The spread of coronavirus has impacted the global thermal camera market 2020, but in the latest study of Market Research Future reveals that the global market would expand at a pace of 10.8% (growth rate) and wouls strick a valuation of USD 13.78 Billion by 2025. With this, the market might create new ventures and opportunities, which can be predicted until the year-end of 2018-2025.
Top Market Players
Fluke Corporation, FLIR Systems Inc, InfraTec GmbH, Seek Thermal, Opgal Optronic Industries Ltd, Axis Communications AB, PCE Instruments, Jenoptik AG, LumaSense Technologies Inc, Mobotix AG, Optris GmbH, Spectric Plc, Ulirvision Technology Co Ltd, DIAS Infrared GmbH, Micro-Epsilon, HikVision Digital Technology Co, and 3M Scott are the top sorted market players contributing significantly to market growth.
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Top Impacting Factors
The global market for the thermal camera is witnessing high valuation owing to the factor of high demand in the entire commercial as well as the residential sector. Mass production of the thermal camera has led to the availability of cost-effective cameras. A surge in demand in a diverse range of application areas is the prime factor expected to motivate the thermal imaging systems market over the forecast period.
On the same note, technology innovation has also led to a higher development of microbolometers, which is expected to bring in more and more growth opportunities over the forecast period. Also, the development mentioned above has resulted in amplified commercialization of thermal imagers, thus anticipated to spur the demand.
Furthermore, the mounting demand in security and surveillance applications across private and public environments is also in line to motive thermal camera market growth. Also, rapid urbanization has mostly imposed high demand for additional advanced security solutions through these cameras. All these instances are to impact thermal camera market growth over the forecast period positively.
MRFR, in its study, has also mentioned that the rising demand for thermal cameras in the military and automotive sector is likely to compel the thermal imaging market over the coming years. The growing reputation of Unmanned Aerial Vehicles (UAVs) equipped with highly advanced video cameras in military & civilian operations is being witnessed as the technology aids in aircraft to fly in the darkness. This also helps in detecting the target through clouds and smoke. To add in this, the reduction in the standard selling price of these cameras and the integration of camera modules with Smartphones are also highly anticipating the industry to see high-end growth following the forecast period.
In the case of point, the development of ruggedized thermal imaging Smartphones, such as the Caterpillar Cat S61, allowed novices to use the device for its touch screen operability easily.
Segmentation of Market: Thermal Camera
The global thermal camera market is being segmented based on type, mobility, and application.
Among the type segment, the market has included a cooled IR detector and uncooled IR detector.
Among the mobility segment, the market has included handheld fixed/mounted.
Among the application segment, the market has included fault detection, building inspection, medical, law enforcement, astronomy, industrial process, meteorology, and others.
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Region-wise, the thermal camera market has been studied among the regions of North America, Europe, Asia-Pacific, and the rest of the world.
On account of the high demand for thermal cameras across several law enforcement activities, the North America thermal camera market is likely to materialize as the leading region. Also, the growth in both industrial and commercial sectors is likely to motivate the product demand over the estimated period. In fact, the growing defense expenditure by the U.S. government has driven the regional thermal imaging market growth. As claimed by the Stockholm International Peace Research Institute (SIPRI), the U.S. held the first position in military spending with a surge of 1.7% worldwide. The ongoing soldier modernization programs and a swell in the military expenditure to improve the scope for vision and weapon sights are positively impacting the market growth.
The escalating demand in surveillance and security applications is also anticipated to fuel the demand in the European region. The Asia-Pacific region is also in line to witness growth owing to the rising defense budget.
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