A night vision technique used to improve visibility of objects or humans in a dark environment by using objects infrared radiation or heat signatures to create an image using that information is known as thermal imaging.
A major factor driving growth of the global thermal imaging market is increasing demand for thermal imaging devices in security and surveillance application. In addition, increasing adoption from various sectors such as food and packaging and automotive is another factor fueling growth of the global thermal imaging market. A major factor hampering growth of the global thermal imaging market is high cost of thermal imaging devices.
On the basis of application, the global market is segmented into security & surveillance, monitoring & inspection, and detection. The security & surveillance segment accounts for highest share in the global market.
On the basis of industry verticals, the global market is segmented into industrial, commercial, residential, aerospace & defense, automotive, food & beverages, and others. The aerospace & defense segment accounts for highest revenue share in the global market. The automotive segment is expected to witness significant growth over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest share in terms of revenue in the global market. The Asia Pacific market is expected to witness highest growth in terms of revenue in the global market over the forecast period, owing to increasing investments in military and defense sector and increasing adoption of thermal imaging devices in security and surveillance application in residential sector in countries in this region.
Key players in the global market are Axis Communications, DRS Technologies Inc., Testo AG, BAE Systems Inc., FLIR Systems Inc., Thermoteknix Systems Ltd., Lockheed Martin Corporation, Raytheon Company, Sofradir EC, Inc., Danaher Corporation, Honeywell International Inc., and other prominent players.