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FLIR Systems, Inc. and Bae Systems are Leading Players in Thermal Imaging Market
The progress and acceptance of thermal camera applications in military and commercial segment is driven in by advancements in the technology, connectivity, and smartphone devices. Members of police forces, rescue teams, and fire departments in many regions have thermal imaging technology in their back pockets since they have a thermal camera in their smartphones. Increasing demand for thermal cameras in smartphones is propelling the growth of the thermal imaging market. There has been a decline in the prices of thermal imaging cameras. This has made the technology affordable for common commercial applications such as surveillance, automotive, consumer electronics, and thermography, among others. With the widening awareness of the benefits of thermal imaging technology, easy implementation, and advanced technical aspects of this technology, the commercial applications are now leading the thermal imaging market. Thermal imaging components include hardware, software, and services that cater to end users such as military & defense and industrial, commercial, & residential. Thermal imaging includes various applications such as surveillance, threat detection, personal vision, research & development, predictive maintenance, automotive, radiology, firefighting and many others. The global thermal imaging market is estimated to grow from USD 7.71 Billion in 2016 to USD 10.27 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5.9% from 2016 to 2021.
Companies such as FLIR Systems, Inc. (Wilsonville, Oregon, U.S.), Fluke Corporation (Washington, U.S.), Bae Systems (London, U.K.), L-3 Communications Holdings, Inc. (New York, U.S.), DRS Technologies, Inc. (Arlington, Virginia, U.S.), Axis Communications (Lund, Sweden), Honeywell International, Inc.(New Jersey, U.S.), Raytheon Company (Waltham, Massachusetts, U.S.), Thermoteknix Systems Ltd. (Cambridge, U.K.), and Testo AG (Lenzkirch, Germany) are the key players in the thermal imaging market. These key players are engaging in new product launches and partnerships as they help the companies to expand in new areas to increase their sales and product reach. These strategies enable them to invest more in research and development to innovate and enhance their product offerings. Another important strategy adopted by the market players is acquisition, which allows the companies to strengthen their foothold in the untouched markets, expand their customer base, and help them in gaining traction in the thermal imaging market.
FLIR Systems, Inc. is one of the prominent providers of thermal imaging products and services to many successful companies across the globe. It strives to aggressively lower the product and service costs and increase the technology awareness for thermal imaging systems to enable high-volume market. Its investment in brand development to become a pioneer in the thermal imaging market and identifying customer needs that can be solved by its capabilities have enabled it to create various cycles of demands across all markets. FLIR Systems majorly focuses on the organic strategy of new product launches to enhance and expand its product portfolio as per the changing demands of the customers. For instance, in April 2016, the company launched five new thermal imaging solutions for its firefighting application segment.
Bae Systems is another key player in the thermal imaging market. Bae Systems continue to expand its international reach by being a trusted partner to the governments of a number of countries across the globe. For instance, in July 2016, Bae Systems entered into a ten-year partnership with the Military of Defense to support the U.K. Typhoon fleet. The company continuously strives to improve its efficiency and competitiveness through heavy investments in its research & development and naval facilities. It majorly focuses on the inorganic strategy of partnerships, agreements, and collaborations and acquisitions to expand its product portfolio and business in the untapped markets. It partners with leading organizations across the globe and signs revenue generating contracts for its business.
Thermal Imaging Market by Component (Hardware, Software, Services), Application (Surveillance, Threat Detection, Radiology, Automotive, and Others), End User (Military & Defense and Industrial, Commercial & Residential), and Region - Global Forecast to 2021
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