Rising Defense Spending Spurring the Market for India’s Thermal Imaging Market –6Wresearch

Increasing terrorist activities, rising cross border intrusions, surging defense budget & FDIs, and increasing indigenization of defense and military equipment have led thermal imaging devices & systems market in India. With the introduction of "Make in India" Campaign by the government in 2014, India is anticipated to commence the production of various defense equipment in the coming years owing to surging FDIs in defense vertical and growing partnerships. Moreover, India is also registering rapid adoption of next-generation technologies in both industrial and commercial markets. Thermal imaging being a new technology in the Indian market is witnessing potential deployments in the areas of surveillance, security, firefighting and testing & measurements.

According to 6Wresearch, India thermal imaging market is forecast to grow at a CAGR of 8.9% during 2016-22. Defense vertical accounted for highest deployment of thermal imaging devices & systems across Indian market followed by industrial and commercial vertical markets. Apart from defense vertical, industrial vertical market is registering promising demand for thermal imaging devices on account of increasing usage for building diagnostics, firefighting, process automation, testing & measurement, electrical & mechanical predictive maintenance.

According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "Handheld uncooled thermal imaging devices captured majority of the market demand in defense vertical, predominantly for border surveillance applications; North and North-East regions held major deployments".

"Additionally, thermal imaging systems such as thermal imaging fire control & thermal imaging sights were deployed in main battle tanks and mechanized infantry vehicles in the recent years," Rajat further added.

According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Bharat Electronics (BEL) held key share of the market pie primarily in defense vertical, whereas FLIR, Fluke and Testo shared highest deployments across industrial and commercial verticals".

"Additionally, thermal imaging systems such as thermal imaging fire control & thermal imaging sights were deployed in main battle tanks and mechanized infantry vehicles in the recent years," Samuel concluded.

The major companies in India thermal imaging market include- FLIR, Fluke, Testo, BEL, Tak Technologies and Elbit Systems.

"India Thermal Imaging Market (2016-2022)" provides in-depth analysis with 70 figures and 13 tables covered in more than 150 pages. The report estimates and forecast overall India thermal imaging market by revenues & volume, by technology, form factor and technical specification type of thermal imaging devices/ systems, verticals including military/ defense, industrial & commercial and applications including security, surveillance, testing & detection, firefighting, automotive, medical and mobile phone devices. The report also covers region-wise analysis on India thermal market along with government initiatives & regulations, key performance indicators, distributors’ analysis, and gives insights on competitive landscape, market share by companies, companies’ benchmarking, company profiles, market trends, market drivers, restraints and key strategic notes.