According to a new report published by Allied Market Research, titled, “Thermal Imaging Camera Market Type, Application, Industry Vertical, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global thermal imaging camera industry size was valued at $3.16 billion in 2020, and is projected to reach $7.49 billion by 2030, registering a CAGR of 10.0% from 2021 to 2030.
A thermal imaging camera works by detecting and measuring the infrared radiation emanating the objects, which is then converted into electrical signals that further forms an image. This image created is interpreted to find the hot-spots. These hot-spots indicate high temperature zone that may result in failure of machine or object. Thermal imaging cameras work flawlessly in both daytime and nighttime. These cameras have wide range of applications, including drones, wildlife, fire detection, marine, surveillance, and industrial.
Increase in use of thermal imaging cameras for security & surveillance, benefit of cost-effective preventive maintenance using thermal cameras, substantial rate of adoption of thermal cameras in manufacturing sector to ensure quality, and rise in investments for deployment of thermal imaging cameras by government of different countries are some of the factors that drive the thermal imaging camera market growth. However, high capital and maintenance cost is acting as restraint and hampers early adoption in developing countries. Furthermore, thermal imaging cameras is gaining high traction in the commercial sector, which is expected to provide lucrative opportunities for the global thermal imaging camera industry during the forecast period.
The camera segment dominated the thermal imaging camera market share in 2020, owing surge in demand for thermal cameras with the outbreak of COVID-19 pandemic. The uncooled segment garnered significant market share in 2020, owing to its lower cost and wide range of product offerings. The security & surveillance had a prominent market share in 2020, due to greater demand for high-end security devices across various sectors. The aerospace & defense segment was the highest contributor to the market in 2020. The industrial and commercial sectors collectively accounted for around 40.0% thermal imaging camera market share in 2020, owing to surge in cloud-based solutions fuels the growth of the smart camera segment. By sales channel, direct segment dominated the market, as customers directly placed their orders for thermal cameras according to their requirements, thereby allowing customization of the customers.
The sudden outbreak of the COVID-19 pandemic has enforced industries to adopt advanced safety and health protection measures. Thermal imaging has been as a preferred potent, cost-effective measure to safeguard workplace safety and inhibit further spreading of the virus. Thermal imaging cameras have now become an indispensable part of a surveillance equipment system for any business. Consequently, the emergence of COVID-19 pandemic has fueled the thermal imaging camera market growth during the forecast period.
Region wise, North America is a key contributor in the global thermal imaging camera market revenue. This is attributed to amplified spending on armed forces in the U.S. This increased spending is aimed at equipping the armed forces with advanced military gear, including these cameras, to efficiently conduct surveillance and security operations. Moreover, the region has major players offering advanced solutions.
This is attributed to extensive adoption of advanced technology by the region, which is expected to propel the market growth.
Key Findings Of The Study
- In 2020, the uncooled segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 8.1% during the forecast period.
- The industrial and aerospace & defense together accounted for around 50.0% of the global thermal imaging camera market share in 2020.
- The monitoring & inspection of the global market is projected to growth at a CAGR of 9.9% during the forecast period.
- Asia-Pacific contributed major share in global thermal imaging camera market, accounting for more than 45.0% share in 2020.
The key players profiled in the report include Baumer, Cognex Corporation, FLIR Systems, Inc., Basler, Keyence, Omron, Teledyne Group, TKH Group, and Sony Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the global thermal imaging camera market.