Thermal Imaging Systems Market - Growth, Trends, and Forecast (2020 - 2025)
The Thermal Imaging Systems market is segmented by Technology (Cooled and Uncooled), Form Factor (Handheld Imaging Devices and Systems, and Fixed Mounted Systems), Application (Industrial, Security and Surveillance, Thermography, and Consumer Electronics), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The 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. Thermal imaging helps in improving visibility by detecting the objects' infrared radiations and creating an image based on that information.
Over the years, the advancements in thermal imaging systems and their enabling technologies penetrated different verticals, like Aerospace and Defense, Thermography, Security and Surveillance, NDT, and others. This is increasing the scope of the thermal imaging technology market.
The factors, like the rapid advancements in technology, as well as the investments being made for aerospace and defense's research and development (R&D), helped to bring its costs down substantially and also introduced the world to a smarter and efficient way of doing things.
There is an increasing trend of cross-border terrorism across the provinces. There are many countries facing insurgency issues across the border from their neighboring countries. Hence, there has been a growing demand for military modernization programs, which include improved thermal imaging systems requirements.
However, the uncertainty of the defense budget and lack of awareness about the full capabilities and its application are the factors restricting the market's growth.
Scope of the Report
The scope of our study for the thermal imaging systems is limited to the cooled and uncooled technologies and different forms of systems used for a wide range of applications, globally.
By Form Factor
Handheld Imaging Devices and Systems
Fixed Mounted Systems
Security and Surveillance
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
Middle East & Africa
United Arab Emirates
Rest of Middle East & Africa
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Key Market Trends
Security and Surveillance to Occupy a Major Share
Globally, there is a growing trend of rising crimes and violence. This factor has raised the budgets of the homeland security forces to procure the advance protective systems and gadgets. Modern warfare has become more asymmetric with an increasing number of non-lethal and lethal weapons.
The ongoing battles with the ISIS conflict in the Middle East, the Indo-Pak conflict over Jammu and Kashmir, and the Syrian war are just some of the examples. In addition, the increasing tensions across the borders and countries have led to an increase in the demand for IR and thermal imaging long-range surveillance in low-light conditions.
According to SIPRI, the world military expenditure has reached USD 1.8 trillion in 2018, which is 2.6% higher than the previous year and 5.6% higher than in 2009. The drive for military modernization program includes the application of thermal imaging systems.
The terrorist attacks have been seen increasing for damaging critical infrastructure in many countries. To avoid such incidences, the governments are investing for stringent surveillance with infrared and thermal imaging security systems.
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North America to Hold the Largest Market Share
The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, the industrial, transportation, security, and surveillance systems applications in North America are expected to gain popularity in the next five years.
As various research activities indicated that equipping thermal imaging system will make the autonomous driving safer, ADAS (Advances Driving Assistance Vehicle) and AV (Autonomous Vehicle) platforms are expected to become the future of the automotive industry. In addition, the declining production cost of thermal imaging systems with mass manufacturing is expected to create the demand for thermal imaging systems in the near future.
The market-leading companies, such as DRS technologies, PixonImaging, and FLIR are situated in North America. FLIR invested 10% of its revenue on research and development in FY2018. It's primary research and development includes the project of a thermal imaging system for autonomous vehicles.
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The thermal imaging system market is concentrated with the presence of a few dominant players in the market. The innovations in the market require the developers to have better understandings of the industrial process to deliver suitable solutions. The companies are trying to gain more market share with mergers and acquisitions.
Mar 2019 - FLIR Systems Inc. announced the acquisition of Endeavor Robotic Holdings Inc., a leading developer of battle-tested and tactical unmanned ground vehicles (UGVs) for the global military, public safety, and critical infrastructure markets. FLIR will be leveraging its thermal imaging and adjacent technologies to provide innovative and intelligent solutions for the new segments of the acquisition.
June 2018 - Thales SA introduced Sophie Ultima, the thermal imager designed to give tactical superiority through collaborative and augmented imaging capability at night and by the day. It is a lightweight four-in-one thermal imager, with tactical binoculars, infrared target locator, daytime laser rangefinder, and teleconverter.