Rapid adoption of next-gen technologies
Growing partnerships and surging Foreign Direct Investment (FDI) in Defense vertical have propelled the demand for thermal imaging systems in India with a projected CAGR of 15% from 2019 to 2025.
Moreover, India is also registering rapid adoption of next-generation technologies in both industrial and commercial markets, said ResearchAndMarkets in its latest industry report on 8 July 2019.
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.
Thermal imaging is an emerging technology in the Indian market is witnessing potential deployments in various areas including surveillance, security, firefighting, and non-destructive testing & measurement, said the report “India Thermal Imaging Systems Market (2019-2025): Market Forecast By Technology, by Form Factor, by Applications, by Verticals, by Regions, and Competitive Landscape”.
At present, India thermal imaging market is dominated by the defense vertical. However, the industrial vertical is also expected to capture lion’s share of the market in the future.
Further, uncooled hand-held thermal imaging devices accounted for the majority of the market demand. However, cooling technology is expected to dominate the India thermal imaging market forecast revenues over the coming years.
Amongst all the applications, surveillance application acquired the largest market share owing to deployment of thermal imaging devices and systems for border security, air & ground-based surveillance and military application. Over the next six years, industrial and commercial verticals are forecast to grow at a relatively higher CAGR during the forecast period attributed to increasing consumer awareness for testing and detection applications.
The India Thermal Imaging Systems Companies are: FLIR Systems, TAK Technologies Private Limited, Bharat Electronics Limited, Fluke Technologies Private Limited, Testo India Private Limited, TONBO Imaging India Private Limited, Tata Advanced Systems Limited, Alpha Design Technologies Pvt Ltd, MKU Holdings Private Limited, Seek Thermal Inc and Elbit Systems of India Private Limited. fiinews.com
