Thermal Imaging Market to Exhibit 6.0% CAGR; High Demand from Healthcare Sector to Drive Growth: Fortune Business Insights(TM)
PUNE, India, April 7, 2020 /PRNewswire/ -- The global thermal imaging market is likely to gain impetus from the ever-increasing demand for thermal camera from the healthcare sector. They are used by doctors and physicians to record and capture temperature variations of the human body for proper diagnosis. These cameras deliver vast amount of data in the forms of videos and images. Those are then analyzed by healthcare providers to receive insights of the vascular and metabolic activities of a particular patient. This information is given in a recently published report by Fortune Business Insights(TM), titled, "Thermal Imaging Market Size, Share and Industry Analysis, By Technology (Cooled and Uncooled), By Product (Thermal Camera, Thermal Scopes and Thermal Module), By Wavelength (Shortwave Infrared (SWIR), Midwave Infrared (MWIR) and Longwave Infrared (LWIR)), By Application (Security and Surveillance, Monitoring and Inspection, and Detection and Measurement), By Vertical (Aerospace and Defence, Law Enforcement, Healthcare, Automotive, Oil and Gas, Residential, Manufacturing, and Others), and Regional Forecast 2019-2026." The report further mentions that the thermal imaging market size was USD 3.24 billion in 2018. It is projected to reach USD 5.16 billion by 2026, thereby exhibiting a CAGR of 6.0% during the forecast period.
This Report Answers the Following Questions:
-- What are the thermal imaging market trends?
-- How many growth drivers and hindrances would arise in the coming years?
-- Which are the top companies present in the market?
-- What are the effective strategies adopted by key players for propelling
sales?
-- How will the market be able to cope up with the changing consumer
behavior?
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
High Demand from Fire Service Industry to Augment Growth
Thermal imaging cameras are nowadays used rapidly in the fire service industry. They are utilized for the detection of objects, animals, and humans in smoky environment, as well as complete darkness. Several manufacturers are implementing different inorganic and organic strategies for creating and delivering innovative cameras to this industry. These cameras not only assist the firefighters in recusing trapped people, but also enhances personal safety and security. However, these cameras are equipped with very expensive in-built devices. It may obstruct the thermal imaging industry growth during the forthcoming years.
Segment-
Healthcare Segment to Grow Significantly Backed by Need for Disease Detection
Based on vertical, the market is divided into oil and gas, manufacturing, aerospace and defence, healthcare, residential, law enforcement, automotive, and others. Out of these, the healthcare segment held 9.5% thermal imaging systems market share in 2018. It would exhibit high growth owing to the rapid shift of clinicians towards cameras for detecting and treating numerous severe medical conditions, such as circulatory problems, repetitive strain injury, muscular pain, and arthritis. The aerospace and defence segment, on the other hand, is likely to showcase rising usage of thermal cameras for applications consisting of collision avoidance systems, ship guidance systems, and border surveillance.
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Regional Analysis-
North America to Dominate Stoked by Rising Development of Unique Camera
Geographically, the market is grouped into Europe, Asia Pacific, Latin America, the Middle East and Africa, and North America. Amongst them, North America generated USD 1.06 billion thermal imaging market revenue in 2018 and is set to lead throughout the forthcoming period. This growth is attributable to the increasing initiatives by reputed companies to develop state-of-the-art cameras equipped with novel features. Many such cameras possess standardized weatherproof thermal sensor modules, inbuilt calibrated thermal image sensors, and adjacent lenses to keep up with a wide range of industrial applications. Europe is expected to follow the footstep of North America and remain in the second position.
Asia Pacific is set to experience healthy growth owing to the ongoing development of the automotive industry in the emerging economies, such as India and Japan. The India Brand Equity Foundation (IBEF), for instance, stated that the Indian automotive sector is upsurging every year by 9.5%. It was 4.02 billion units in 2017. Besides, in various sectors, the number of awareness programs regarding thermal imaging is rising. It would also contribute to the growth of the market in this region.
Competitive Landscape-
Key Players Focus on Novel Product Launches to Gain Competitive Edge
Companies present in the market are striving persistently to launch innovative products in the market for broadening their portfolio and thus, driving sales. They are also adding several features in their cameras to upgrade the quality. Below are two of the most recent industry developments:
-- September 2019: Leonardo S.p.A., a multinational company specializing in
aerospace, defence, and security based in Rome, unveiled its latest
SLX-SuperHawk camera. It is equipped with the SuperHawk detector and is
made up of more than a million infrared pixels. It helps in making the
camera highly capable of fulfilling long-range targeting and
surveillance requirements in harsh environments.
-- June 2018: Fluke Process Instruments, provider of a wide range of
process imaging systems, launched its brand new high-performance
industrial thermal imager named ThermoView® TV40. It is mainly
developed for the most challenging climatic conditions. It delivers a
fully integrated solution for archiving and monitoring data as well as
controlling temperature.
List of the Key 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
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Detailed Table of Content
-- Introduction
-- Definition, By Segment
-- Research Approach
-- Sources
-- Executive Summary
-- Market Dynamics
-- Drivers, Restraints, and Opportunities
-- Emerging Trends
-- Key Insights
-- Macro and Micro Economic Indicators
-- Consolidated SWOT Analysis of Key Players
-- Global Thermal Imaging Market Analysis, Insights and Forecast, 2015-2026
-- Key Findings / Summary
-- Market Analysis, Insights, and Forecast - By Technology
-- Cooled
-- Uncooled
-- Market Analysis, Insights, and Forecast - By Product
-- Thermal Camera
-- Thermal Scopes
-- Thermal Module
-- Market Analysis, Insights, and Forecast - By Wavelength
-- Shortwave Infrared (SWIR)
-- Midwave Infrared (MWIR)
-- Longwave Infrared (LWIR)
-- Market Analysis, Insights, and Forecast - By Application
-- Security and Surveillance
-- Monitoring and Inspection
-- Detection and Measurement
-- Market Analysis, Insights, and Forecast - By Vertical
-- Aerospace and Defence
-- Law Enforcement
-- Healthcare
-- Automotive
-- Oil and Gas
-- Residential
-- Manufacturing
-- Others
-- Market Analysis, Insights, and Forecast - By Region
-- North America
-- Europe
-- Asia Pacific
-- Middle East & Africa
-- Latin America
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