Portable thermal imaging camera market
Thermal imaging cameras are essential for inspecting electronic devices during car maintenance. The use of various portable infrared thermal imaging cameras in automotive overhaul enables more efficient, faster and more accurate vehicle diagnostics. It is used to display subtle structural defects using temperature differences, providing diagnostic results. There is an increasing demand for portable thermal imaging cameras to detect faults in the engine, air conditioning system, braking system and others. Additionally, portable thermal imaging cameras are popularly used by the Army and Navy for border surveillance and law enforcement. Therefore, these factors are expected to drive the growth of the portable thermal imaging camera market during the forecast period
According to a new report published by Allied Market Research, titled ‘Handheld Thermal Imager Market’, the handheld thermal imaging camera market was valued at $3.7 billion in 2021 and is estimated to reach $9.1 billion by 2031, with a CAGR of 9.9% between 2022 and 2031.
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In 2021, the Asia Pacific region dominates the market in terms of revenue, followed by Europe, North America and LAMEA. China dominated the portable thermal imaging camera market in 2021, while India is expected to grow significantly over the forecast period. The growth of portable thermal imaging cameras is credited with increasing spending on military forces around the world. This increased expenditure is intended to equip the armed forces with advanced military equipment, including these cameras, to efficiently conduct surveillance and security operations. In addition, the region has major players that offer advanced solutions. This is attributed to the region’s extensive adoption of advanced technology, which is expected to drive market growth.
There are prominent key factors driving the growth of the portable thermal imaging camera market, such as the increase in the use of thermal imaging cameras for quality control and inspection, and the increasing use of thermal imaging cameras for safety and security. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil and South Africa are developing economies. Thus, the manufacturing, automotive and defense sectors are showing prominent growth in these countries, which is expected to provide lucrative opportunities for the market. Also, in some undeveloped countries, there is an increase in vehicle production and growth of the aviation sector, which is expected to boost the portable thermal imaging camera market.
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The portable thermal imaging camera market is segmented based on end-use industry, product type, application, wavelength type and region. By end-use industry, it is divided into defense, public safety, industrial and other. Per product type, this is divided into a cooled thermal imager and an uncooled thermal imager. By application, it is classified into security and surveillance, monitoring and inspection, and detection and measurement. By wavelength type, it is divided into LWIR, MWIR and SWIR. By region, the market is analyzed into North America, Europe, Asia Pacific and LAMEA.
Impact analysis of COVID-19
The impact of COVID-19 on the portable thermal imaging camera market is unpredictable and is expected to remain in effect for several years to come.
The outbreak of COVID-19 forced governments around the world to implement strict lockdowns and ban the import-export of raw materials for most of 2020 and several months in 2021. This led to a sudden decrease in the availability of key raw materials for the production of portable thermal imaging cameras.
In addition, the nationwide lockdown forced portable thermal imaging camera manufacturing facilities to partially or completely close their operations.
Disruptions in critical business activities such as manufacturing, supply chain constraints and reduced operational capacity have significantly delayed several existing defense modernization and new product development activities. The adverse effects of the COVID-19 pandemic have led to delays in activities and initiatives related to the development of advanced portable thermal imaging cameras worldwide.
The emergence of the COVID-19 pandemic has positively impacted the growth of the thermal imaging camera market. This is attributed to the increasing use of thermal cameras in crowded public places to monitor social distancing. Moreover, these cameras are widely used in various sectors such as healthcare, food and security. Thus, the surge in thermal camera installations during the pandemic has particularly contributed to market growth.
However, demand for thermal cameras from the manufacturing sector declined due to partial or complete lockdown in various regions around the world. However, the sudden outbreak of the COVID-19 pandemic has led industries to develop safety and health protection measures.
Thermal imaging has emerged as a contactless, cost-effective solution that is preferred to ensure workplace safety and prevent the further spread of the virus. Thermal imaging cameras have now become an indispensable part of a surveillance equipment system for any business. As a result, significant investments are being made in the purchase of thermal imaging cameras in workplaces
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KEY FINDINGS OF THE STUDY
In terms of end-use industry, the defense segment is expected to register significant growth during the forecast period.
By product type, the uncooled thermal imaging segment is expected to show significant growth in the future.
By application, the detection and measurement segment is expected to exhibit significant growth in the future.
By wavelength type, the SWIR segment is expected to exhibit significant growth in the future.
Regionally, Asia Pacific is expected to register the highest CAGR during the forecast period.
The key players operating in this portable thermal imaging camera market are American Technologies Network Corporation, Axis Communications AB, BAE Systems Plc., Elbit Systems Ltd., Fluke Corporation, L3Harris Technologies, Inc., Leonardo SpA, Opgal Optronic Industries Ltd., Raytheon Technologies Corporation, Safran SA, Seek Thermal Inc., Teledyne FLIR LLC, Testo SE & Co. KGaA, Thales Group and Thermoteknix Systems Ltd..
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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global corporations as well as medium and small businesses with unparalleled quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a purpose-driven vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
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