The Thermal Camera Market Projected to Grow at a CAGR of 6.79% and Generate a Revenue of $11,332.2 million by 2030Download Sample Reports Overview
The global thermal camera market size is predicted to garner a revenue of $11,332.2 million by 2030, growing from $6,200 million in 2021, at a healthy CAGR of 6.79%.
Impact Analysis of COVID-19 on the Thermal Camera Market
Expansion of the thermal imaging camera market has been positively impacted by the COVID-19 pandemic. This is due to rise in usage of infrared cameras in busy public areas. Additionally, it is extensively used in a variety of industries, including security, food, and health. Thus, increase in thermal camera installations during the pandemic has been a significant factor in the market expansion. Demand for thermal cameras was moderately impacted during the COVID-19 pandemic. This is due to implementation of curfews by governments of various countries across the globe. Several raw material firms in countries such as India and Japan had closed down due to various restrictions imposed by government bodies.
However, revenue growth of the market has increased in recent years due to rising demand for thermal cameras as they detect temperature of bodies from a distance without any contact.
Global Thermal Camera Market Analysis
The thermal camera market revenue growth is expected to increase during the forecast period, owing to increased government funding for installation of thermal cameras. Increased use of thermal cameras for security and surveillance, rapid adoption of thermal imaging cameras in the manufacturing and service sectors to ensure quality, and increased investments in thermal imaging camera deployment by governments of various countries are major factors driving revenue growth of the global market. Increasing use of integrated solutions in commercial applications would also aid the market development.
The U.S. Federal Government has placed export restrictions on thermal imaging cameras, thermal cameras, and thermal sensors under the International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR). The U.S. Department of State is in charge of ITAR regulations, whereas the Department of Commerce is in charge of EAR regulations. Sensor size and pixel pitch are used to impose these limitations on gadgets. Thermal camera manufacturers are prohibited from selling their products to buyers in the U.S. or overseas without first obtaining an export license, and they will face penalties if they fail to comply with the rules.
Thermal imaging cameras, on the other hand, are gaining traction in the commercial world, and the global market is expected to expand significantly over the next few years. Home automation, security, fire detection, and gas detection are just a few of the uses for thermal cameras and detectors. Thermal cameras were originally developed for military usage, but they are now being used more frequently in civilian sites. Rugged thermal cameras are being more widely used in the healthcare, which could lead to profitable growth prospects. Since then, thermal imaging cameras have been employed in an increasing range of medical applications. Detection of breast pathology, such as breast cancer, fibrocystic breast disease, and mastitis, is one of the most commonly used applications of thermography. For instance, Raynaud's illness, which causes persistent pain and cold hands, can be detected via thermography enabled by thermal cameras.
Global Thermal Camera Market, Segmentation
The global thermal camera market is segmented based on product type, application, end-use, and region
The product type segment is further classified into handheld cameras and standstill cameras. Out of which, the handheld cameras sub-segment is anticipated to have a dominant market share during the forecast period. The handheld cameras sub-segment is predicted to produce the highest revenue due to its portability and simplicity of use. Thermal cameras can also be used to identify heat sources in extreme dark or otherwise occluded conditions as they measure infrared radiation rather than visible light. The handheld camera rise can be attributed to inclusion of infrared imaging equipment in telephones. Soldiers with handheld thermal cameras have a tactical advantage in the field as they can see clearly in extreme darkness. Handheld thermal imaging is also used by the army and navy for border surveillance and law enforcement.
The application segment has been divided into security & surveillance, monitoring & inspection, and detection & measurement. Out of which, the monitoring & inspection sub-segment is projected to grow at the fastest CAGR during the forecast period.
Thermal cameras with infrared (IR) technology are widely utilized in the oil & gas industry for condition monitoring and preventative maintenance. As it does not require touching the equipment for being monitored, IR technology has an advantage over traditional visual inspection and other methods. The amount of radiation emitted by a component changes in response to its temperature. As the amount of radiation and its spectrum depends on the temperature, it is sometimes called thermal radiation or heat radiation.
Industrial, aerospace & defense, automotive, and others are the sub-segments of the end-use segment. During the projection period, the aerospace & defense sub-segment is expected to have a dominant market share.
Due to the use of lightweight composite materials and other lightweight building technologies, precision quality control is necessary in the aircraft sector. Active heat flow thermography is being used more for this purpose. Various activation and analysis technologies, such as using rapid and high-resolution infrared cameras, allow for speedy fault assessments, even inside materials or structures.
Over the forecast period, Asia-Pacific is projected to be the fastest growing region. The market in this region will be driven by increased military expenditure to modernize their military armaments, which is predicted to drive market revenue growth. China is currently the second-largest country in the world, with a considerable military budget.
Key Players in the Global Thermal Camera Market
Some of the leading global thermal camera market players are
- FLIR Systems
- Fluke Corporation
- L3HARRIS TECHNOLOGIES
- United Technologies
- Axis Communications
- BAE Systems
- Thales group.
In April 2021, Opgal, introduced the EyeCGas small, an integrated uncooled thermal and gas imaging camera. This camera is an android-based gadget specifically made for OGI applications, and it provides increased consumer access for Leak Detection and Repair (LDAR) applications.