Overview of the global infrared (IR) thermography market
Technavio’s market research analyst predicts that the global infrared (IR) thermography market will grow at a rapid CAGR of over 10% during the forecast period. One of the primary drivers for this market is the introduction of government initiatives that support the construction of energy-efficient houses. The US Department of Energy launched a Weatherization Assistance Program in 1976, which provided grants to states, territories, and tribes so that they could help in the development of energy-efficient homes for low-income families. IR thermography is used to run diagnostics on buildings to find out insulation levels of air and duct seals, floors, walls, ceilings, and wires. Since these devices help to identify problems related to insulation and makes buildings energy-efficient, its demand among the end users will increase significantly over the next four years.
In this industry report, the analysts estimate that among the different trends, the growing demand for thermography software will have a significant impact on market growth during the forecast period. The increased use of infrared thermography in commercial and industrial applications will augment the demand for infrared thermography software. Initially, this software was used in building diagnostics and industrial applications for a wide array of functions. These programs work with stationary as well as portable thermography devices; thus, allowing users to control the camera and acquire the required data. The ability of this software to automate the work process will lead to its increased adoption during the forecast period.
Segmentation by application and analysis of the IR thermography market
Commercial and industrial applications
The commercial and industrial applications segment is the largest in the IR thermography market as it will generate revenues of close to USD 3 billion by the end of the forecast period. Increased adoption of IR thermography for use in applications like building and preventive maintenance, maritime, firefighting, and intelligence transportation systems will have a positive impact on market growth during the forecast period.
Geographical segmentation of the IR thermography market
The Americas was the market leader for the IR thermography during 2015 with a market share of approximately 56%. In this region, the US will be the biggest contributor in terms of revenue due to increased adoption of IR thermal cameras in military and other applications like home weatherization.
Competitive landscape and key vendors
The global infrared thermography market is highly competitive with market growth fuelled by technological advances. Many of the firms in this market are selling products based on USP like emissivity adjustable range, thermal sensitivity, accuracy, and so on. To develop capabilities in a product, companies have to focus on the implementation of IR detectors, IR camera lenses, and calibration systems. Some firms are also developing in-house capabilities so that they become less dependent on vendors and gain a competitive edge over their peers.
Key vendors in the market are -
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global IR thermography market?
What are the key market trends influencing the growth of the global IR thermography market?
What are the challenges to market growth?
Who are the key vendors in the global IR thermography market?
What are the market opportunities and threats faced by the vendors in the global IR thermography market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global IR thermography market?
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