According to 6wresearch, the thermal imaging systems market in India is projected to grow at a CAGR of over 15% during 2019-25. In 2018, the defence vertical accounted for the highest deployment of thermal imaging systems in India followed by industrial and commercial verticals. Further, in terms of market growth, industrial vertical is expected to register maximum growth rate during the forecast period. However, the defence vertical has been registering promising demand and is expected to record highest revenue share by 2025 owing to several key factors such as weapon modernisation, increasing usage for building diagnostics, firefighting, process automation, testing & measurement, electrical & mechanical predictive maintenance.
According to Anuj Mehrotra, Manager, Research and Consulting, 6wresearch, “Fixed mounted thermal imaging devices captured the majority of the revenue share in Industrial and defense vertical, predominantly for border surveillance applications, aerial surveillance, and naval ship surveillance”.
“Additionally, in the last few months, thermal imaging systems such as thermal imaging fire control & thermal imaging sights were deployed in battle tanks and mechanised infantry vehicles. Meanwhile, with increasing demand for thermal imaging systems across the defence vertical, the market is expected to record promising growth over the coming years,” Anuj further added.
According to Richa Sood, Research Associate, Research and Consulting, 6wresearch, “Presently, uncooled technology based thermal imaging systems have captured the maximum revenue share in 2018. However, a shift in demand towards cooled technology thermal imaging systems is anticipated over the coming years owing to high heat sensitivity and high performance offered by cooled thermal imaging systems.”
“Additionally, in the last few years, the market has experienced a decline in ownership cost of thermal devices resulting in an increase in market volume share. In terms of regions, the Northern and Southern regions are expected to grow considerably owing to rapid industrialisation playing a significant role in the growth of industrial and commercial verticals during the forecast period,” Richa concluded.
