Latin America Thermal Imaging Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Latin American thermal imaging systems market is projected to record a CAGR of 7.95% during the forecast period. The market is expected to grow steadily due to the increased thermal camera usage across various industries, including aerospace and defense, automotive, healthcare and life sciences, oil and gas, and food and beverage.

Key Highlights

• Most companies have miniaturized IR and thermal imaging sensors due to technological advancements, making them highly efficient, thereby raising their ease of use. Handheld IR and thermal imaging systems gain traction for their portability and find applications in various enterprise verticals, such as hospitals, saving repair times and heating costs.​
• For instance, in March last year, Swift Medical, the global player in digital wound care technology, unveiled the Swift Ray 1, a game-changing hardware device that wirelessly attaches to a smartphone camera and captures detailed clinical data to aid in the assessment, treatment, and monitoring of skin and wound conditions. The Swift Ray 1 is small enough to fit in a clinician's or patient's hand, making powerful medical imaging obtainable anywhere, from the hospital to the patient's home. Because of this advanced imaging, accurate clinical data can be collected for every patient, regardless of skin tone, making wound care more equitable for all.
• In addition, thermal cameras are used in clinical thermography to identify cancer, infections, traumas, and vascular disease at an early stage. Thermal cameras create pictures depending on how much heat the human body radiates, making it one of the greatest preventative health screening approaches. As a result, the thermal imaging market will likely grow as prospects for thermal imaging in healthcare applications expand.
• The countries in the region are aggressively investing in their military for various reasons. Many Latin American countries are expanding their military budgets, including border management, anti-piracy procedures, and combatting organized crime and drug cartels. Thermal imaging aids armies in different ways, including tracing minor signs near borders, whether on land or sea.
• In addition, according to the SIPRI, military expenditure in Mexico increased to USD 8680.80 million recently compared previous year's recorded USD 8044.90 million. Mexico aims to increase the militarization of civilian activities, ranging from national parks to domestic anti-crime operations, with a plan under the premiership of President López Obrador to bring the country's National Guard under military control. Such activities may further create demand for thermal imaging systems in the region.
• Many players in the market are continuously developing innovative products that may drive market demand. For instance, in November last year, FLIR announced its new thermal camera, FLIR One Edge Pro. It has been launched as an upgrade to the existing FLIR One Edge. It can easily be attached to the smartphone's rear panel, eliminating the need to connect the lens to a smartphone to get output. It also includes an MSX mode, which overlays image data from the visible camera to make thermal images simpler to read. There have also been some software enhancements.
• The FDA published the Enforcement Policy for Telethermographic Systems During the Coronavirus Disease 2019 (COVID-19) Public Health Emergency guidance to help expand the availability of thermal imaging systems and mitigate thermometer shortages during the public health emergency. The guidance sets forth an enforcement policy intended to apply to all thermal imaging systems designed for medical purposes during the public health emergency related to COVID-19.

Latin America Thermal Imaging Systems Market Trends

Automotive in Applications ​ to Drive the Market's Growth

• The demand for advanced vehicles, which are driverless and autonomous, has expanded the need for thermal imaging techniques that help deliver a premium experience to the consumer. Multiple sensors are used to detect and utilize the vehicle's system. Thermal cameras are operated along with proximity sensors that help the entire vehicle's function.
• In addition, in November last year, the AI and Robotics Laboratory of the University of San Andrés set the goal of obtaining authorization for the first driverless vehicle that circulates on Argentine roads. The first tests were carried out on the Punta Chica campus, and the university invested USD 250,000 in R&D.
• Thermal imaging cameras are used in the automobile industry to allow drivers to see in harsh lighting and weather situations to avoid accidents and assure safety. Automotive manufacturers and thermal imaging solution suppliers are working together to develop innovative thermal solutions for the automotive industry. According to INEGI, last year, the total production of passenger vehicles in Mexico was recorded at 3,480 (in thousands) from the previous year, which was registered at 2,979.
• The automobile industry is gaining traction with high-tech autonomous cars, also known as advanced driver-assistance systems. Multiple sensors, including thermal cameras, radio detection and ranging, light detection and ranging sensors, and proximity sensors, substitute drivers in these cars to enable automated driving, navigation, and better situational awareness. Increasing demand for these cars may further drive the market’s growth.
• For instance, in January last year, Owl Autonomous Imaging announced Evaluation Kit for its Thermal Ranger ADAS & Autonomous Navigation Development Platform at CES 2023. This hardware and software kit enables Tier-1 and OEM automotive companies to easily evaluate Owl AI's Thermal Ranger imaging solution for use in their PAEB and other ADAS functions supporting L2, L2+, and L3/L4 essentials. The company’s thermal camera solution enables 2D and 3D perception for object classification, 3D segmentation of objects, RGB-to-thermal fusion, and highly precise distance measurements.

Brazil to Experience Significant Market Share

• The country has significant growth of thermal imaging systems due to increasing spending on military and defense, oil and gas, automotive, and many other sectors. In addition, according to Global Firepower, Brazil had the highest defense budget in Latin America as of the previous year, totaling approximately USD 18.79 billion.
• The military and defense industries in the country are among the first to use infrared and thermal imaging devices. With the defense sector's increased investment in surveillance, the use of infrared and thermal imaging equipment is projected to grow. For instance, in March last year, the Brazilian Army started receiving the Nauru 1000C unmanned aerial vehicles (UAVs), ordered for intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) missions. The Nauru 1000C is a fixed-wing vertical take-off and landing (VTOL) drone capable of operating in all-weather daylight and night-capable multi-missions. Such contracts are expected to propel the growth prospects of the segment during the forecast period.
• Governments across Latin America are investing in next-generation technology by giving better and more accurate information to military troops. The use of IR thermography equipment in the military industry has grown, influencing the rise of infrared cameras, particularly short-wavelength IR cameras, which may further drive the market's growth.
• The region also has a significant trend of increasing crime and violence. As a result, the homeland security forces' budgets have increased to purchase advanced protection systems and devices. Modern combat has grown increasingly asymmetric with numerous non-lethal and deadly weapons. For instance, in August last year, the US Defence Security Cooperation Agency (DSCA) notified Congress of a foreign military sale (FMS) of Javelin missiles and associated equipment to Brazil. As a part of the sale, the Brazilian government requested purchasing up to 33 Javelin command launch units (CLU) and 222 FGM-148 Javelin anti-tank missiles. The value of the contract was nearly USD 74 million. Thus, growing procurement of advanced weapon systems and C4ISR systems for enhancing military capabilities drive the market’s growth across the country.

Latin America Thermal Imaging Systems Industry Overview

The Latin American thermal imaging systems market is partially fragmented and consists of several major players. Some of these players include Axis Communications, FLIR, Fluke Corporation, Bae Systems, Elbit Systems Ltd, Raytheon Co., and Lockheed Martin. However, many companies are increasing their market presence with innovative solutions by securing new contracts and tapping new markets.

• December 2022 - Teledyne FLIR, part of Teledyne Technologies Incorporated, received RealWear, the pioneer in assisted reality wearable solutions, as its latest Thermal by FLIR collaborator with the recent launch of the world's first fully hands-free, voice-controlled thermal camera module. Thermal by FLIR cohort Ulefone recently launched the Power Armor 18T 5G Android phone, which features the Lepton 3.5 thermal camera module.
• January 2022 - Xenics launched the Ceres T 1280, a new high-performance, high-resolution thermographic long-wave infrared (LWIR) camera. Xenics expanded its high-performance thermographic camera line with the Ceres T 1280.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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