Press release
Emerging Trends to Drive Thermal Imaging Market Growth at 11.9% CAGR Through 2029
Thermal Imaging
Thermal Imaging Market Size Growth Forecast: What to Expect by 2025?
Recently, the thermal imaging market has seen significant growth. It is projected to increase from a size of $7.57 billion in 2024 to $8.24 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. The historical growth in this market can be attributed to various areas, including military and defense applications, industrial inspections, examinations of buildings and infrastructure, law enforcement and public safety, and medical diagnosis.
How Will the Thermal Imaging Market Size Evolve and Grow by 2029?
In the coming years, the thermal imaging market is set to witness significant growth, reaching $12.92 billion by 2029, with an 11.9% compound annual growth rate (CAGR). The projected growth for this period can be attributed to factors such as the need for surveillance and security, infrastructure progression, firefighting and emergency response mechanisms, health assessments, and automotive safety. Key trends expected during this period include the emphasis on high-resolution thermal imaging for surveillance, the use of thermal imaging for inspections in construction and infrastructure, disruptive innovations in thermal imaging for agricultural and environmental surveillance, the application of thermal imaging in predictive industrial maintenance, and the advancement of multi-spectral thermal imaging solutions.
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What Drivers Are Propelling the Growth of Thermal Imaging Market Forward?
The thermal imaging market is experiencing substantial growth due to the surge in spending by governments in the aerospace and defense sectors. The utility of thermal imaging technology for monitoring and observation purposes in these industries is undeniable, especially in areas that demand enhanced surveillance. As per the Stockholm International Peace Research Institute, a institute based in Sweden, the total global expenditure on military services hit $2,443 billion in 2023, marking a real-term rise of 6.8 percent when compared to 2022. The scopes of defense budgets were increased across the board, with the top 10 military spenders, led by countries including Russia, China, and the United States. This hike in defense sector investment is a significant contributing factor to the expansion of the thermal imaging market.
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What Are the Key Trends Driving Thermal Imaging Market Growth?
Technological progression is becoming an increasingly prominent trend in the thermal imaging market. Leading firms in this sector are prioritizing the development of new technology-based solutions to bolster their standings. For example, InfiRay, a firm in based in China known for producing thermal imaging devices and solutions, launched its thermal imaging technology portfolio in July 2023. The portfolio includes infrared detectors, thermal camera modules, night vision thermal cameras, and temperature-measuring thermographic cameras. Using its unique patented dual FOV objective lens, users can effortlessly toggle between a wide and narrow field of view. This allows for unparalleled image quality, complemented by a user-friendly interface, HD display, six-hour operation time, durable aluminum alloy casing, and 32GB of built-in storage.
What Are the Key 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 Key Players Shaping the Thermal Imaging Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in 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.
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