Thermal Imaging Market is projected to surpass USD 10 billion by 2024. Technological advancements in thermographic imagery have led to the development of mobile solutions for numerous applications including surveillance, remote sensing, and space imaging. The performances of thermal cameras is based on their bandwidth and spectral sensitivity for a broad range of applications. The emergence and incorporation of communication interfaces have favorably impacted the user adoption, driving the thermal imaging market growth.
The cooled thermal imaging market accounted for over 50% of the revenue share in 2017, with the chief growth drivers being the surging demand for security, surveillance, and firefighting applications for better accuracy and image details. Indoor applications including emergency management and building security are poised to offer growth opportunities for cooled thermal imaging product suppliers. The segment is forecast to lose share in the coming years to uncooled technology due to the growing number of application industries for the latter.
The demand across healthcare & life sciences applications in the thermal imaging market is expected to grow at a rapid pace due to the provision of advanced diagnostic and visualizations offered by such solutions. Thermography facilitates quantifiable, accurate, and non-invasive diagnostic detection by means of changes in surface temperatures. In the healthcare sector, thermography applications include muscle strain assessment, vascular evaluation, and bleeding point detection. In addition, the technology helps to identify the tissue damage site in case of injuries, aiding the sports medicine field.
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The thermal imaging market is characterized by the compliance of these products with industry standards such as the National Fire Protection Association (NFPA) 1801 standard, the Ingress Protection (IP) rating 65,67 and the regulations imposed on the export of such devices including the U.S. International Traffic in Arms Regulations and the Export Administration Regulations (EAR). Such regulatory compliances ensure the device’s reliability and performance even under adverse conditions and prevent misuse and trafficking for illegal purposes.
Scopes & vision goggles offer the flexibility of day and night time use even under adverse weather conditions such as fog or smoke. Riflescopes enable military personnel to read off the target’s heat signatures for the most accurate position decision. Most riflescopes feature several color palates for better visualization and are more expensive than the monochrome models. Geopolitical unrest and the need for technologically-equipped border patrol are expected to drive thermal imaging market growth for the segment.
The automotive sector unquestionably is one of the lucrative end-use domains for thermal imaging market. The rising percentage of low light traffic crashes especially across developed nations is bound to generate a considerably higher demand for these advanced camera systems, subject to its ability to enable vision even during nighttime. Estimates suggest that a disproportionate number of road accidents occur during low light conditions. Despite the fact that there is 60% reduction in road traffic, 40% of the fatal road accidents happen during nighttime, cite sources. According to NHTSA (National Highway Traffic Administration System) in the year 2015, around 5376 pedestrians were reported to be have died from traffic crashes at nighttime. These estimations give a clear picture of the earnest requirement of integrating thermal imaging in modern vehicles.
Major thermal imaging market drivers in Asia Pacific countries including India, Malaysia, and South include the rapid pace of technology adoption and penetration in the region. The declining price of thermal cameras and the presence of regional vendors offering low-cost solutions are expected to favorably impact the market growth in India and China.
Key vendors in the thermal imaging market include FLIR Systems, BAE Systems, Raytheon, Leonardo DRS, Testo SE, L-3 Technologies, Seek Thermal, ULIS (Sofradir), and Fluke Corporation, among others.