July 13, 2022 08:36 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 13, 2022 (GLOBE NEWSWIRE) -- The global thermal imaging market size is projected to reach USD 4.10 billion by the end of 2027. Increasing product applications in military and defense sector will emerge in favor of market growth. According to a report published by Fortune Business Insights, Forecast, 2020-2027,” the market was worth USD 2.27 billion in 2019 and will exhibit a CAGR of 7.7% during the forecast period, 2020-2027.
February 2020: - FLIR Systems, Inc. launched FLIR A8580 series of thermal cameras designed for military, science, industrial, and product research and development (R&D) applications. This solution records blur-free views of high-speed objectives, provides a broad variety of accuracy, manual and motorized lenses, and works effortlessly with the new FLIR thermal analysis software.
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Thermal Imaging Market is the process of converting infrared (IR) heat into visual images. This is mainly done to study the patterns of heat with respect to amount as well as measure of heat. The applications of thermal imaging across diverse industry verticals, including military and defense, medical, and life science will bode well for the growth of the overall market in the coming years. The presence of several large scale companies involved with the development of advanced tools associated with this will have a huge impact on market growth. The increasing investments in the research and development of thermal imaging are consequential to the rising product applications across the world. The rising demand for wireless temperature sensors will create a subsequent demand for these imaging tools in the coming years.
Rising Digitization Amid Pandemic to Propel Growth
The COVID-19 pandemic has positively impacted the Thermal Imaging Market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.
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Constant Product Innovations by Large Scale Companies Will Emerge in Favour of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market in recent years. Accounting to the huge demand for contactless temperature sensors across the world, several large scale companies are focused on introducing innovative concepts that will catch attention of large scale investors across the world. In September 2019, Leonardo S.p.A. announced the launch of a new thermal imaging camera with longer life. The SLX Super-Hawk is a long-life cooler with the ability to produce high-resolution images in darkness. The company claims that it provides 40,000 hours of engine life. The product was introduced with the aim of capitalizing on the rising demand for thermal and heat sensors during the Covid-19 pandemic.
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several manufacturers in this region will have a huge impact on the growth of the regional market. The rising investment by government organizations in the integration of thermal sensors in military and defense purposes will bode well for the companies operating in this region. As of 2019, the Thermal Imaging Market in North America was worth USD 721.9 million and this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific is projected to rise at a considerable pace increasing military expenditures by countries such as Japan, China, and India.
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List of Key Companies profiled in Thermal Imaging Market:
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