The global thermal imaging market is estimated to grow from USD 3.4 billion in 2020 to USD 4.6 billion by 2025; at a CAGR of 6.2%. One of the factors fueling the growth of this market is growing R&D investments by companies, governments, and capital firms to develop innovative thermal imaging solutions.
Thermal imaging is a technology used to detect temperature differences, also known as heat signatures in an environment or any object. Heat signature is defined as the amount of infrared energy emitted by an object as a function of its temperature. This heat signature is captured with the help of thermal cameras, scopes, and modules. Based on the information obtained from these devices, an electronic image is produced. The image produced helps in monitoring and inspecting, as well as detecting and measuring defects pertaining to an object. The major application area of thermal imaging product type is security and surveillance.
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In 2019, the uncooled technology segment held the larger size of the Thermal Imaging Market. The growth of this market is attributed to its low cost. Also, they are available in small sizes, require low maintenance, and fast response as well as require less start up time.
Based on product type, thermal cameras held the largest share of the thermal imaging market in 2019 and are expected to do so during the forecast period. There are several reasons such as an electronic image of high-quality and precision is produced in less time; available in different types such as handheld, mounted, and standalone, and available in various micro- and nano-size contributes to this dominance.
Based on applications, the security and surveillance segment held the largest share of the thermal imaging market during the forecast period. Rapid urbanization leads to an increase in demand for advanced thermal imaging solutions for security and surveillance applications. Moreover, rising conflicts and terrorist activities among countries also increase demand for well-equipped systems to monitor the country borders from the illegal intrusion of enemies and protect the country from them.
Based on vertical, the aerospace & defense vertical generate the highest demand for thermal cameras, scopes, and modules, for security and surveillance applications, especially for people and motion sensing, perimeter security, and tracking objects, humans, or animals. Additionally, the aforementioned products are capable of operating in undesirable climatic conditions such as smoke, fog, smog, and haze. They are apt devices for security and surveillance as well as monitoring and inspection applications in day and nighttime. Owing to these features and benefits, the aerospace & defense industry held the largest share of the thermal imaging market in 2019 and is expected to do so during the forecast period.
North America accounted for the largest share of the thermal imaging market and is expected to do so during the forecast period. North America is home to the major producers of thermal imaging products, such as thermal cameras, scopes, and modules. The US is the major contributor and held the largest share of the total thermal imaging market share in North America. The growth of the thermal imaging market in this region is attributed to the presence of numerous manufacturers and distributors, the low cost of thermal imaging products, and increasing government expenditure in the aerospace & defense sector.
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