1st April 2020 – The global
thermal imaging market
size was valued at USD 3.2 billion in 2012 and is poised to reach USD
6.50 billion by 2020, with a CAGR of 9.1%. High demand of thermal
imaging across residential and commercial sector is expected to fuel
market growth. Cost effective cameras are available easily due to mass
production. Moreover, wide scale use of cameras across diverse range of
application is expected to drive market growth over the forecast period.
Technological innovation leading to
development of micro bolometers is expected to open up several growth
opportunities over the forecast period. Micro bolometer has led to high
commercialization of thermal imagers and is projected to fuel demand for
global thermal imaging market.
Growing need of cameras in surveillance
and security applications across public and private sectors is expected
to drive market growth. Moreover, with the need for increased security
among citizens, the market is expected to experience substantial growth
over the forecast period. High investment in infrastructure development
along with growing demand for professional surveillance is projected to
bolster growth for the industry. However, decline in defence budgets of
many countries such as Italy, France, U.S., and Canada would hinder the
market growth over the forecast period.
Thermal imaging is primarily used in
industrial, residential, commercial and military & defence
applications. Thermal imagers are used to monitor critical manufacturing
processes, detect hot spots in mechanical or electrical installation in
industries. Commercial applications comprise of building diagnosis and
airport security. Furthermore, it is widely used in numerous security
applications. Residential sector is expected to witness substantial
growth owing to availability of low cost devices and high product
penetration. Thermal imaging helps in reduce time-consuming and costly
investigations and is used to conduct detection of moisture in walls,
ceiling, roofs, plumbing leaks or blockages and energy audits.
North America is expected to emerge as
the dominant regional market owing to high demand for thermal imaging
devices across several law enforcement activities. Furthermore, growth
across both commercial and industrial sectors is projected to drive
product demand over the forecast period. Rising demand in surveillance
and security applications is projected to fuel demand in Europe. Owing
to rising defense budget in Asia-Pacific, the region is projected to
grow substantially.
Some of the major players in the industry
are Raytheon Company, FLIR system Inc., BAE systems Inc., and DRS
technologies Inc. Constant price wars and high competition among the
companies is a characteristic of the market. High importance is laid on
developing advanced and cost effective apartments by companies. Product
differentiation also forms a key part of business growing strategy. FLIR
systems Inc. expanded its portfolio by introducing smartphone with
thermal imaging ability. Other players in the industry are Axis
Communications, Honeywell, Nippon Avionics, Safran, Lockheed Martin,
Sofradir EC Inc., Ulis, Testo AG, and Thermoteknix Systems Ltd.
Manufacturer focus primarily on
innovation of new technologies and unique products, global deployment,
and building capacities to design for large volumes and also reduce
production cost. Vertically integrated operations help companies to
emphasize on enhancing control on multiple production inputs, customer
service and rapid product development cycle. The industry is also
characterized by high degree of vertical integration between
manufacturers and suppliers.
Companies are able to maintain control
over component technologies using vertical integration. Moreover, an
integrated approach enables manufacturers in achieving lower improved
functionalities and lowering costs. This approach minimizes dependency
on third party suppliers for critical components facilitating companies
to meet critical deadlines. FLIR system built a manufacturing model
which was vertically integrated in order to optimize its manufacturing
output and reduce dependence on third party vendors for supply of
critical components.
Manufacturers emphasize on vertically
integrating operations including global deployments such as designing
large production volumes, innovating new technologies and differentiated
products and simultaneously lowering production costs by providing
better customer service, rapid development cycles and controlling
multiple production inputs. Vertical integration in companies offers
better control over key component technologies in addition to lowering
manufacturing costs and refining operational competencies. This adds
value to supply chain operations by making it much more efficient. It
also companies in delivering products in a timely and cost effective
manner thereby reducing dependency on third party suppliers that deliver
critical components aids in minimizing the dependence of manufacturers
on third-party supplier for critical components. A vertically integrated
manufacturing model was built by FLIR systems to achieve the above
mentioned goal.
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