Global Thermal Imaging Market Report, Industry Analysis and Forecast to 2029

The global thermal imaging market is projected to reach USD 5.43 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period 2022-2029.

Thermal Imaging camera is a contactless device that detects infrared energy (heat emitted by objects) & converts it into a visual image. It consists a lens, thermal sensor, mechanical housing & processing electronics. Some of the characteristics of thermal imaging camera are resolution, field of view, range, thermal sensitivity, spectral range. These characteristics depend on the application areas for thermal cameras.

It is a technology that collects information about things & forms images of them in dark environment using infrared light & thermal energy. Moreover, thermal imaging camera was developed for surveillance & military operations. Its now widely used for building inspections (insulation & roofing), autonomous vehicles & automatic braking, industrial inspection, skin temperature screening & scientific research.

Global Thermal Imaging Market Overview

Thermal Imaging is the process of Infrared radiation emitted from an object to capture & construct an image of the object using a thermal camera. The global thermal imaging market demand is driven by the growth of automotive sector, for instance technological advancements in the global market has created a new avenue for thermal imaging products in the market and thus also facilitating the demand for thermal imaging in the market. Thus, thermal cameras collect IR energy &convert it to analog or  digital video outputs to create images.

Thermal Imaging Market Dynamics

The rising demand for thermal cameras from automotive & medical industry to boost the market growth i.e.  thermal camera is used in automotive industry to help drivers see in poor light & bad weather conditions, reducing accidents & maintaining security. To create cutting-edge thermal imaging technology, automobile industry is working with thermal imaging solution providers. Additionally, IRT is used to diagnose cancer, diabetic neuropathy & vascular diseases in the medical field. Camera turns infrared data into an electronic image of an object being measured, displaying the apparent surface temperature.

Moreover, high investment in infrastructure development along with the growing demand for professional surveillance. Thermal imaging can identify energy losses in a building without any destructive methods. It is reliable non-contact instrument that can scan & visualize the temp distribution across entire surfaces high efficiency. Thus, the rise in need for regular predictive maintenance by building construction technicians.

Restrictions imposed by various governments on thermal cameras might hamper the market growth. Market expansion is hampered by restrictions placed on thermal camera vendors & manufacturers by various regions & maintenance expenditures are also anticipated to constrain market expansion.

Thermal Imaging Market Report Outlook

The Thermal Imaging market report focuses on different aspects regarding types of Thermal Imaging, and across the technology used for in the automotive sector. The research analyses the different types, and vehicle types of the product in order to obtain a better understanding regarding the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 10 years.

Thermal Imaging Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of products; technologies used in manufacturing the products; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market and understand the growth strategies being undertaken by these major players to analyse the future market trends.

Major companies such as FLIR Systems Inc. launched a Boson +, a longwave Infrared thermal camera module with thermal sensitivity of 20 Mk or less. It includes a drop-in upgrade with updated thermal image processing that improves sharpness & contrast in commercial & defence applications.

Other major players holding prominent share in the Thermal Imaging market include are BAE System Plc, Leonardo S.p.A., Thales Group, FLIR Systems, Inc., American Technologies Network, Opgal Optronic Industries Ltd., Fluke Corporation, Thermoteknix Systems Ltd., Seek Thermal, Inc., Cantronic Systems, Inc., among the others. There are several regional and local players in this market across the globe which are contributing towards the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Thermal Imaging Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East and Africa. These regions will be analysed per countries on the basis of market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

North America has been dominating the global thermal imaging market & is expected to maintain its dominance over the forecast period due to the presence of thermal imaging camera manufacturers. The imaging machinery such as scopes sensors & modules equally distributed. Additionally owing to the growing military & defence industry which will surge the demand for thermal imaging tools & gears.

Moreover, Asia Pacific is set to witness its growth over the forecast period & is expected to project highest CAGR (Annual Rate) due to the high concentration on the defence sector. Scrutinizing these factors for the countries are expected to enhance the value chain of the Thermal Imaging market and aid us with better insights about the same.

Thermal Imaging Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Thermal Imaging Market Research Methodology

The study period of the market is considered to be 10 years (2019-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured on the basis of current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for better understanding on the market studied
• The market is analysed with in-depth study of the company’s view on the market considering the present economical, political, social, geographical, and legal factors.
• To gain a clear insight for better future perspective of the market studied in 360 degree synopsis.
• Understand the competition in the market being a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through diverse consumer base.