What Has Driven the Growth of the Thermal Imaging Market in Recent Years?
The thermal imaging market has seen considerable growth due to a variety of factors.
• The size of the thermal imaging market has seen a rapid expansion lately. It is projected to expand from $7.57 billion in 2024 to $8.36 billion in 2025, providing a Compound Annual Growth Rate (CAGR) of 10.4%.
The augmentation during the historic period is largely due to its utility in areas such as military and defense, industrial surveys, infrastructure and building evaluations, law enforcement, public safety, and medical diagnosis.
How Will The Thermal Imaging Market Size Evolve In The Foreseeable Future?
The thermal imaging market is expected to maintain its strong growth trajectory in upcoming years.
• The anticipated trajectory for the thermal imaging market indicates a significant expansion in coming years, aiming to reach a market capitalization of $13.31 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.3%.
A surge in needs related to surveillance and security, infrastructural advancement, emergency response and firefighting, health checks, and vehicular safety will catalyze this growth during the forecast period. The market is set to be shaped by several trends including, the emphasis on high-resolution thermal imaging for surveillance purposes, the use of thermal imaging in the inspection of buildings and infrastructure, advancements in thermal imaging for agricultural and environmental observation, the application of thermal imaging in industrial preventative maintenance, and the crafting of multi-spectral thermal imaging solutions.
Which Drivers Are Accelerating Growth In The Thermal Imaging Market?
The thermal imaging market is experiencing significant growth, largely propelled by increased government spending in the aerospace and defense sphere. The advanced technology of thermal imaging plays a crucial role in enhancing surveillance and monitoring in these sectors, where heightened vigilance is usually required. Sarcastically affirming this, the Stockholm International Peace Research Institute, a prestigious institution based in Sweden, reported in April 2024 that the global military outlay touched $2,443 billion in 2023, marking a real-term surge of 6.8 percent as compared to the previous year. There was a noticeable upscale in defense budgets among the leading 10 military spending nations, headed by the United States, China, and Russia. Therefore, the increment in defense sector expenditure is a primary factor boosting the thermal imaging market.
What Are The Core Segments Of The Globa 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
Pre-Book The Thermal Imaging Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Trends Are Reshaping The Thermal Imaging Market?
Advancements in technology is a rising trend gaining momentum in the market for thermal imaging. The primary businesses involved in the thermal imaging domain are striving to evolve new tech-based solutions to fortify their standing. Take for instance, in July 2023, InfiRay, a tech firm based in China that produces thermal imaging devices and innovative solutions, premiered its thermal imaging technology. This includes infrared detectors, modules for thermal cameras, night vision thermal cameras, and temperature-measuring thermographic cameras. The company's copyrighted dual FOV objective lens facilitates users in flawlessly toggling between a broad and narrow field of view. This delivers unparalleled image quality, supplemented with an easy-to-understand and user-friendly interface, high-definition display, aluminum alloy casing, six hours of operation time, and internal memory of 32GB.
Who Are the Key Players in 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
What are the Regional Insights into the Thermal Imaging Market?
North America was the largest region in the thermal imaging market in 2024. The regions covered in the thermal imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
