second largest market for thermal imaging followed by Asia Pacific.

Increasing demand in surveillance and security applications is expected to fuel the thermal imaging demand in Europe. Asia Pacific was expected to be the fastest growing region due to the rising defense budget in this region.

Some of the key players in the global thermal imaging market include Flir Systems, Danaher, L-3 Communications Holdings, Inc., Drs Technologies, Raytheon, Bullard, BAE Systems Inc., Axis, Thermoteknix, Sofradir Group, Testo Ag, CI Infrared Cameras, Inc., Nippon Avionics Co. Ltd., Honeywell International, Inc., and Infratec


Frequently Asked Questions

The global Thermal Imaging Market was valued at USD 10.28 Billion in 2020.

The global Thermal Imaging Market is expected to reach USD 17.71 Billion by 2028, growing at a CAGR of 6.8% between 2021 to 2028.

Factors such as growing R&D investments by companies, governments, and capital firms to develop innovative thermal imaging solutions and increasing the adoption of thermal imaging in the automotive industry.

North America has been leading the worldwide Thermal Imaging Market and is anticipated to continue in the dominant position in the years to come.

Some of the key players in the thermal imaging market include Flir Systems, Danaher, L-3 Communications Holdings, Inc., Drs Technologies, Raytheon, Bullard, BAE Systems Inc., Axis, Thermoteknix, Sofradir Group, Testo Ag, CI Infrared Cameras, Inc., Nippon Avionics Co. Ltd., Honeywell International, Inc., and Infratec.

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