Thermal Imaging Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
The Business Research Company’s Thermal Imaging Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, January 31, 2022 /EINPresswire.com/ -- Increasing government expenditure in the aerospace and defense sector is significantly driving the growth of the global 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.The global thermal imaging market size 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 in the market 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 thermal imaging market share is expected to reach $8.70 billion in 2026 at a CAGR of 9.1%.
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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.
Technological advancement is gaining popularity in the thermal imaging market. Thermal imaging market trends include major companies operating in the thermal imaging sector 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.
Major players covered in the global thermal imaging market are Teledyne Technologies Incorporated, Fluke Corporation, Leonardo S.p.A., Axis Communications, BAE Systems, Opgal Optronic Industries Ltd., Testo SE, Thermoteknix Systems Ltd., XenICs, Hangzhou Hikvision Digital Technology Co. Ltd., Seek Thermal Inc., InfraTec GmbH, Cantronic Systems Inc., Raytheon Technologies, and Zhejiang ULIRVISION Technology Co. Ltd.
TBRC’s global thermal imaging market report is segmented by type into thermal cameras, thermal scopes, thermal modules, by technology into cooled, uncooled, by wavelength into shortwave infrared, mid wave infrared, long wave infrared, by application into thermography, surveillance, personal vision systems, firefighting, smartphones (ruggedized), others, by vertical into aerospace and defense, law enforcement, healthcare, automotive, oil and gas, residential, manufacturing, others.
Thermal Imaging Global Market Report 2022 – By Type (Thermal Cameras, Thermal Scopes, Thermal Modules), By Technology (Cooled, Uncooled), By Wavelength (Shortwave Infrared, Mid Wave Infrared, Long Wave Infrared), By Application (Thermography, Surveillance, Personal Vision Systems, Fire Fighting, Smartphones (Ruggedized)), By Vertical(Aerospace And Defense, Law enforcement, Healthcare, Automotive, Oil And Gas, Residential, Manufacturing) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a thermal imaging market overview, forecast thermal imaging market size and growth for the whole market, thermal imaging market segments, geographies, thermal imaging market trends, thermal imaging market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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