The thermal imaging market report constitutes of revenues from hardware, software and services provided via thermal imagers. Overall market size is found by adding up the market size of various components, namely, thermal cameras, sensors and detectors for Original Equipment Manufacturers (OEMs), thermal imaging software, and services such as veterinary, residential and commercial building surveys, landfill site investigations, cold storage surveys, electrical surveys and many others.
Though these markets can exist independently, but the playing fields are the same. For example, there are applications in surveillance, threat detection, personal vision, veterinary, surveys, radiology, intelligent transportation systems, predictive maintenance, smart phones or personal vision, automation, automotives and others, for the thermal imaging market.
Among all applications of thermal imaging, surveillance for critical infrastructure protection and military & defense accounts for highest market share during the forecast period.
Few high growth markets are:-
- Thermal imaging services: surveys for building diagnostics, energy auditing, radiology, veterinary
- Automotives: Thermal cameras/sensors encapsulated within cars and heavy vehicles
- Threat detection: Detection of chemical, biological, radiation or explosive threat
- Automation: predictive maintenance of electrical equipments, mechanical plants, solar panels, data centers
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One challenge that may hamper the expected double digit growth of this market is decline in defense budgets. In 2012, the decline in the U.S. defense spending impacted some of the leading thermal imaging companies which had dependence on the U.S. government including FLIR and many others. The 6 percent fall in the U.S. military spending in 2012 resulted in two percentage point fall in the global share. This factor coupled with an indication of reducing the defense budget of emerging economies such as India may act as a restraint against high expected growth rates in the near future.
There are various assumptions also that have been taken into consideration for market sizing and forecasting exercise. A few of the global assumptions include political, economic, social, technological and economic factors. For instance, exchange rates, one of the economic factors, are expected to have moderate rating of impact on this market.
Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.
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The report will help the market leaders/new entrants in this market in the following ways –
- This report segments the market into solutions and applications covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across the different end users and regions.
- This report will help them better understand the competitor and gain more insights to better position their business. There is a separate section on competitive landscape, including competitor ecosystem and mergers and acquisition. Besides, there are company profiles of 15 top players in this market. In this section, market internals are provided that can put them ahead of the competitors.
- The report helps them understand the overall growth of the market. The report provides information on key market drivers, restraints, challenges, and opportunities.
There is an ongoing tussle among the eminent players such as FLIR Systems, Axis Communications, BAE Systems, Raytheon, L-3 Communications, Testo AG and Honeywell in the thermal imaging market.
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