The thermal imaging market is expected to reach USD 4.04 Billion by 2023 from USD 2.72 Billion in 2017, at a CAGR of 6.73% between 2017 and 2023. This market has been segmented on the basis of type, application, vertical, and geography.
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The thermal imaging market is dominated by established players. Partnerships, collaborations, acquisitions, product launches and developments, and agreements are some of the major strategies adopted by market players to achieve growth in the thermal imaging market, and expand their global presence and increase their market share.
FLIR Systems designs, develops, markets, and distributes technologies that are used to enhance user perception and awareness. Thermal imaging systems, locator systems, threat detection systems, and measurement and diagnostic systems are some of the products offered by the company. With these products, FLIR Systems caters to its customers from varied verticals, such as military and defense, construction, energy and utilities, transportation, and industrial manufacturing. The company has adopted new product development as one of the key strategies for growth. In October 2017, FLIR Systems launched 6 test and measurement products, which included 2 digital multimeters and a clamp meter that feature FLIR’s IGM. These devices would be powered by the FLIR Lepton microcamera thermal core.
Fortive was founded as an independent publicly traded entity in 2016, following its separation from Danaher (US). In July 2016, Danaher Corporation separated its test and measurement segment, retail/commercial petroleum platform, and industrial technologies segment (except product identification platform) through a successful spin-off from Fortive Corporation (US). Since then, Fluke operates as a wholly owned subsidiary of Fortive Corporation.
Fluke has ~65 years of experience in developing and manufacturing thermal imaging cameras and modules for various applications. Fluke has been rapidly growing in new markets and developing new technologies, including thermal imaging, remote wireless displays, and connected data. A major strategy adopted by the company is new product development. In August 2017, Fluke enhanced its Fluke Ti450 and Ti480 PRO series infrared cameras to make it easier for technicians, engineers, and electricians to get to the root cause faster. These cameras have increased thermal sensitivity to capture minute differences and the latest Fluke technology for on-screen clarity to make it easy to visualize issues in the field.
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The thermal imaging market includes companies such as FLIR Systems (US), Fortive (US), Axis Communications (Sweden), Leonardo (Italy), BAE Systems (UK), L3 Technologies (US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics (Belgium), and Seek Thermal (US).
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