Industrial Automation Magazine India

Thermal Imaging market to exhibit 6.0 percent CAGR Fortune Business Insights

Published on : Tuesday 21-04-2020

High demand from healthcare sector to drive growth healthcare segment held 9 point 5 percent thermal imaging systems market share in 2018.

Pune, April 2020 – The global thermal imaging market is likely to gain impetus from the ever-increasing demand for thermal camera from the healthcare sector. They are used by doctors and physicians to record and capture temperature variations of the human body for proper diagnosis. These cameras deliver vast amount of data in the forms of videos and images. Those are then analysed by healthcare providers to receive insights of the vascular and metabolic activities of a particular patient. This information is given in a recently published report by Fortune Business Insights™, titled, "Thermal Imaging Market Size, Share and Industry Analysis, By Technology (Cooled and Uncooled), By Product (Thermal Camera, Thermal Scopes and Thermal Module), By Wavelength (Shortwave Infrared (SWIR), Midwave Infrared (MWIR) and Longwave Infrared (LWIR)), By Application (Security and Surveillance, Monitoring and Inspection, and Detection and Measurement), By Vertical (Aerospace and Defence, Law Enforcement, Healthcare, Automotive, Oil and Gas, Residential, Manufacturing, and Others), and Regional Forecast 2019-2026." The report further mentions that the thermal imaging market size was USD 3.24 billion in 2018. It is projected to reach USD 5.16 billion by 2026, thereby exhibiting a CAGR of 6.0% during the forecast period.

Thermal imaging cameras are nowadays used rapidly in the fire service industry. They are utilised for the detection of objects, animals, and humans in smoky environment, as well as complete darkness. Several manufacturers are implementing different inorganic and organic strategies for creating and delivering innovative cameras to this industry. These cameras not only assist the firefighters in recusing trapped people, but also enhances personal safety and security. However, these cameras are equipped with very expensive in-built devices. It may obstruct the thermal imaging industry growth during the forthcoming years.

Based on vertical, the market is divided into oil and gas, manufacturing, aerospace and defence, healthcare, residential, law enforcement, automotive, and others. Out of these, the healthcare segment held 9.5% thermal imaging systems market share in 2018. It would exhibit high growth owing to the rapid shift of clinicians towards cameras for detecting and treating numerous severe medical conditions, such as circulatory problems, repetitive strain injury, muscular pain, and arthritis. The aerospace and defence segment, on the other hand, is likely to showcase rising usage of thermal cameras for applications consisting of collision avoidance systems, ship guidance systems, and border surveillance.

Key companies covered are BAE Systems, Workswell, Leonardo S.p.A., Thermoteknix Systems Ltd, Fluke Corporation, Lynred, FLIR Systems, Inc., Testo SE & Co. KGaA, DALI Technology, L3Harris Technologies, Inc., Seek Thermal, Opgal, Axis Communications AB, & more.