Thermal Imaging Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.78 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thermal Imaging Systems Market Analysis
The Thermal Imaging Systems market is expected to register a CAGR of 7.78% over the forecast period. The major application of handheld thermal imaging is witnessing increased demand in the defense and security sector. For instance, The US Army aims to provide thousands of new goggles to its soldiers engaged in combat missions.
- Companies have also miniaturized IR and thermal imaging sensors due to technological advancements, making them highly efficient, thereby increasing their ease of use. Handheld IR and thermal imaging systems gain traction for their portability and find their applications in various industry verticals, such as hospitals, saving repair times and heating costs.
- Further, automotive applications are expected to gain traction in the next five years. The increasing use of thermal imaging systems such as thermal cameras in the automotive sector to reduce the risks in driving, especially at night, is a significant reason for this application's thermal imaging market growth.
- Moreover, recent developments in cooled mercury cadmium telluride (MCT or HgCdTe) infrared detector technology have made the development of high-performance infrared cameras possible for various demanding thermal imaging applications.
- The factors, such as rising demand for surveillance across various verticals, gradually decreasing thermal cameras cost, and rapid development of high-speed infrared cameras, lead to increased demand for IR cameras, consequently driving the market growth.
- However, inaccurate measurements and image color issues associated with the cameras are challenging market growth. The industries heavily relying on IR cameras are military, defense, and automotive.
- The COVID-19 Pandemic has increased demand for thermal imaging solutions across various industries, including healthcare, life science, transportation, and others. Several firms have reduced the transmission of illness at their locations. Authorities in nations such as China use thermal cameras and eyewear to identify pedestrians in high temperatures. Personnel addition, police are scanning and identifying persons with elevated body temperatures using AI-powered thermal smart helmets.
Thermal Imaging Systems Market Trends
This section covers the major market trends shaping the Thermal Imaging Systems Market according to our research experts:
Applications in Military鈥� to Drive the Market Growth
- Military and defense were the first applications of IR and thermal imaging systems. With the defense sector's rising investments in surveillance, IR, and thermal imaging systems, adoption is expected to increase further.
- In the military sector, governments worldwide invest in improving next-generation technology by providing military personnel with improved and accurate information. This has impacted the growth of especially short-wavelength IR cameras, as the adoption of IR thermography devices has increased in the defense sector.
- Globally, there is a growing trend of rising crimes and violence. This factor has raised the homeland security forces' budgets to procure advanced protective systems and gadgets. Modern warfare has become more asymmetric, with increasing non-lethal and lethal weapons.
- The key players in the market are constantly working on thermal imaging systems to introduce technological advancements. For instance, in June 2021, Raytheon Technologies Research Center is working with the Collins Aerospace and Pratt & Whitney businesses to break new ground on power and thermal management technologies that will enable future military aircraft while supporting updates to the present fleet.
- The combined number of military personnel among NATO member countries was approximately 3.3 million in 2021, increasing from 3.27 million the previous year. NATO nations' total defense spending in 2021 was approximately USD 1.17 trillion, the maximum amount NATO members have collectively spent on defense from 2014 to 2021.
North America to Hold the Significant Market Share
- North America is expected to hold a significant market share for the thermal imaging systems market during the forecast period due to the increasing adoption of infrared imaging products and services by organizations in the region for applications such as surveillance, threat detection, automotive, predictive maintenance, and others.
- Companies in the region are developing new products or solutions to leverage the growing opportunity. For instance, in February 2021, the FLIR Boson-based thermal camera premiered in Veoneer's fourth-generation Night Vision System as an option on the all-new Cadillac Escalade, identical to the FLIR Thermal Automotive Development Kit (ADK). The new thermal-vision system offers a broader field of view with four times the resolution compared to the previous generation, extending road coverage, improving situational awareness, and displaying a sharper image to the driver.
- According to a survey conducted by NATO, in 2021, the United States is estimated to spend 3.52%of its gross domestic product on defense expenditures. This makes them the country with the highest share of GDP spent on the defense budget in 2021. Such investments in the region drive the market.
- Most companies are keen on developing an advanced IR camera to provide detailed infrared information to gain a competitive edge over others. For instance, in April 2021, Seek Thermal launched Reveal FirePro X, the latest personal thermal imaging camera (TIC) for firefighters. The upgraded handheld thermal imaging camera provides a new charging port, making it even more durable and easier to access when needed.
- Autonomous cars have been witnessing significant adoption in Canada. In addition, companies such as Uber have also tested driverless technology in Phoenix, Arizona, and Pittsburgh, Pennsylvania.
Thermal Imaging Systems Industry Overview
The thermal imaging system market is fragmented during the forecast period, with a considerable number of regional and global players. The major players in the market, such as Flir Systems Inc., Opgal Optronic Industries Ltd, Fluke Corporation, Testo Inc., and Seek Thermal Inc., are trying to gain more market share with product innovations. In June 2022, Teledyne FLIR Systems Inc. announced the addition of an E52 camera to their Exx thermal Imaging device line, which now includes the E54, E96, E86, and E76 versions. The new E52 camera features professional-level thermal resolution to guarantee photos are simple to see and on-camera routing functionality to boost field survey efficiency.
Thermal Imaging Systems Market Leaders
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FLIR Systems Inc.
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Opgal Optronic Industries Ltd.鈥�
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Fluke Corporation鈥�
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Testo Inc.鈥�
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Seek Thermal Inc.
*Disclaimer: Major Players sorted in no particular order
Thermal Imaging Systems Market News
- May 2022 - Teledyne FLIR System Inc., Defense will supply thermal imaging systems to the United States Army. The FWS-I system will provide infrared imaging to soldiers in all weather and illumination circumstances. Teledyne Technologies' Teledyne FLIR Defense has made a new agreement worth up to USD 500.2 Million to supply advanced thermal imaging systems to the United States Army.
- May 2022 - Trijicon Inc. launched Q-LOC Technology Quick Release Mounts. Trijicon Inc., a global provider of innovative targeting solutions for the hunting, shooting, military, and law enforcement sectors, announced that Trijicon Q-LOC Technology quick-release mounts are now available in various mounting systems to accommodate practically any optical platform. Trijicon red dots, thermal optics, and riflescopes are all compatible with Q-LOC Technology.
Thermal Imaging Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Supply Chain Analysis (Includes list of Thermal Camera Manufacturers, Thermal Imager/Detector Suppliers, Lens Set Suppliers, etc.)
4.3 Industry Attractiveness - Porter Five Forces
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Impact of COVID-19 on the Thermal Imaging Industry
4.5 Global Pricing Analysis - By Application and By Technology
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Reducing Cost of Thermal Imaging Systems has Led to the Adoption Across various End Users
5.1.2 Increasing Spending by Government and Defense Activities
5.2 Market Restraints
5.2.1 Lack of Regular Support and Services
6. MARKET SEGMENTATION
6.1 By Application
6.1.1 Thermography
6.1.2 Military
6.1.3 Surveillance
6.1.4 Personal Vision Systems
6.1.5 Fire Fighting
6.1.6 Smartphones (Ruggedized)
6.1.7 Other Applications (Automotive, Maritime, and other commercial)
6.2 By Form Factor
6.2.1 Handheld Imaging Devices and Systems
6.2.2 Fixed Mounted (Rotary and Non-Rotary)
6.3 By Country
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Flir Systems Inc.
7.1.2 Opgal Optronic Industries Ltd
7.1.3 Fluke Corporation
7.1.4 Testo Inc.
7.1.5 Seek Thermal Inc.
7.1.6 Trijicon Inc.
7.1.7 Bullard GmbH
7.1.8 HT Italia S.r.l.
7.1.9 Raytheon Co.
- *List Not Exhaustive
8. LIST OF RESEARCH INSTITUTES INVOLVED IN THERMAL IMAGING
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Thermal Imaging Systems Industry Segmentation
The scope of the study includes both imagers and thermal cameras. Thermal Detectors with main functionality to sense & detect thermal radiation as opposed to imagers, whose main function is to take an image of thermal radiation.
The Thermal Imaging Systems market is segmented by Application (Thermography, Military, Surveillance, Personal Vision Systems, Fire Fighting, Smartphones (Ruggedized)), Form Factor (Handheld Imaging Devices and Systems, Fixed Mounted Systems), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Application | |
| Thermography | |
| Military | |
| Surveillance | |
| Personal Vision Systems | |
| Fire Fighting | |
| Smartphones (Ruggedized) | |
| Other Applications (Automotive, Maritime, and other commercial) |
| By Form Factor | |
| Handheld Imaging Devices and Systems | |
| Fixed Mounted (Rotary and Non-Rotary) |
| By Country | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Thermal Imaging Systems Market Research FAQs
What is the current Thermal Imaging Systems Market size?
The Thermal Imaging Systems Market is projected to register a CAGR of 7.78% during the forecast period (2024-2029)
Who are the key players in Thermal Imaging Systems Market?
FLIR Systems Inc., Opgal Optronic Industries Ltd.鈥�, Fluke Corporation鈥�, Testo Inc.鈥� and Seek Thermal Inc. are the major companies operating in the Thermal Imaging Systems Market.
Which is the fastest growing region in Thermal Imaging Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermal Imaging Systems Market?
In 2024, the North America accounts for the largest market share in Thermal Imaging Systems Market.
What years does this Thermal Imaging Systems Market cover?
The report covers the Thermal Imaging Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermal Imaging Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thermal Imaging Systems Industry Report
Statistics for the 2024 Thermal Imaging Systems market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Thermal Imaging Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
