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The Global Thermal Camera Market Anticipated to Generate a Revenue of $19,303.9 Million, Growing at a CAGR of 10.2% from 2021 to 2028

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The global thermal camera market size is estimated to be valued at $19,303.9 million by 2028, surging from $9,345.1 million in 2020, at a CAGR of 10.2%.

COVID-19 Impact on the Thermal Camera Market

During the COVID-19 pandemic, the global thermal camera market trends are projected to be moderately impacted. This is due to the implementation of curfews by government agencies in most countries. Various raw material firms in emerging countries like India and Japan have closed due to lock down imposed by government bodies.

However, the market has risen dramatically in recent years due to the demand for thermal cameras as they detect temperature of bodies from far without any contact.

Global Thermal Camera Market Analysis

Increased government financing for the implementation of thermal cameras is among the key major driving factors of thermal camera market's growth. Increased use of thermal cameras for security & surveillance, a high rapid adoption of thermal imaging cameras in the manufacturing and services sectors to ensure quality, and increased investments in thermal imaging camera deployment by governments of various countries are all significant factors influencing the global thermal camera industry's growth. Increasing use of integrated solutions across commercial applications will also help the industry grow.

Restrictions on the suppliers and manufacturers of thermal camera by countries like the US might limit the growth of the market. Furthermore, the market's growth is projected to be limited by high capital and maintenance costs. Infrared cameras rely on expensive sensors, and as a result, the finished product is more expensive, posing a hindrance to the market's growth. Thermal fluctuations are measured using infrared cameras. Infrared cameras often fail to identify the difference between objects with the same temperature range, resulting in erroneous readings.

Thermal imaging cameras, on the other hand, are gaining popularity in the business sector, which is projected to provide lucrative chances for the global market to expand over the forecast period. Thermal cameras with detectors are used for a variety of applications, including home automation, security, fire detection, and gas detection. Thermal cameras were originally designed for military use, but they are increasingly employed for civilian reasons as well.

Global Thermal Camera Market, Segmentation

The global thermal camera market is segmented based on product type, application, end-use, and region.

Product Type:

The product type sub-segment is further classified into handheld and standstill. The handheld camera sub-segment is predicted to have a dominating market share in the global market and register a revenue of $12,498.6 million during the forecast period.

The handheld category is predicted to earn the most income due to its portability and ease of use. The growth is due to the inclusion of thermal imaging equipment in cellphones. Soldiers can see well in full darkness with handheld thermal cameras, giving them a tactical advantage in the field. The army and navy also use handheld thermal imaging for border surveillance and law enforcement.

Application:

The application segment is further divided into security & surveillance, monitoring & inspection, and detection & measurement sub-segments of which the monitoring & inspection sub-segment is projected to grow at a faster CAGR during the forecast period. It is predicted that the market shall generate a revenue of $6,004.4 million by 2028, growing from $2,817.3 million in 2020, with a CAGR of 10.7%.

Infrared technology offers an advantage over traditional visual inspection and other procedures since it does not involve contact with the equipment being monitored. Temperature fluctuations are proportional to thermal radiation. In other words, when a component's temperature increases, so does the amount of radiation it emits. Thermal cameras must be used to inspect components because this type of radiation is an electromagnetic wave that cannot be seen with the human eye. These elements are predicted to aid the segment's expansion.

End-use:

The end-use segment is further divided into industrial, aerospace & defense, automotive, and others. The aerospace & defense sub-segment is predicted to have a dominating market share in the global market and register a revenue of $7,370.5 million during the forecast period.

Precision quality control is required in the aircraft industry due to the usage of lightweight composite materials and other lightweight building technologies. For this purpose, active heat flow thermography is becoming increasingly common. Using quick and high-resolution infrared cameras, various activation and analysis methods allow efficient fault analyses, even inside materials or the structure.

Region:

The market for thermal camera in North America is anticipated to produce the maximum revenue during the forecast time period and reach $7,820.0 million by 2028, from $3,924.0 million in 2020.

North America is estimated to dominate the market in terms of share throughout the forecast period. This increase is due to the presence of a significant number of device manufacturers and providers. The market's expansion has also been aided by the government's increased spending in the military and defense sector. These are only a few of the factors that are propelling market expansion in North America.

Key Players in the Global Thermal Camera Market

Some of the leading global thermal camera market players are

  1. FLIR Systems
  2. Fluke Corporation
  3. Leonardo
  4. L3HARRIS TECHNOLOGIES
  5. United Technologies
  6. Axis Communications
  7. BAE Systems
  8. Opgal
  9. Testo
  10. Thales group.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Thermal Camera Market:

  • Bargaining Power of Suppliers: Thermal camera market contains huge concentration of distributors and suppliers and hence, the distributors and supplier control is expected to be high, resulting in higher bargaining power of dealers.
    Hence, the bargaining power of the supplier is low.
  • Bargaining Power of Buyers: Buyers will have high bargaining power, significantly because of high players operating in the thermal camera market.
    Hence, the bargaining power of the buyer is high.
  • Threat of New Entrants: In the modern world, new entrants may face multiple new barriers, like legal and government policies.
    Hence, the threat of the new entrants is moderate.
  • Threat of Substitutes: There are few alternate products for thermal camera.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: Robust presence of key players such as L3HARRIS TECHNOLOGIES, United Technologies, and Axis Communications is creating massive rivalry in the local as well as international market. Also, high spending on business expansion and strategic tie-ups are some of the main factors rising competitive rivalry among the companies.
    Thus, the competitive rivalry in the market is high.
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