Market Trends of APAC Thermal Imaging Systems Industry
This section covers the major market trends shaping the APAC Thermal Imaging Systems market according to our research experts:
Increasing Spending by Government and Defense Activities
- Military and defense were the very first applications of IR and thermal imaging systems. With the defense sector's rising investments in surveillance, IR, and thermal imaging systems, adoption is expected to increase in the future.
- The Asia-Pacific region offers potential growth opportunities due to the rise in technology penetration and high defense spending, and the presence of many small and medium enterprises (SMEs).
- For instance, according to Stockholm International Peace Research Institute, countries like China, India, and Japan have the highest military spending in the region as the countries spent USD 252 billion, USD 72 billion, and USD 49.1 billion respectively in 2020. This drives various opportunities for the vendors in the market.
- Moreover, many startups in the region are gaining attention from the government to utilize thermal imaging systems. For instance, in September 2021, The Indian Army and the Kerala Police developed a keen interest in a startup called Panther that develops thermal imaging surveillance systems. This led to the collaboration with Ozak Technologies and its R&D division to manufacture the thermal imaging equipment for the defense.
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India is expected to hold significant market share
- India is expected to hold a significant market share for the thermal imaging systems market during the forecast period due to the increasing adoption of infrared imaging products and services by organizations in the region for applications, such as surveillance, threat detection, automotive, predictive maintenance, and others.
- Most companies are keen on developing a better IR camera to provide detailed infrared information to gain a competitive edge over others. For instance, Telops introduced a high-speed infrared camera, which features a maximum data throughput of larger than 1 Gigapixels. The infrared camera can acquire images at 1900 fps in the full resolution, which can be increased up to 90,000 fps in sub-window mode (64 x 4 pixels.).
- Moreover, in June 2021, the country announced boosting border surveillance through thermal imaging displays for the operator. This is expected to help the army to defend against airborne border incursions. Further, according to the Defence Ministry, ARHMD technology is deployed that incorporates augmented reality and thermal imaging to boost Indian border patrols.
- Solar power is becoming increasingly popular, and solar panels are becoming a costly and vulnerable commodity, leading to the increasing importance of decent security. Many solar park owners opt for a security system based on thermal imaging cameras to protect their investment. For instance, according to International Renewable Energy Agency, India's solar energy capacity rose to 39,211 megawatts in 2020 compared to 25,089 megawatts in 2019
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