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    Handheld Thermal Imager Market Trends & Forecast

    Handheld Thermal Imager Market Trends & Forecast
    Report code - SR1936 Published On : Nov,2023 No. of Pages: 135
    Handheld Thermal Imager Market Size, Share, Trend, Forecast, Competitive Analysis, and Gro See more...

    Market Highlights

    The handheld thermal imager market is estimated to grow at a robust CAGR of 3.9% during the forecast period to reach a value of US$ 2.4 billion in 2028.

    What is a handheld thermal imager?

    All human beings and objects emit infrared energy, which is 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, which represent the apparent surface temperature of the human being or object being measured.

    Before the year 1992, night vision products were majorly comprised of infrared (IR) illuminators or intensified imagers, which have now been completely replaced by handheld thermal imagers. These images are handheld and enable armed personnel to effectively see in areas with no or very little light (especially during the night). They have the ability to 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.

    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. Some of the leading players are:

    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.

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Product-Type Analysis

    Cooled Thermal Imager and Uncooled Thermal Imager

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

    Wavelength-Type Analysis

    LWIRMWIR, and SWIR

    LWIR is likely to maintain its market dominance in the coming years and exhibit the fastest growth.

    Platform-Type Analysis

    Ground-based Platform and Naval-based Platform

    The ground-based platform is expected to remain the largest segment of the market and is likely to witness the fastest growth during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.

     

    Product Trends

    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.

    Wavelength Trends

    The market is segmented into LWIR (long-wave infrared), MWIR (mid-wave infrared), and SWIR (short-wave infrared) handheld thermal imagers. Among these wavelength types, LWIR thermal imagers contribute a larger share as they provide a much clearer picture and are more suitable for dark environments as compared to their counterparts.

    Platform Trends

    The market is bifurcated into ground-based and naval-based platforms. Between these platform types, the ground-based platform is likely to persist as the major demand generator for handheld thermal imagers in the coming years. These devices are indispensable and are therefore frequently used by the army troops for almost every ground-based mission.

    Regional Analysis

    North America, which accounts for over 40% of the global military expenditure, is likely to remain the major demand generator of handheld thermal imagers throughout the forecast period. This region is home to several market-leading companies such as L3Harris Technologies, Inc. and Raytheon Technologies Corporation. The US DoD also actively invests in these thermal imaging systems largely due to their all-weather compatibility feature coupled with the increasing need for surveillance during night operations.

    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By Product Type

    • Cooled Thermal Imager
    • Uncooled Thermal Imager

    By Wavelength Type

    • LWIR
    • MWIR 
    • SWIR 

    By Platform Type

    • Ground-based Platform
    • Naval-based Platform

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, Israel, and Others)

    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.

    Report Features

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

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

     

    How big is the sales opportunity?

    In-depth Analysis of the handheld thermal imager market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Development

    As a result, there have been several developments in the defense industry directed at handheld thermal imagers in recent years. Some of them are:

    • 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 had signed two MoUs for strategic cooperation in the development and production of optronic devices for the 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.

    A Bird's Eye View of the Market

    All human beings and objects emit infrared energy, which is 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 the infrared data into electronic images, which represents the apparent surface temperature of the human being or object being measured.

    The market is expected to register a CAGR of 3.9% during the forecast period. This is majorly attributed to their all-weather optimal performance coupled with the growing demand for surveillance in dark environments or during night operations.

    The stud period of this report is 2016-2028.

    The market was valued at to reach US$ 2.4 Billion by 2028.

    The Asia-Pacific region is estimated to grow at the fastest pace in the handheld thermal imager market in the coming years. This is the result of the increasing penetration of regional market players such as Thermeye Tech (Hangzhou Kexin Import and Export Co., Ltd.), Bharat Electronics Limited (BEL), and MKU LIMITED.

    L3Harris Technologies, Inc., Elbit Systems Ltd., Raytheon Technologies, Leonardo DRS, and BAE Systems are some of the key players in the market. These companies are actively contributing to the market demand as a result of their large industry experience, innovative product developments, and geographic reach.

    North America is estimated to be dominant in the handheld thermal imager market in the coming years. This is due to the active presence of the major companies in the market such as L3Harris Technologies, Inc., Raytheon Technologies Corporation, and Elbit Systems of America, LLC, among others. These companies are among the primary contractors of handheld thermal imagers for the defense authorities. In addition, there has been significant growth in military expenditure in the USA over the past few years, which drives the overall market growth.

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