The IR and Thermal Imaging Systems market was valued at USD 5.81 billion in 2020 and is expected to reach USD 10.21 billion by 2026 and grow at a CAGR of 9.84% over the forecast period (2021 - 2026). Infrared and thermal imaging systems have witnessed a paradigm shift in recent years, due to their increasing use in military and defense applications.
Key Market Trends
Industrial Applications are Expected to Have a Major Market Share
Thermal imaging has initiated substantial inroads into other types of applications, such as uncooled microbolometer-based detectors. These sensors have a long-wave infrared band from 7.5 to 14 µm. Microbolometers are cheaper, smaller in size, lighter in weight; all these attributes while possessing immediate power-up capabilities, decreased power consumption, longer means the time between failures and are comparatively better than traditional bolometers.
The automotive industry uses thermal imaging as part of the safety system (E.g., identification of animals or humans on the road and warn the drivers before they encounter these potential hazards). Rear-view visibility systems (backup cameras) are now becoming mandatory on all new light vehicles sold in the United States. With autonomous vehicles coming into the picture, this technology can facilitate the automatic breaking by distinguishing based on object size.
North America to Hold a Significant Market Share
Latest technological breakthroughs have facilitated the advancement of new IR and thermal imaging systems that can make the overall processes more efficient and can significantly improve accuracy in various applications.
There have been a series of new product launches, mergers, and acquisitions in North America to take advantage of this opportunity. The major driver behind the investments has been the overall evolution and application of new technologies to unlock a huge number of volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom over the forecast period.
For instance, L-3 Communications majorly based out in the United States launched its latest Warrior Systems (ALST) and has signed a contract to deliver ground laser target designators to the Republic of Korea. L-3 released its latest Scarab system (a laser designator armed with rangefinding and an IR thermal imager), which is providing exact target designation during the day, night and in all battlefield conditions. The contract value is approximately USD 30 million.
Competitive Landscape
The manufacturers are undertaking mergers and acquisitions to gain a competitive advantage. They are expecting for better opportunities to improve product innovation and achieve expertise.
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- With global tensions rising at a significant pace, countries, to tackle global-political instabilities and to fortify their military power, are investing heavily in IR and thermal imaging systems, driving the demand for these systems.
- With advancements in technologies, companies have miniaturized IR and thermal imaging sensors, making them highly efficient and portable and increasing their ease of use. Handheld IR and thermal imaging systems are gaining traction for their portability, with this segment finding its applications in various industry verticals, such as hospitals, saving repair times and heating costs.
- Lack of awareness about the emerging applications of the technology is expected to act as a restraint for this market.
Key Market Trends
Industrial Applications are Expected to Have a Major Market Share
Thermal imaging has initiated substantial inroads into other types of applications, such as uncooled microbolometer-based detectors. These sensors have a long-wave infrared band from 7.5 to 14 µm. Microbolometers are cheaper, smaller in size, lighter in weight; all these attributes while possessing immediate power-up capabilities, decreased power consumption, longer means the time between failures and are comparatively better than traditional bolometers.
The automotive industry uses thermal imaging as part of the safety system (E.g., identification of animals or humans on the road and warn the drivers before they encounter these potential hazards). Rear-view visibility systems (backup cameras) are now becoming mandatory on all new light vehicles sold in the United States. With autonomous vehicles coming into the picture, this technology can facilitate the automatic breaking by distinguishing based on object size.
North America to Hold a Significant Market Share
Latest technological breakthroughs have facilitated the advancement of new IR and thermal imaging systems that can make the overall processes more efficient and can significantly improve accuracy in various applications.
There have been a series of new product launches, mergers, and acquisitions in North America to take advantage of this opportunity. The major driver behind the investments has been the overall evolution and application of new technologies to unlock a huge number of volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom over the forecast period.
For instance, L-3 Communications majorly based out in the United States launched its latest Warrior Systems (ALST) and has signed a contract to deliver ground laser target designators to the Republic of Korea. L-3 released its latest Scarab system (a laser designator armed with rangefinding and an IR thermal imager), which is providing exact target designation during the day, night and in all battlefield conditions. The contract value is approximately USD 30 million.
Competitive Landscape
The manufacturers are undertaking mergers and acquisitions to gain a competitive advantage. They are expecting for better opportunities to improve product innovation and achieve expertise.
- March 2018: FLIR Systems Inc. collaborated with the drone industry leader, DJI Innovations. The companies plan to proceed with their first joint product; the DJI Zenmuse XT stabilized the camera. Additionally, DRS Technologies’ highly anticipated 10-micron pixel pitch infrared detector has been adequately validated to select defense industry, prime contractors.
- March 2018 - ULIS bolometers set a new response-time record (measured using the Thermal Time Constant) without compromising their state-of-the-art pixel sensitivity.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Flir Systems Inc.
- L-3 Communications Holdings
- ULIS
- Lockheed Martin
- Bae Systems PLC
- Leonardo DRS
- Elbit Systems Ltd.
- Raytheon
- Sofradir Group
- Thermoteknix Systems Ltd.
Methodology
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