The thermal camera market has been gaining significant popularity over the past few years owing to the various advantages offered by these cameras such as reduced expenditure on lighting equipment and better image quality as compared to optical cameras. Thermal cameras capture infrared radiations emitted by objects and convert them into visual images based on temperatures. Key applications of thermal cameras include security and surveillance, thermography, non-destructive testing and evaluation, and firefighting among others. The growing need for improved security systems and the mandatory implementation of thermal cameras in industries and buildings have been driving the market growth.
The Global Thermal Camera Market is estimated to be valued at US$ 5.1 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the thermal camera market are FLIR Systems Inc., Seek Thermal, Axis Communications AB, Opgal Optronic Industries Ltd., Jenoptik AG, Fluke Corporation, PCE Instruments, Mobotix AG, LumaSense Technologies Inc., Spectronic Plc., Optris GmbH, Schneider Electric SE, DIAS Infrared GmbH, InfraTec GmbH, Ulirvision Technology Co. Ltd., HikVision Digital Technology Co., Micro-Epsilon, Caterpillar Inc., Bullit Mobile Ltd., and 3M Scott. FLIR Systems Inc. is one of the prominent players in the market with a wide range of offerings catering to various applications.
The demand for Thermal Camera Market Growth has been increasing significantly across various industries like automotive, healthcare, residential & commercial security, aerospace & defense, industrial, and others. The growing need for improved security and surveillance across public places and industries is a major factor boosting the adoption of thermal cameras.
Many companies are also focusing on expanding their global footprint, especially in developing regions of Asia Pacific and Middle East & Africa. For instance, In June 2021, Infratech acquired Indian thermal imaging solutions provider Engicam Synergy to strengthen its presence in India.
Market Drivers
The key factor driving the thermal camera market is the rising adoption across security and surveillance applications. Various critical infrastructure facilities and public places are installing thermal cameras for perimeter protection and 24/7 surveillance. The growing need to monitor large outdoor areas during day & night is further augmenting the demand. Moreover, strict government regulations in industries like oil & gas and building codes mandating thermal cameras are fueling the market growth. Rising investments by governing bodies worldwide to enhance public security through smart city development projects also offer lucrative opportunities. Continued technological innovations leading to miniaturization and improved features will further support the thermal camera market expansion over the coming years.
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