LONDON–(BUSINESS WIRE)–The global thermal imaging market is expected to grow at a CAGR of over 8% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.
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Thermal scanners were primarily developed for security and surveillance applications in the military sector. The rising geopolitical tensions and border disputes between countries have led to a significant increase in military expenditure worldwide. Countries such as India, China, France, Saudi Arabia, and the US are modernizing their land, air, and sea-based defense systems and militaries. For instance, in October 2019, the Government of India announced its plans to spend USD 130 billion to enhance the combat capability of its armed forces. Such investments will have a positive impact on the growth of the global thermal imaging market during the forecast period.
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Thermal imaging Market: COVID-19 Impact Analysis on Parent Market
The global technology hardware, storage & peripherals market is the parent market of the thermal imaging market. Within its scope, the technology hardware, storage & peripherals market covers companies manufacturing thermal imaging devices. Our report on the thermal imaging market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including FLIR System, BAE Systems Inc., Axis Communications AB, Danaher Corporation, DRS Technologies Inc., Raytheon Company, L-3 Communications Holdings Inc., Testo AG, Honeywell International Inc., and Fluke Corporation.
Technavio’s research report on the thermal imaging market identifies the key drivers, trends, challenges, and the market scenario over the forecast period. The report also analyzes the impact of these factors on the overall technology hardware, storage & peripherals market.
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Thermal imaging Market: Segmentation Analysis
The global thermal imaging market has been analyzed across various segments to identify market dynamics, developments, and key growth areas during the forecast period. The report also offers insights on high growth regions and opportunities for vendors operating in each sub-segment of the thermal imaging market. The market is segmented as follows:
- North America (NA)
- South America (SA)
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
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Technavio’s industry coverage utilizes various sources and tools to gather information about multiple stakeholders and their offerings toward the thermal imaging market. Sources such as company websites, annual reports, whitepapers, subscription & in-house databases, industry journals, publications, and magazines are used in addition to other relevant sources. The vendor landscape provides a framework to estimate the technology hardware, storage & peripherals market, while also categorizing the vendors into pure-play, category-focused, or diversified based on their offerings. All market reports provide the key and contributing players across the value chain based on in-house influence index, developed using multiple industry and market parameters.
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