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The IR and Thermal Imaging Systems Market is Segmented by Solutions (Hardware, Software, Services), Applications (Industrial, Security, Research and Development, Construction, Maritime, Transportation, Law Enforcement Agencies, Surveillance Systems), Form Factor (Handheld Imaging Devices and Systems, Fixed Mounted) and Geography.
Fastest Growing Market:
The IR and Thermal Imaging Systems market was valued at USD 5.19 billion in 2019 and is expected to reach USD 7.92 billion by 2025, at a CAGR of 7.78% over the forecast period 2020 - 2025. Infrared and thermal imaging systems have witnessed a paradigm shift in recent years, due to their increasing use in military and defense applications.
Infrared and thermal imaging technology enables users to detect objects or individuals in complete darkness, and in difficult and distinct conditions. Unlike the other methods, thermal imaging works in environments without any ambient light. Like near-infrared illumination, thermal imaging can penetrate obscurants, such as smoke, fog, and haze.
|Research and Development|
|Law Enforcement Agencies|
|By Form Factor|
|Handheld Imaging Devices and Systems|
|Fixed Mounted (Rotary and Non-Rotary)|
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Thermal imaging has initiated substantial inroads into other types of applications, such as uncooled microbolometer-based detectors. These sensors have a long-wave infrared band from 7.5 to 14 µm. Microbolometers are cheaper, smaller in size, lighter in weight; all these attributes while possessing immediate power-up capabilities, decreased power consumption, longer means the time between failures and are comparatively better than traditional bolometers.
The automotive industry uses thermal imaging as part of the safety system (E.g., identification of animals or humans on the road and warn the drivers before they encounter these potential hazards). Rear-view visibility systems (backup cameras) are now becoming mandatory on all new light vehicles sold in the United States. With autonomous vehicles coming into the picture, this technology can facilitate the automatic breaking by distinguishing based on object size.
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Latest technological breakthroughs have facilitated the advancement of new IR and thermal imaging systems that can make the overall processes more efficient and can significantly improve accuracy in various applications.
There have been a series of new product launches, mergers, and acquisitions in North America to take advantage of this opportunity. The major driver behind the investments has been the overall evolution and application of new technologies to unlock a huge number of volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom over the forecast period.
For instance, L-3 Communications majorly based out in the United States launched its latest Warrior Systems (ALST) and has signed a contract to deliver ground laser target designators to the Republic of Korea. L-3 released its latest Scarab system (a laser designator armed with rangefinding and an IR thermal imager), which is providing exact target designation during the day, night and in all battlefield conditions. The contract value is approximately USD 30 million.
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The manufacturers are undertaking mergers and acquisitions to gain a competitive advantage. They are expecting for better opportunities to improve product innovation and achieve expertise.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Low Cost Solutions
4.3.2 Increasing Usage Across Industries
4.3.3 Low Impact on the Environment
4.4 Market Restraints
4.4.1 Lack of Regular Support and Services
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Solutions
5.2 By Applications
5.2.3 Research and Development
5.2.4 Construction Industry
5.2.7 Law Enforcement Agencies
5.2.8 Other Applications
5.3 By Form Factor
5.3.1 Handheld Imaging Devices and Systems
5.3.2 Fixed Mounted (Rotary and Non-Rotary)
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.4.4 Latin America
184.108.40.206 Rest of Latin America
5.4.5 Middle East & Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Flir Systems Inc.
6.1.2 L-3 Communications Holdings
6.1.4 Lockheed Martin
6.1.5 Bae Systems PLC
6.1.6 Leonardo DRS
6.1.7 Elbit Systems Ltd.
6.1.9 Sofradir Group
6.1.10 Thermoteknix Systems Ltd.
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS