Government initiatives such as "Make in India" has resulted in rising production of several defense and industrial equipment in the country over the last few years. In addition, growing partnerships and surging Foreign Direct Investment (FDI) in Defense vertical have propelled the demand for thermal imaging systems in India. Moreover, India is also registering rapid adoption of next-generation technologies in both industrial and commercial markets. Thermal imaging, being an emerging technology in the Indian market is witnessing potential deployments in various areas including surveillance, security, firefighting and non-destructive testing & measurement.
According to 6Wresearch, India Thermal Imaging Systems market is projected to grow at a CAGR of over 15% during 2019-25. In 2018, the Defense 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, defense vertical has been registering promising demand and is expected to record highest revenue share by 2025 owing to several key factors such as weapon modernization, 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 majority of the revenue share in Industrial and defense vertical, predominantly for border surveillance applications, aerial surveillance, and naval ship surveillance".
"Additionally, in last few months, thermal imaging systems such as thermal imaging fire control & thermal imaging sights were deployed in battle tanks and mechanized infantry vehicles. Meanwhile, with increasing demand of thermal imaging systems across defense 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 captured 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 last few years, the market experienced 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 industrialization playing a significant role in the growth of industrial and commercial verticals during the forecast period," Richa concluded.
"India Thermal Imaging Systems Market (2019-2025)" report provides an in-depth analysis with 38 figures and 12 tables covered in more than 100 pages. The report estimates and forecast the overall India thermal imaging systems market by revenues & volume, by technology, form factor, verticals, applications and regions. Thermal imaging systems market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.