Market Size of Handheld Thermal Imaging Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.34 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Handheld Thermal Imaging Equipment Market Analysis
The Handheld Thermal Imaging Equipmen market is expected to grow at a CAGR of 9.34% over the forecast period (2021 - 2026). Handheld thermal imaging equipment gives a tactical advantage in the field, providing clear images in total darkness.
- Further, the advent of smartphones as a cost-effective hand-held/portable thermal imaging devices is expected to increase the adoption of technology. The companies, like Caterpillar(Cat), have integrated FLIR's thermal imaging camera in the Cat S60 and the latest Cat S61 smartphones.
- Moreover, electrical installations in buildings like an office complex, residential complex, or shopping complex like a mall, are mostly located at places with poor air ventilation. Again, it requires an effective maintenance schedule to avoid any mishap. Various surveys in different sectors have shown that predictive maintenance using thermal imaging has saved up to an average of 40% of the maintenance cost and 50% of downtime of the plant process. These factors have a positive outlook on the handheld thermal imaging equipment market.
- However, export restrictions and additional detailing required for longwave infrared cameras restrain the growth of the thermal imaging market.
Handheld Thermal Imaging Equipment Industry Segmentation
Unlike the ordinary night vision gadgets, handheld thermal imaging equipment or infrared cameras do not rely on amplification of light and hence, can be used where visual camouflage or any other factor that may hinder the vision, say fog or smoke. The major application of handheld thermal imaging is with the defense and security sector. Moreover, it also made its way into the academic sector for research-related purpose, manufacturing, retail, and other sectors mainly for planned preventive maintenance, quality control, energy conservation, and environmental control.
| By End-user Industry | |
| Defence | |
| Public Safety | |
| Industrial (Oil and Gas, Utility, etc.) | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Handheld Thermal Imaging Equipment Market Size Summary
The handheld thermal imaging equipment market is poised for significant growth, driven by its critical applications in various sectors such as defense, law enforcement, and aviation. These devices offer a tactical advantage by providing clear images in complete darkness, making them indispensable for activities like border surveillance, ship collision avoidance, and night flying. The integration of thermal imaging technology into smartphones, such as those by Caterpillar, has further boosted adoption by making these advanced tools more accessible and cost-effective. Additionally, the use of thermal imaging for predictive maintenance in poorly ventilated electrical installations has proven to be economically beneficial, reducing maintenance costs and downtime significantly. However, the market faces challenges from export restrictions and the complexities involved in longwave infrared camera technology.
The Asia-Pacific region is experiencing robust growth in the handheld thermal imaging market, largely due to military modernization efforts in countries like China and India. China's strategic focus on enhancing its military capabilities and technological advancements has positioned it as a key player in the market, even supplying thermal imaging equipment to Russia. Meanwhile, India's burgeoning defense technology startups are developing innovative thermal imaging solutions, further propelling market expansion. The market is characterized by intense competition, with major players like FLIR Systems Inc., BAE Systems plc., and American Technologies Network employing strategies such as product launches and strategic partnerships to maintain their market positions. These dynamics underscore the market's fragmented nature and the ongoing innovation driving its growth.
Handheld Thermal Imaging Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.3.1 Increasing Application Across Various Sectors
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1.4 Market Restraints
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1.4.1 Higher Device Cost
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1.5 Value Chain / Supply Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By End-user Industry
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2.1.1 Defence
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2.1.2 Public Safety
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2.1.3 Industrial (Oil and Gas, Utility, etc.)
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2.1.4 Other End-user Industries
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Latin America
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2.2.5 Middle East & Africa
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Handheld Thermal Imaging Equipment Market Size FAQs
What is the current Handheld Thermal Imaging Equipment Market size?
The Handheld Thermal Imaging Equipment Market is projected to register a CAGR of 9.34% during the forecast period (2024-2029)
Who are the key players in Handheld Thermal Imaging Equipment Market?
Flir Systems Inc., BAE Systems plc., Leonardo DRS, American Technologies Network and Raytheon Company are the major companies operating in the Handheld Thermal Imaging Equipment Market.
