Global Thermal Camera Market Expected to Generate a Revenue of $11,332.2 Million and Grow at a Healthy CAGR of 6.79% over the Forecast Period from 2021 to 2030 [250-Pages] | Research Dive
The global thermal camera market is expected to see striking growth by 2030, owing to the rising demand for thermal cameras from the automotive & medical industries. Regionally, North America is expected to hold the maximum share of the market.
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Thermal Camera Market by Product Type (Handheld Cameras and Standstill Cameras), Application (Security & Surveillance, Monitoring & Inspection, and Detection & Measurement), End-use (Industrial, Aerospace & Defense, Automotive, and Others (Law Enforcement, Healthcare, and Marine)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030".
According to the report, the global thermal camera market is envisioned to garner a revenue of $11,332.2 million and rise at a CAGR of 6.79% during the estimated timeframe from 2021 to 2030.
Dynamics of the Thermal Camera Market
With the increasing demand for thermal cameras in the automotive industry to enable drivers to see in poor light and bad weather, the thermal camera market is predicted to experience progressive growth during the forecast period. Besides, the rising need for thermal cameras in the medical sector to diagnose various chronic diseases such as diabetic neuropathy, breast cancer, peripheral vascular diseases, and many more, is expected to foster the growth of the market over the estimated period. Moreover, the increasing implementation of breakthrough technology and rising investment in the R&D activities of thermal cameras are predicted to uplift the growth of the market during the analysis period. However, the strict restrictions placed on thermal camera vendors and manufacturers of many nations may hamper the growth of the market throughout the forecast timeframe.
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Covid-19 Impact on the Thermal Camera Market
The outbreak of the Covid-19 pandemic has had a negative impact on the thermal camera market. The complete lockdown imposed by the governments of many nations has interrupted the supply chain and the shutdown of manufacturing plants has delayed the production of materials used for thermal cameras. Moreover, the transportation restrictions imposed by the governments have interrupted the delivery of several useful materials all across the globe such as lenses, integrated circuits, retinas, and other components. All these factors have declined the growth of the market during the pandemic period.
Check out the Impact of COVID-19 on Thermal Camera Market. Schedule your call with an Expert Analyst
Segments of the Thermal Camera Market
The report has divided the market into segments based on type, application, end-use, and region.
- By type, the handheld cameras sub-segment is expected to generate the highest income during the forecast period. The increasing need for thermal cameras by army and navy soldiers to clearly see in extreme darkness, border surveillance, and law enforcement is expected to magnify the growth of the market sub-segment over the estimated timeframe.
- By application, the monitoring & inspection sub-segment is expected to continue a steady growth during the analysis period. The growing use of thermal cameras using IR technology by the oil & gas industry for condition monitoring and predictive maintenance is expected to propel the growth of the market sub-segment over the forecast period.
- By end-use, the aerospace & defense sub-segment is predicted to have the highest market share during the estimated period. The increasing demand for quick and high-resolution infrared cameras by the aerospace and defense industry for effective fault analysis is expected to fuel the growth of the market sub-segment during the analysis timeframe.
- By region, the North America region of the thermal camera market is expected to experience the fastest growth during the forecast timeframe. The strong presence of thermal camera manufacturers and increasing government initiatives in the military and defense sector are expected to drive the regional growth of the market over the analysis period.
Key Players of the Thermal Camera Market
The major players in the thermal camera market include
- FLIR Systems
- Fluke Corporation
- Leonardo
- L3HARRIS TECHNOLOGIES
- United Technologies
- Axis Communications
- BAE Systems
- Opgal
- Testo
- Thales group and many more.
These players are broadly working on the development of new business strategies and tactics such as partnerships and collaborations, mergers and acquisitions, and product development to procure a leading position in the global industry. – Inquire here to get access for the key manufacturers' Development strategic Report
For instance, in July 2021, Nightride, a leading manufacturer and provider of thermal imaging camera systems for cars and vehicles, announced its partnership with Team One Network, LLC, a representative group of dedicated manufacturers that provides first responders with the best products in the emergency vehicle equipment market. With this partnership, the companies aimed to offer a high-resolution thermal imaging system for night vision and safety.
In addition, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Thermal Camera Market:
- Global Thermal Camera Market to Reach Newer Heights with Rising Applications of Thermal Imaging in Various Industrial Applications
- 4 Surprising Applications of Thermal Cameras That You Didn't Know About
- Thermal Camera: A Single Device with Multiple Applications
- Dominance of Handheld Thermal Cameras in Security and Law Enforcement
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