Handheld Thermal Imager Market Analysis | 2023-2028

“The Handheld Thermal Imager Market is estimated to grow at a robust CAGR of 3.9% during the forecast period to reach US$ 2.4 billion in 2028”.

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Market Dynamics

Introduction

All human beings and objects emit infrared energy, also known as a heat signature. This energy is not visible to the naked eye. However, a thermal imager can detect and measure infrared energy. It enables the conversion of infrared data into electronic images, representing the apparent surface temperature of the human being or object being measured.

Before 1992, night vision products were majorly comprised of infrared (IR) illuminators or intensified imagers, which handheld thermal imagers have completely replaced. These images are handheld and enable armed personnel to effectively see in areas with no or very little light (especially during the night). They can provide optimal performance in all weather conditions. Due to their numerous advantages, these images are predominantly used for border surveillance among other military operations to track, identify, and target hostile forces.

Market Drivers

The handheld thermal imager market is driven by a host of factors, some of which are noted below:

• Increasing Military Expenditure in North America and Asia-Pacific.
• Growing Insurgent Threats and Border Tensions.

Recent Product Developments

In recent years, there have been several developments in the defense industry regarding handheld thermal imagers in recent years. Some of them are:

• In June 2022, Teledyne FLIR LLC introduced an E52 camera to its range of Exx thermal imaging devices, featuring improved thermal resolution, to ensure that images are easy to read.
• In September 2021, Yantai IRay Technology Co., Ltd., a China-based company, announced the launch of M200A and P200, its two handheld thermal imagers/cameras. These imagers provide intelligent, intuitive, and discreet mobile target detection capabilities. These breakthrough imager products are developed with state-of-the-art IRay thermal CMOS technology.
• In April 2018, MKU Limited and Thales Group signed two MoUs for strategic cooperation in the development and production of optronic devices for Indian soldiers and homeland security forces. It envisages the production of optronics equipment including weapon sights, night vision goggles, and handheld thermal imagers, among other image intensification and thermal imaging systems for soldiers and defense platforms, respectively.

Recent Contracts and Agreements

There have been some investments in the defense industry directed at handheld thermal imagers in recent years, which would boost the overall market.

For example, in May 2022, Teledyne FLIR LLC secured a five-year indefinite delivery/indefinite quantity (ID/IQ) contract worth US$ 500.2 million. This contract is designated for the provision of advanced thermal imaging systems for the US Army's FWS-I program.

Recent Market JVs and Acquisitions

Over the past few years, there have been a fair number of strategic alliances, including M&As, JVs, etc., across the globe. Some of them have been mentioned below:

• In May 2021, Teledyne Technologies Incorporated completed the acquisition of FLIR Systems, Inc. The company currently operates under the name of Teledyne FLIR LLC.
• In July 2020, Raytheon Corporation merged with United Technologies Corporation, to form Raytheon Technologies Corporation. This merger of equals is the defense sector's largest-ever merger, in terms of value.
• In June 2019, L3 Technologies had an all-stock merger with Harris Corporation, which led to the formation of L3Harris Technologies, Inc.
• In September 2019, Elbit Systems of America, LLC, a subsidiary of Elbit Systems Ltd., successfully acquired Harris Corporation's night vision business for $350 million.

Segments Analysis

By Product Type

“The uncooled thermal imager is estimated to be the dominant and fastest-growing segment during the forecast period”.

The market is classified as cooled and uncooled thermal imagers. Uncooled thermal imagers account for a major share of the market. These systems are most suitable for military operations and are cheaper. On the contrary, cooled thermal imagers are expensive, heavyweight, and very susceptible to wear and tear.

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Key Players

The global market for handheld thermal imagers is characterized by the presence of a handful number of players at the global and regional levels. There is intense competition in the market with every player competing to gain a higher share. In addition, there have been a few mergers and acquisitions in the defense industry in recent years (such as the acquisition of FLIR Systems, Inc. by Teledyne Technologies Incorporated, the purchase of the night vision business unit of Harris Corporation by Elbit Systems of America, LLC, the merger of United Technologies and Raytheon, and the all-stock merger of L3 Technologies and Harris Corporation), which has greatly influenced the competitive scenario.

The following are the key players in the Handheld Thermal Imager Market (arranged alphabetically)

• BAE Systems
• Elbit Systems Ltd.
• L3Harris Technologies, Inc.
• Leonardo DRS
• Raytheon Technologies

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s handheld thermal imager market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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