According to the report, published by Zion Market Research global thermal imaging market was valued at around USD 7.27 billion in 2015 and is expected to generate revenue of USD 10.31 billion by end of 2021, growing at a CAGR of slightly above 6% between 2016 and 2021.
Thermal imaging is a process of improving the visibility of objects in a dark environment by detecting the objects or a picture using infrared light. Thermal imaging devices are capable of detecting the temperature differences in the infrared range which can be converted to an electronic signal and displayed on the screen. It is generally used for a range of applications like surveillance, threat detection, R&D, veterinary, Flircommercial and residential security, military & defense, industrial, Fire control and others. Thermal imaging cameras are also used in various industries such as automotive, aerospace, industrial, medical, and others.
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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.
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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 2015. Surveillance & security was followed by maintenance & monitoring segment and accounted for over 44 % share of the overall market in 2015. 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 2015. Europe would be the second largest market for thermal imaging followed by Asia Pacific.
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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 inclFLIR 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.