What is the present valuation and projected CAGR of the thermal imaging market?
The thermal imaging market size has grown rapidly in recent years. It will grow from $7.57 billion in 2024 to $8.36 billion in 2025 at a compound annual growth rate (CAGR) of 10.4%. 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 $13.31 billion in 2029 at a compound annual growth rate (CAGR) of 12.3%. 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.
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Which Market drivers have played a significant role in driving the thermal imaging market?
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, in April 2024, according to the Stockholm International Peace Research Institute, a Sweden-based international institute, total global military expenditure reached $2,443 billion in 2023, representing a real-term increase of 6.8 percent compared to 2022. The top 10 military spenders for the year, with the United States, China, and Russia at the forefront, all raised their defense budgets. Therefore, increasing spending on defence sector drives the thermal imaging market.
What are the key segments within the thermal imaging market?
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
Subsegments:
1) By Thermal Cameras: Handheld Thermal Cameras, Fixed Thermal Cameras, Smart Thermal Cameras
2) By Thermal Scopes: Clip-on Thermal Scopes, Dedicated Thermal Scopes
3) By Thermal Modules: Uncooled Thermal Modules, Cooled Thermal Modules, OEM Thermal Modules
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Which key players are shaping the thermal imaging market?
Major companies operating in the thermal imaging market include RTX Corporation, Canon Inc., BAE Systems plc, L3HARRIS Technologies Inc., Hangzhou Hikvision Digital Technology Co Ltd., Zhejiang ULIRvision Technology Co Ltd., Leonardo S.p.A., Teledyne Technologies Incorporated, Sofradir SAS, FLIR Systems Inc., Axis Communications AB, Fluke Corporation, Jenoptik AG, Testo SE & Co KGaA, Wuhan Guide Sensmart Tech Co Ltd., Guide Infrared Co Ltd., Nippon Avionics Co Ltd., Thermoteknix Systems Ltd., InfraTec Infrared LLC, Xenics NV, Opgal Optronic Industries Ltd., Cantronic Systems Inc., Tonbo Imaging Pvt Ltd., MoviTHERM, New Imaging Technologies, Seek Thermal Inc., Argus Thermal Imaging Cameras
Which transformative trends will shape the thermal imaging market landscape?
Technological advancement is a key trend gaining popularity in the thermal imaging market. Major companies operating in the thermal imaging sector are focused on developing new technological solutions to strengthen their position. For instance, in July 2023, InfiRay, a China-based technology company that manufactures thermal imaging devices and solutions debuted its thermal imaging technology, which includes infrared detectors, thermal camera modules, night vision thermal cameras, and thermographic cameras for temperature measurement. The company’s patented dual FOV objective lens allows users to seamlessly switch between a wide and narrow field of view, providing unmatched image quality, paired with an intuitive and easy-to-use interface, HD display, 6-hour run-time, aluminum alloy housing, and 32GB of internal memory.
How do regional factors impact the thermal imaging market, and which region is the largest contributor?
The countries covered in the thermal imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Thermal Imaging Market Report 2025 Offer?
The thermal imaging market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Thermal imaging is a technology that gathers information about objects using infrared radiation and thermal energy to formulate images even in low visibility environments. It translates thermal energy emitted from objects into visible light to formulate images of them. It is used to improve the visibility of objects in a dark environment.
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