Emerging Trends to Drive Thermal Imaging Market Growth at 12.3% CAGR Through 2029

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How Large Will the Thermal Imaging Market Size By 2025?
In the last couple of years, the size of the thermal imaging market has seen rapid expansion. A jump is expected from $7.57 billion in 2024 to $8.36 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%. The historical growth in this market is largely due to its utilization in sectors like military and defense, industrial checks, construction and infrastructure evaluations, enforcing law and ensuring public safety, and medical diagnostic processes.

How Big Is the Thermal Imaging Market Size Expected to Grow by 2029?
In the forthcoming years, the thermal imaging market size is predicted to experience accelerated growth, reaching $13.31 billion in 2029 with a compound annual growth rate (CAGR) of 12.3%. The growth during the forecast period can be ascribed to factors such as surveillance and security requirements, infrastructure advancement, firefighting and emergency response, health screening, and automotive safety. In the forecast period, significant trends will revolve around providing high-resolution thermal imaging for surveillance, using thermal imaging in the inspection of buildings and infrastructure, innovation in the use of thermal imaging for monitoring agriculture and the environment, applying thermal imaging in industrial preventive maintenance, and the creation of multi-spectral thermal imaging solutions.

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Which Key Market Drivers Powering Thermal Imaging Market Expansion and Growth?
The surge in the thermal imaging market can be significantly attributed to the growing governmental investment in the aerospace and defense sector. This technology is instrumental in the enhanced surveillance and monitoring capacities required in these industries. To illustrate, in April 2024, total global military expenditure amounted to $2,443 billion in 2023, a 6.8 percent increase in real terms from 2022, as reported by the Stockholm International Peace Research Institute, a prestigious Sweden-based global institution. Countries such as the United States, China, and Russia, who emerged as the top 10 military spenders for the year, escalated their defense budgets. Consequently, the escalation in defense spending propels the growth of the thermal imaging market.

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Which Fast-Growing Trends Are Poised to Disrupt the Thermal Imaging Market?
Technological progression in the thermal imaging market is a prime trend that is on the rise. The major players in this sector are prioritizing the development of innovative technological solutions to fortify their standing in the market. For example, InfiRay, a China-based company specializing in the production of thermal imaging devices and solutions, unveiled its thermal imaging technology in July 2023. This includes infrared detectors, thermal camera modules, night vision thermal cameras, and thermographic cameras for temperature checks. The company's unique, patented dual FOV objective lens allows a smooth shift between a broad and limited field of view. This is complemented by unparalleled image quality, a user-friendly interface, HD display, prolonged battery life of upto six hours, robust aluminum alloy casing, and substantial internal memory of 32GB.

What Are the Emerging Segments in the 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

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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Thermal Imaging Industry?
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.

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