Infrared thermography: Key market research findings
- Development of crystal growth techniques drives market growth
- The commercial and industrial applications segment is the dominant shareholder in the market
- Key vendors – ATN, BAE Systems, DRS Technologies, EO Tech, Honeywell, FLIR, Fluke, Jenoptik, L-3 Communications, Nippon Avionics, Rockwell Collins, Raytheon, Sofradir, Seek Thermal, Testo, Theroteknix, and Ulir Vision
Technavio’s market research analysts predict the global infrared thermography market to grow at a CAGR of around over 24% in terms of volume between 2016 and 2020. The development of crystal growth techniques is the fundamental driving force behind growth in this market. Vendors with in-house manufacturing facilities are focusing on the development of crystal growth technologies which will augment the demand for infrared thermography. At present, the Americas dominate the global infrared thermography market with a market share of around 55%. The growth of the automobile industry in the region is expected to further fuel growth in the infrared thermography market in the Americas by 2020.
The new market research report from Technavio presents a breakdown and analysis of infrared thermography segments based on the application.
“Continuous investments in military upgradation is an ongoing trend in the market. The profit margins of the vendors of IR thermography equipment and core components like FLIR, DRS, Xenics, Jenoptik, and Bae Systems are rising primarily from the increased sales of IR thermography in the military and defense sector. Majority of the demand for IR thermography comes from countries such like the US, China, Russia, and India,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
The commercial and industrial applications segment is expected to dominate the global infrared thermography market with a market share of over 61% by the end of the forecast period. The infrared thermography market for commercial and industrial applications can be segmented into the building and preventive maintenance, monitoring and surveillance, maritime surveillance, firefighting, and intelligent transportation systems (ITS). The increased adoption of IR thermography in various commercial and industrial applications is the primary driver for growth in this segment.
The key vendors in the market include ATN, BAE Systems, DRS Technologies, EO Tech, Honeywell, FLIR, Fluke, Jenoptik, L-3 Communications, Nippon Avionics, Rockwell Collins, Raytheon, Sofradir, Seek Thermal, Testo, Theroteknix, and Ulir Vision. The global infrared thermography market is highly competitive with market growth fuelled by technological advances. Many of the firms in this market are selling products based on USP like emissivity adjustable range, thermal sensitivity, accuracy, and so on. To develop capabilities in a product, companies have to focus on the implementation of IR detectors, IR camera lenses, and calibration systems. Some firms are also developing in-house capabilities so that they become less dependent on vendors and gain a competitive edge over their peers.
A more detailed analysis is available in the Technavio report, Global Infrared Thermography Market in 2016-2020.
We can customize reports by other regions and specific segments upon request.
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