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Increasing adoption of thermal cameras in various applications such as surveillance and security, military operations, temperature measurement, monitoring, and many others is driving the market significantly. Smart Thermal cameras can detect the infrared rays and convert them into digital images. The global smart thermal camera market has become an industry of more than US$ 2 billion and expected to grow at an approx. CAGR of 8.2% over the forecast period 2021-2027.
Innovation in Automotive Technology Strengthened the Smart Thermal Camera Market
Implementation of advanced technologies in the automotive sector is estimated to have a significant positive impact on the smart thermal camera market. With complex circuits, it becomes difficult to diagnose the vehicle problem. Smart thermal camera can easily detect the electrical fault by detecting excess heat or friction in a particular area. Thus, the demand for smart thermal cameras in the automotive sector has increased significantly in the past few years and is anticipated to continue over the forecast period.
Use of Smart Thermal Cameras in Security and Surveillance Application Bring Tremendous Boost in Market Growth
Smart thermal camera is widely used in security and surveillance system to provide awareness of unusual activities in harsh climatic conditions or extreme darkness. Military forces uses smart thermal cameras for their search and rescue operations. Also, companies constantly look to strengthen the security of their parameter. Smart thermal cameras have the ability to alert for any unusual activity so that action can be taken instantly. It detects heat-based images in low vision. It also detects false alarms thus provide more cost-efficiency. Thus adaption of smart thermal cameras in security and surveillance has strengthened the market and is expected to rise potentially in near future.
Smart Thermal Camera Imaging Gaining Momentum in the Healthcare Sector
Smart thermal imaging is highly popular is early detection of breast cancer. Monitoring patients with respiratory issues, monitoring health in public places are some of the factors that are driving the market growth in healthcare sector. It is also extensively used in veterinary health care. These factors support the increasing adoption of smart thermal camera in the healthcare sector.
COVID-19 Outbreak Intensified Demand for Smart Thermal Camera
COVID-19 outbreak has been very challenging for almost all industries in one or another way. Abnormal body temperature is one of the immediate symptoms of possible coronavirus infection, it has created the urgency of rapid temperature detection, which drives the smart thermal camera market significantly. China, the epi-centre of coronavirus used drones with smart thermal cameras to detect the potentially infected people by measuring their temperature. Handheld thermal cameras have gained huge popularity in monitoring body temperatures of people such as employees and tourists. This has given sudden growth in the smart thermal camera market and is expected to rise potentially in the forecast period 2021-2027.
The smart thermal camera market has been segmented into five regions namely North America, Europe, Asia Pacific, Middle East, and Africa, and the Rest of the World. North America is expected to rise with the highest CAGR as compared to other regions. The U.S. Government has proposed to spend more than US$ 700 billion on armed forces. This intends to more expenditure on military gadgets that includes smart thermal camera goggles for efficient military operations. Europe is one of the most technological advanced regions. The Smart thermal Camera market in the European region is also expected to grow significantly owing to rising military spending and the availability of thermal cameras at low prices. Rising economic and industrial development in Asia Pacific region has strengthened the demand of smart thermal camera in the Asia Pacific region and is expected to grow significantly in the forecast period.
Leading players Focus on Innovations to Gain Competence
Some of the key players are FLIR Systems, Inc., SATIR, Princeton Infrared Technologies, Inc., Lynred, IRCameras LLC, Leonardo S.p.A., Fluke Corporation, InView Technology Corporation, Axis Communications AB, and many others. Companies constantly look for innovative and advance technology to roll out new products and remain relevant in intense competition. For instance, on Oct 2019, Fluke Corporation launched Fluke T1400 Infrared imaging camera. It has many features like high-temperature range, auto-focus, digitally documents information, wireless connectivity, and many more which makes it more reliable and cost-efficient.
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