February 23, 2022 06:38 ET | Source: ReportLinker ReportLinker

New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermal Imaging Global Market Report 2022" - https://www.reportlinker.com/p06233731/?utm_source=GNW , XenICs, Hangzhou Hikvision Digital Technology Co. Ltd., Seek Thermal Inc., InfraTec GmbH, Cantronic Systems Inc., Raytheon Technologies and Zhejiang ULIRVISION Technology Co. Ltd. The global thermal imaging market is expected to grow from $5.56 billion in 2021 to $6.15 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.70 billion in 2026 at a CAGR of 9.1%. The thermal imaging market consists of the sales of thermal imaging technologies by entities (organizations, partnerships, and sole proprietors) that are used to improve the visibility of objects in a dark environment.Thermal imaging is a technology that gathers information about objects using infrared radiation and thermal energy to formulate images even in low visibility environments. It translates thermal energy emitted from objects into visible light to formulate images of them. The main types of products in thermal imaging are thermal cameras, thermal scopes, and thermal modules.Thermal imaging cameras are devices that translate thermal energy into visible light to analyze a particular object or scene. The different technologies include cooled, uncooled, and involves various types of wavelength such as shortwave infrared, mid-wave infrared, long-wave infrared. The different applications include thermography, surveillance, personal vision systems, firefighting, smartphones (ruggedized), others and are used in various areas such as aerospace and defense, law enforcement, healthcare, automotive, oil and gas, residential, manufacturing, others. North America was the largest region in the thermal imaging market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. Increasing government expenditure in the aerospace and defense sector is significantly driving the growth of the thermal imaging market.Thermal imaging technology assists in the surveillance and observation of things in the aerospace and defense industries, which require additional surveillance. For instance, the national government has allotted $62.76 billion (Rs 4,71,378 crore) to the Ministry of Defence for the year 2020-21. The Ministry of Defense received the biggest budgetary allocation among any central government ministry. Defense spending accounts for 15.5% of the central government’s budget in 2020-21. Technological advancement is a key trend gaining popularity in the thermal imaging market.Major companies operating in the thermal imaging sector are focused on developing new technological solutions to strengthen their position. For instance, in May 2020, Honeywell, a US-based conglomerate company launched ThermoRebellion temperature monitoring solution based on advanced, infrared imaging technology and artificial intelligence algorithms.This AI-driven thermal imager identifies elevated body temperatures, assisting in the safety of people and places, as well as determining whether people are wearing the appropriate personal protection equipment. The Honeywell ThermoRebellion temperature monitoring solution can be instantly put at the entrance to a stadium, airport, factory, distribution center, and other commercial building to discover whether employees have an excessive face temperature. In May 2021, Teledyne Technologies Incorporated, a US-based company that provides technologies for industrial growth acquired FLIR Systems Inc. for $8.2 billion. Through this acquisition, FLIR will be part of Teledyne’s Digital Imaging division and will operate under the moniker Teledyne FLIR. Teledyne FLIR will offer an extensive spectrum of unmanned systems and imaging payloads in all sectors, from the deep sea to deep space. FLIR Systems Inc. is a US-based company that designs and manufactures thermal imaging infrared cameras. The countries covered in the thermal imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: https://www.reportlinker.com/p06233731/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________