Thermal Imaging Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Thermal Imaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Thermal Imaging Global Market Report 2024, The thermal imaging market size has grown rapidly in recent years. It will grow from $6.89 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to military and defense applications, industrial inspections, building and infrastructure inspections, law enforcement and public safety, medical diagnosis.

The thermal imaging market size is expected to see rapid growth in the next few years. It will grow to $11.81 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to surveillance and security needs, infrastructure development, firefighting and emergency response, health screening, automotive safety. Major trends in the forecast period include focus on high-resolution thermal imaging for surveillance, application of thermal imaging in building and infrastructure inspection, innovation in thermal imaging for agricultural and environmental monitoring, utilization of thermal imaging in industrial predictive maintenance, development of multi-spectral thermal imaging solutions.

Increasing government expenditure in the aerospace and defense sector is significantly driving the growth of the thermal imaging market. Thermal imaging technology assists in the surveillance and observation of things in the aerospace and defense industries, which require additional surveillance. For instance, the national government has allotted $62.76 billion (Rs 4,71,378 crore) to the Ministry of Defense for the year 2020-21. The Ministry of Defense received the biggest budgetary allocation among any central government ministry. Defense spending accounts for 15.5% of the central government’s budget in 2020-21.

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The thermal imaging market covered in this report is segmented –

1) By Type: Thermal Cameras, Thermal Scopes, Thermal Modules

2) By Technology: Cooled, Uncooled

3) By Wavelength: Shortwave Infrared, Mid Wave Infrared, Long Wave Infrared

4) By Application: Thermography, Surveillance, Personal Vision Systems, Fire Fighting, Smartphones (Ruggedized), Other Applications

5) By Vertical: Aerospace And Defense, Law enforcement, Healthcare, Automotive, Oil And Gas, Residential, Manufacturing, Other Verticals

Major companies operating in the thermal imaging market are developing innovative products such as the thermal imaging camera to provide reliable services to customers. A thermal imaging camera, also known as an infrared camera, is a device capable of capturing images based on the heat emitted by objects rather than visible light. For instance, in April 2023, Seek Thermal, a US-based thermal technology company launched the FirePRO 300, a situational awareness thermal imaging camera designed for firefighters. The FirePro 300 features Seek Thermal’s proprietary Mixed Gain mode, which allows firefighters to simultaneously view both extreme heat and cold objects in a single image, providing better contrast and enhancing the visibility of important details.

The thermal imaging market report table of contents includes: