Market Research Report
Global Thermal Imaging Systems Market Size study, by Form Factor, by Application and Regional Forecasts 2020-2027
|Published by||Bizwit Research & Consulting LLP||Product code||990160|
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|Global Thermal Imaging Systems Market Size study, by Form Factor, by Application and Regional Forecasts 2020-2027|
|Published: February 15, 2021||Content info:||
Global Thermal Imaging Systems Market Size study, by Form Factor (Handheld Imaging Devices and Systems, Fixed Mounted (Rotary and Non-Rotary)), by Application (Thermography, Military, Surveillance, Personal Vision Systems, Fire Fighting, Smartphones (Ruggedized), Others) and Regional Forecasts 2020-2027.
Global Thermal Imaging Systems Market is valued approximately at USD 5.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.8% over the forecast period 2020-2027. Globally, thermal imaging systems have observed a paradigm shift in the present scenario, owing to their surging utilization in defense and military applications. Several countries are investing heavily in infrared (IR) and thermal imaging systems to handle global-political uncertainties and strengthen their military power, with worldwide tensions increasing exponentially, thereby driving the demand for thermal imaging systems market. More often, the recent innovations and development in infrared detectors have led to the advancement of remote-based infrared and thermal sensing devices for a range of applications, including security & surveillance, space imaging, and remote sensing. Nowadays, thermal imaging cameras have become popular and available with a broad range of performance competencies and spectral sensitivity for a wide range of bands, which may strengthen the growth of the market across the globe. Moreover, increasing spending by government bodies on military & defense activities, along with growing proliferation of thermal cameras for broader surveillance management are the few factors responsible for the high CAGR of the market during the forecast period. According to the Stockholm International Peace Research Institute (SPIRI), the United States has increased its military spending by 5.3%, reaching a total of USD 732 billion in 2019 and accounted for almost 38% of the worldwide spending. In fact, the military spending of the U.S. reached around USD 649 billion in 2019, an increase from USD 610 billion in 2017. Similarly, the SIPRI estimated that China's Military expenditure amounting to almost USD 261 billion in 2019, an increase of 5.1% from 2018, which was USD 250 billion. This, in turn, is likely to strengthen the demand for thermal imaging systems, thereby contributing to the market growth around the world. However, the lack of regular support and service from government authorities, coupled with lack of accuracy are the prime factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Thermal Imaging Systems market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising government spending on military and defense sector, along with the large presence of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in demand in surveillance and security applications coupled with increasing utility of thermal imaging systems in COVID-19 treatment across the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the Thermal Imaging Systems market in the Asia-Pacific region.
Major market player included in this report are:
Flir Systems Inc.
Opgal Optronic Industries Ltd.
Seek Thermal Inc.
HT Italia S.r.l.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Form Factor:
Handheld Imaging Devices and Systems
Fixed Mounted (Rotary and Non-Rotary)
Personal Vision Systems
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027
Target Audience of the Global Thermal Imaging Systems Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
List of figures