Thermal Imaging Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview

Overview and Scope

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.

 Sizing and Forecast

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.

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Segmentation & Regional Insights

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

North America was the largest region in the thermal imaging market in 2023. The regions covered in the thermal imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

 Key Industry Players

Major companies operating in the thermal imaging market report are United Technologies Corporation, 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., Vertex Aerospace LLC, 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

The thermal imaging market report table of contents includes:

1. Executive Summary
2. Thermal Imaging Market Characteristics
3. Thermal Imaging Market Trends And Strategies
4. Thermal Imaging Market – Macro Economic Scenario
5. Global Thermal Imaging Market Size and Growth
…
32. Global Thermal Imaging Market Competitive Benchmarking
33. Global Thermal Imaging Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Thermal Imaging Market
35.Thermal Imaging Market Future Outlook and Potential Analysis
36. Appendix

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