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The thermal scanner market share is expected to increase by USD 1.92 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.98%.
This thermal scanner market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermal scanner market segmentation by technology (uncooled and cooled) and geography (North America, Europe, APAC, South America, and MEA). The thermal scanner market report also offers information on several market vendors, including 3M Co., AMETEK Inc., Fluke Corp., Infrared Cameras Inc., L3Harris Technologies Inc., Opgal Optronic Industries Ltd., Robert Bosch GmbH, Seek Thermal Inc., Teledyne FLIR LLC, and Testo SE and Co. KGaA among others.
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Based on our research output, there has been a negative impact on the market growth during and after the post-COVID-19 era. The rising military spending is notably driving the thermal scanner market growth, although factors such as economic slowdown and other macroeconomic factors may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermal scanner industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermal Scanner Market Driver
The increasing demand from airports for passenger screening is one of the key factors driving the growth of the global thermal scanner market. Since the lifting of lockdowns, the rapid growth of air passenger traffic has necessitated radical changes in the SOP of airport terminals to cater to the flow of traffic with minimum capacity constraints while ensuring zero lapses in security protocols. The rising cases of communicable diseases are a particularly difficult issue that is negatively impacting stakeholders in the airline industry. In addition, the recent outbreak of COVID-19 globally has raised hygiene concerns among the global population. The pandemic disease is spread through meeting an infected patient or even by touching any infected area or place that has already met the infected person. Fever, sore throat, and difficulty in breathing are some of the symptoms shown by patients. To prevent the transmission of this disease, airline companies across the globe have started taking several precautionary measures, such as the use of thermal scanners for inspecting passengers? body temperature and disinfecting the airport surroundings. Thus, the rising variants of the COVID-19 virus and the risk of the third wave are increasing the demand for thermal scanners in airports.
Key Thermal Scanner Market Trend
The increasing demand for compact thermal scanners will fuel the global thermal scanner market. Vendors are focusing on reducing the overall size of thermal scanning devices and are providing compact thermal scanners. Some vendors have developed compact thermal scanners that can be plugged into mobile and can scan the temperature of surrounding equipment and components. Vendors such as FLIR and Seek Thermal offer compact and plug-in mobile thermal scanners. The effectiveness of thermal scanners has increased their demand in industrial and commercial facilities for mobile applications. In industries such as oil and gas and mining, where the operations are carried out in remote locations, compact scanners provide an effective option to carry out remote inspection of equipment. Similarly, professionals that have to carry out inspections of electrical systems in residential areas can use these plug-in thermal cameras. Owing to the benefits, the demand for compact thermal scanners is expected to increase during the forecast period.
Key Thermal Scanner Market Challenge
The excessive export restrictions imposed on thermal imaging products are a major challenge for the global thermal scanner market growth. Thermal scanners are majorly used in military and defense-related applications. The high application of thermal scanners, thermal cameras, and infrared sensors in military applications has resulted in stringent regulations on the export of these devices around the world. For instance, thermal scanner and thermal imaging systems are categorized under International Traffic in Arms Regulations (ITAR) by the US Department of State. Under this regulation, the export of these devices is restricted to certain countries. Nonconformance with the regulation can lead to heavy fines on suppliers, affecting the profitability of the firm. For instance, FLIR Systems Inc. (FLIR Systems) was accused of violating the ITAR and Arms Export Control Act after they shared ITAR-controlled defense items with dual-national employees from Iraq, Lebanon, Iran, and Cuba. Post the trial, the US State Department and FLIR Systems officially reached a settlement, and the company was required to pay a $30 million civil penalty. Such cases can severely impact the profitability of companies and affect the export of products.
This thermal scanner market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global thermal scanner market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermal scanner market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the thermal scanner market encompasses successful business strategies deployed by the key vendors. The thermal scanner market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermal scanner market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermal scanner market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global thermal scanner market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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