""Thermal Camera Market is valued at USD 3.92 Billion in 2018 and expected to reach USD 6.41 Billion by 2025 with the CAGR of 7.29% over the forecast period.""
Global Thermal Camera Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2025- Increasing demand for non-destructive inspection devices to ensure public safety, new advances in image processing technology, higher military expenditure and falling prices of infrared cameras are the major factors fuelling the growth of Global Thermal Camera Market .
Thermal cameras convert thermal energy into visible light to analyze surroundings behavior. These cameras are important devices which are used in various environments. Thermal imaging cameras were used in the Korean War and was first developed for the military purpose. Since then, it was used by firefighters, electricians, law enforcement and rescue teams in disaster areas. It is also used widely in building inspection, maintenance, and optimization. A thermal camera captures and creates an image of an object by using infrared radiation emitted from the object in a process that is known as thermal imaging. Thermal cameras have user selectable multiple color palettes like black, white, iron or rainbow. The iron palette is mostly used by home inspectors and rainbow palette has the great thermal sensitivity for showing the differences in temperature range.
Global Thermal camera market is segmented on the basis of type, industry vertical and by region & country level. Based on type, the thermal camera market is segmented into active receiving and passive receiving. Based on industry vertical, thermal camera market is segmented into military and defense, manufacturing, consumer electronics, aviation, construction and others.
The regions covered in this thermal camera market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of thermal camera market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key players of the thermal camera market are,
Global Thermal Camera Market Dynamics-
Increasing demand for non-destructive inspection devices to ensure public safety, new advances in image processing technology, higher military expenditure and falling prices of infrared cameras are some of the major factors fuelling the demand for thermal cameras in a wide variety of environments. The cost of infrared cameras continuously came down, while their performance keeps improving, so the users have inclined toward adopting such types of devices. According to the Stockholm International Peace Research Institute (SIPRI), the total world military expenditure grew to USD 1822 billion in 2018, representing an increase of about 2.6 % from 2017. China is the second largest spender in the world, increased its military expenditure by 5.0% to USD 250 billion in 2018. Furthermore, thermal camera demand has spurred due to the rise in research and development activities such as temperature measurement in the fields of maintenance and management of roads and structures such as factories. However, the maintenance cost is relatively higher and thermal imaging cannot see through glass because of the reflective properties of the material. This factor may obstruct the growth of this market. In spite of that, many industrial companies, defense sector and health organizations will adopt thermal imaging technology to protect their assets, personnel and this can provide lucrative opportunities in the coming years.
North America is Expected to Dominate the Global Thermal Camera Market
North America is expected to dominate the global thermal camera market due to the rising R&D activities in science community, higher defense spending and rapid expansion of automobile industry that invests more in research and development than any other industry to produce more safer and higher performing automobiles in this region. Military spending is the second leading area in the federal budget after Social Security. For example; in 2020, the U.S. military spending is about USD 934 billion and military spending is valued to account for around 54% of all federal discretionary spending. Asia pacific is growing at a highest CAGR in the global thermal camera owing to the rapidly growing industrialization, development of new construction infrastructure and increasing growth of glass industry in this region. The thermal camera is extensively used by Asian countries as a line-scan camera in the field of sheet glass production.
Key Benefits for Global Thermal Camera Market Report–
Global market report covers in depth historical and forecast analysis.
Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
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Regional & Country Analysis:
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa