The Global Thermal Imaging Market is estimated to witness a CAGR of 6% from 2018 to 2023.
Thermal imaging technology has been developed for military applications that provide soldiers with clear vision in low light conditions, such as in the evening or fogs, and military operations conducted at night. These technologies provide clear images on a display system through electronic signals that process the information gathered by the thermal imaging camera. The increased need for thermal inspections and monitoring in the military sector has led to increasing demand for the development of thermal imaging. The emergence of unmanned aerial vehicles in airborne thermal imaging will boost the market growth. The increased focus on technology advancement of thermal imaging will enable manufacturers to offer new growth opportunities to the market players. However, there are some shortcomings, such as export restrictions on military thermal imaging and additional detailing required for long wave infrared cameras, which will restrain the growth of this market. The market for thermal imaging market is estimated to witness a CAGR of 6% during the forecast period.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, the Middle East, and Latin America. In North America, the presence of thermal imaging product manufacturers and R&D centers in this region would boost the market. In the Asia Pacific region, there is a high demand for thermal imaging due to increasing deployment of thermal imaging technology in various military applications. There are several contracts have been done to bolster the growth of the market. In 2017, the Teledyne Technologies acquired E2v Technologies plc. to provide high performance image sensors, custom camera solutions, and application specific standard products for use in aerospace, space and communications applications. In 2016, FLIR Systems signed a contract with Hellenic Port Police to provide airborne thermal imaging systems for port security, coastal patrol, shipping protection, and general surveillance.
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The key players in global thermal imaging market are FLIR Systems Inc. (U.S.), Teledyne Technologies Inc. (U.S.), Lockheed Martin Corporation (U.S.), Leonardo (Italy), BAE Systems (U.K), L3 Technologies Inc. (U.S.), Thales Group (France), Sofradir (France), Raytheon Company (U.S.), Harris Corporation (U.S.), and General Dynamics Mission Systems Inc (U.S.).