Pune, June 29, 2020 (GLOBE NEWSWIRE) -- The global thermal camera market size is projected to reach USD 3,642.8 million by 2027, exhibiting a CAGR of 8.6% during the forecast period. Urgent need for speedy body temperature check in people during the coronavirus pandemic is expected to propel market growth, observes Fortune Business Insights™ in its latest report, titled “Thermal Camera Market Size, Share and COVID-19 Impact Analysis, By Product (Handheld, Mounted, and Scopes and Goggles), By Technology (Cooled, Uncooled), By Application (Monitoring and Inspection, Security and Surveillance, Detection and Measurement, Search and Rescue Operations), By End-use (Military and Defense, Industrial, Commercial, Healthcare and Life Sciences, Residential, Automotive, and Oil and Gas) and Regional Forecast, 2020 – 2027”.
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The report states that the value of the market stood at USD 1,888.5 million in 2019. The report also offers the following:
In-depth impact analysis of the COVID-19 outbreak on this market;
Comprehensive analysis of the market drivers and opportunities;
Detailed study of all the market segments;
Careful examination of the regional prospects and competitive landscape shaping market growth.
Thermal cameras can facilitate quick detection of fever by comparing a person’s body heat with that of the immediate surroundings, whilst maintaining the required physical distance. Elevated temperature can be a sign of COVID-19-induced fever and the person can be sent for an instant checkup. Companies and government authorities are extensively utilizing these cameras as preliminary tests to determine if an individual is a carrier of the infection. For example, Amazon has installed these cameras across its warehouses around the globe to screen its employees for COVID-19 symptoms. Thus, the outbreak of the coronavirus pandemic has surged the demand for thermal cameras worldwide as countries grapple to contain the spread of the infection.
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Rising Adoption of Thermal Imaging Technology in Automotive Sector to Boost the Market
One of the factors gaining prominence in boosting the thermal camera market growth is the rising uptake of these devices for performing automotive diagnostics. With increasing complexity and advancements in automotive technologies, efficient detection of vehicular problems is becoming a dire requirement in this sector. Thermal imaging tools can serve this purpose. For example, if an electrical component in the car is not functioning properly and if it is concealed by overlaying wires and sheaths, thermal cameras can quickly pinpoint the location of the problem, enabling the technician to fix it accurately and in a time-bound manner. Further, these cameras can highlight excessive friction in certain components, which can cause them to wear out faster than they should. These, and many other uses of thermal imaging technology in the automotive sector, are fueling the product demand.
North America to Fasten Its Hold on Market Share through Increased Military Spending
Chief among the factors enabling North America to lead the thermal camera market share is the heightened spending on armed forces in the US. This increased spending is aimed at equipping the armed forces with advanced military gear, including these cameras, to efficiently conduct surveillance and security operations. In 2019, the market size in the region was at USD 643.7 million.
In Europe, the primary market drivers have been declining costs of thermal imaging devices and increasing adoption of thermal sensors for industrial applications. On the other hand, the market is Asia-Pacific is expected to soar as border conflicts between leading Asian economies, mainly India and China, is spiking the demand for thermal equipment to conduct effective border patrolling activities.
Key Players to Focus on Diversifying Their Offerings to End Users
Diversification and expansion of existing portfolio is expected to be the mainstay strategy for most players in this market. New product releases, enabled by enhanced R&D capacities, will also allow these players to broaden their sales horizons globally and gain an edge against other companies in the market.
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May 2020: The US-based thermal imaging specialist, FLIR Systems, released its first thermal imaging dataset collected from six of the busiest cities in Europe. The dataset is designed for researchers and developers to augment their work on advanced thermal sensors in the automotive sector and catalyze the adoption of next-gen automotive technologies such as advanced driver assistance-systems (ADAS).
October 2019: US-based Fluke Corporation introduced the Fluke TI400+, the company’s new flagship thermal imaging camera. It features an innovative autofocus capability, which allows the camera to capture a variety of images with superior accuracy and clarity. The camera also comes with different lenses to be used in different weather conditions, along with an ergonomic design.
Transfer from Fortune Business Insights