Thermal Imaging Market

Global Thermal Imaging Market Size (2024 to 2032)

The size of the global thermal imaging market was valued at USD 3.61 billion in 2023, and the global market size is expected to be worth USD 6.20 billion by 2032 from USD 3.83 billion in 2024, growing at a CAGR of 6.2% from 2024 to 2032.

MARKET DRIVERS

Thermal imaging is mainly used by military forces as they often work in low-visibility environments and to see the objects in such environments.  

The growing demand for surveillance across several industries globally and a gradual decrease in the cost of thermal imaging products are primarily propelling the growth of the thermal imaging market. The need for surveillance is growing rapidly. Countries such as the U.S. are emphasizing increasing their surveillance scope throughout the country. The U.S. has planted an estimated 70 million surveillance cameras across the countries as of 2022. A rise in military spending in emerging countries and increasing expenditure on the aerospace and defense sectors are contributing to the thermal imaging market growth. The military spending by countries is growing rapidly. For instance, 82% of the global military spending was occupied by only 15 countries in 2023 and reached USD 1842 billion.

Integration of thermal imaging in autonomous vehicles in some countries such as the United States and Europe is promoting the thermal imaging market across the globe. The usage of thermal imaging for building surveys in Europe, rising awareness of thermal imaging in Latin America to combat crimes, and increasing demand for oil & gas industries in the Middle East are likely to propel the growth rate of the thermal imaging market during the forecast period. Factors such as increasing R&D investments by governments, companies, and capital firms to develop innovative thermal imaging solutions and increasing adoption of thermal imaging in the automotive industry help the thermal imaging market to grow further.

MARKET RESTRAINTS

Stringent regulations from the government regulations are one of the major restraints affecting the growth of the market of Thermal Imaging. High cost and lack of accuracy are some of the major restraints that are affecting the growth of the Thermal Imaging market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Thermal Imaging Market By Technology

Based on technology, the uncooled technology segment dominated the market and accounted for 58.4% of the worldwide market share in 2023.

The lead of the uncooled technology segment in the global market is anticipated to continue throughout the forecast period. Several advantages of uncooled technology such as better penetration in weak environmental conditions such as smoke, dust, and fog, and fewer mobile parts that provide long operating life with low maintenance are primarily propelling the growth of the uncooled technology segment in the global market. The growing usage of uncooled technology in firefighting equipment for situational awareness, increasing usage of uncooled technology in automotive for night vision systems, and rising usage in consumer applications are further boosting the growth rate of the uncooled technology segment in the global market.

On the other hand, the cooled technology segment captured a substantial share of the global market in 2022 and is anticipated to register a healthy CAGR during the forecast period. The usage of cooled technology has seen a spike in recent years from military and defense industries for long-range surveillance and this trend is expected to continue further during the forecast period and contribute to the segmental growth. The high sensitivity feature of cooled technology helps detect temperature variations in critical environments further supporting the growth rate of the segmental growth.

Global Thermal Imaging Market By Wavelength

Based on the wavelength, the long-wave infrared wavelength segment accounted for 37.5% of the worldwide market share in 2023.

It is expected to grow at a notable CAGR during the forecast period owing to factors such as increasing demand for thermal products operating in long-wave infrared wavelengths in automotive, civil infrastructure, food & beverages, and medical for monitoring and inspection as well as detection and measurement applications. The mid-wave infrared segment captured 28.9% of the global market share in 2023 and is predicted to grow at a healthy CAGR in the coming years.

Global Thermal Imaging Market By Product Type

Based on product type, the thermal cameras segment had 51.8% of the global market share in 2023 and is expected to grow at a prominent CAGR during the forecast period.

Owing to the increasing adoption of thermal cameras in the residential and commercial sectors. The demand for thermal cameras in surveillance systems is growing rapidly, which is one of the key factors propelling the thermal cameras segment in the global market. The usage of thermal cameras is expected to increase considerably in smartphones, consumer electronics, and automotive in the coming years and boost the growth rate of the thermal cameras segment in the global market. The thermal scopes segment had a market share of 27.5% of the worldwide market in 2022 and is predicted to grow at a notable CAGR during the forecast period.

Global Thermal Imaging Market By Application

Based on the application, the security and surveillance segment led the market and accounted for 57.8% of the global market share in 2023.

The domination of the security and surveillance segment is expected to continue throughout the forecast period. The rapid adoption of thermal imaging in military and defense for night vision and perimeter security, increasing usage of thermal imaging for law enforcement systems, and rising demand for thermal imaging in critical infrastructure protection for early threat detection are driving the growth of the security and surveillance segment in the global market.

On the other hand, the monitoring and detection segment had 31.4% of the worldwide market in 2022 and is projected to grow substantially during the forecast period owing to factors such as the increasing adoption of thermal cameras in commercial, residential, and industrial sectors.

Global Thermal Imaging Market By Vertical

Based on vertical, the aerospace & defense segment held 21.2% of the global market share in 2023 and is predicted to continue the domination throughout the forecast period.

Due to the capability of thermal imaging products such as thermal cameras, scopes, and modules to work in all weather conditions. The growing adoption of UAVs for thermal imaging in surveillance missions is one of the key factors contributing to the growth of the aerospace and defense segment in the worldwide market. The automotive and industrial segments occupied a considerable share of the global market in 2022 and are estimated to grow considerably during the forecast period.

REGIONAL ANALYSIS

Based on region, North America was the largest regional segment in the worldwide market in 2023 and captured 36.1% of the global market share.

The domination of the North American region in the global market is likely to continue throughout the forecast period. The strong presence of several companies that operate with thermal imaging in the North American region is one of the vital factors driving the North American market growth. North America is experiencing is high demand from defense and military applications and this factor supports the growth rate of the North American market. The use of thermal imaging in automotive for advanced driver-assistance systems and the growing number of infrastructure development projects in North America are further fuelling regional market growth. The U.S. is playing the dominating role in the North American market owing to the increasing R&D activities and growing demand for thermal imaging drones. Canada is expected to witness prominent growth in the North American market during the forecast period due to the growing emphasis on border security by the Canadian government.

The Asia Pacific thermal imaging market is expected to grow at the highest CAGR during the forecast period owing to the growing awareness and increasing demand for oil & gas industries. Factors such as rapid urbanization, growing security concerns, and increasing usage of thermal imaging in various industries such as manufacturing, defense, and infrastructure across the Asia-Pacific region are majorly propelling the growth of the APAC thermal imaging market. China led the thermal imaging market in the Asia-Pacific region and is expected to grow rapidly during the forecast period. Japan is estimated to account for a considerable share of the APAC market in the coming years due to the growing adoption of thermal imaging in automotive safety applications.

KEY MARKET PLAYERS

Companies playing a major role in the global thermal imaging market include Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US) and United Technologies (Connecticut, US).

RECENT HAPPENINGS IN THE MARKET

• In December 2019, FLIR Systems Inc. launched 3 new cameras which were pan tilt zoom security cameras named FLIR Elara DX series, FLIR Saros DM series, and FLIR Quasar 4K IR PTZ which provide long-range as well as short-range perimeter protection in all conditions.

• In December 2019, Fluke Corporation launched Fluke TiS60+ which was a thermal imaging camera for inspection and analytics applications suited especially for commercial, HVAC (Heating, ventilation, air conditioning, and refrigeration) and also for maintenance technicians.

• In October 2019, Leonardo   DRS received a contract from the US Army to supply advanced thermal imagery technology for the army’s remote combat vehicle weapon stations.
• In June 2019, Harris Corporation from Florida merged with L3 Technologies from New York to form a new military technology company named L3 Harris Technologies to increase its global customer base.

DETAILED SEGMENTATION OF THE GLOBAL THERMAL IMAGING MARKET INCLUDED IN THIS REPORT

This research report on the global thermal imaging market has been segmented and sub-segmented based on technology, wavelength, product type, application, vertical, and region.

By Technology

• Cooled Technology
• Uncooled Technology

By Wavelength

• Short-Wave Infrared
• Mid-Wave Infrared
• Long-Wave Infrared

By Product Type

• Thermal Cameras
• Thermal Scopes
• Thermal Modules

By Application

• Security And Surveillance
  • Perimeter Security
  • Unmanned Aerial Vehicle
  • Tracking
• Monitoring And Inspection
  • Machine Condition Monitoring
  • Structural Health Monitoring
  • Quality Assessment
  • HVAC System Inspection
• Detection And Measurement

• Gas Detection
• Fire Detection
• Flare Detection
• Body Temperature Measurement
• Level Measurement
• Prototype Assessment

By Vertical

• Residential
• Aerospace & Defense
• Automotive
• Industrial
• Commercial
• Healthcare and Life Sciences
• Oil & Gas
• Food & Beverages

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa