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Thermal Imaging Market 2020 | Covid-19 Impact Analysis on CAGR by key Players, Strategic Outlook and Forecast by 2027

The global thermal imaging market size is projected to reach USD 4.10 billion by the end of 2027. Increasing product applications in military and defense sector will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Thermal Imaging Market Size, Share & COVID-19 Impact Analysis, By Type (Handheld and Fixed/Mounted), By Technology (Cooled, Uncooled), By Product (Thermal Camera, Thermal Scopes, Thermal Module), By Wavelength (Shortwave Infrared (SWIR), Mid-wave Infrared (MWIR) and Longwave Infrared (LWIR)), By Application (Border Surveillance, Vehicle Targeting, C-UAS, Maritime & Coastal Surveillance, Critical Infrastructure, and Others), By Vertical (Aerospace and Defense, Law Enforcement, Healthcare, Automotive, Oil and Gas, Residential, Manufacturing, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 2.27 billion in 2019 and will exhibit a CAGR of 7.7% during the forecast period, 2020-2027.

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Thermal imaging is the process of converting infrared (IR) heat into visual images. This is mainly done to study the patterns of heat with respect to amount as well as measure of heat. The applications of thermal imaging across diverse industry verticals, including military and defense, medical, and life science will bode well for the growth of the overall market in the coming years. The presence of several large scale companies involved with the development of advanced tools associated with this will have a huge impact on market growth. The increasing investments in the research and development of thermal imaging are consequential to the rising product applications across the world. The rising demand for wireless temperature sensors will create a subsequent demand for these imaging tools in the coming years.

Covid-19 Pandemic Proving Beneficial for Thermal Imaging Companies

The recent coronavirus outbreak has created a sense of panic across the world. Accounting to the rapid spread of the disease, several countries have implemented strict measures, including lockdowns and social distancing practises. The massive investments in the efforts taken to curb the disease speak volumes about the severity of the disease. Although the mortality rate of the virus is not on the higher side, the number of cases is alarming. Several measures are being taken to identify the patients in public and work places. In such circumstances, thermal imaging tools play a massive role in detecting the temperature of people through a contactless procedure. Thus, the pandemic has created several growth opportunities for the companies operating in the global thermal imaging market in the past few months.

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Top Players Overview:

Fortune Business Insights™ presents a list of all the companies operating in the thermal imaging market. They are as follows:

  • BAE Systems (UK)
  • Workswell (Czech Republic)
  • Leonardo S.p.A. (Italy)
  • Thermoteknix Systems Ltd (UK)
  • Fluke Corporation (US)
  • Lynred (France)
  • FLIR Systems, Inc. (US)
  • Testo SE & Co. KGaA (Germany)
  • DALI Technology (China)
  • L3Harris Technologies, Inc. (US)
  • Seek Thermal (US)
  • Opgal (Israel)
  • Axis Communications AB (Sweden)
  • Other key market players

North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years.  The presence of several manufacturers in this region will have a huge impact on the growth of the regional market. The rising investment by government organizations in the integration of thermal sensors in military and defense purposes will bode well for the companies operating in this region. As of 2019, the market in North America was worth USD 721.9 million and this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific is projected to rise at a considerable pace increasing military expenditures by countries such as Japan, China, and India.

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