Market Size of IR and Thermal Imaging Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.84 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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IR & Thermal Imaging Systems Market Analysis
The IR and Thermal Imaging Systems market was valued at USD 5.81 billion in 2020 and is expected to reach USD 10.21 billion by 2026 and grow at a CAGR of 9.84% over the forecast period (2021 - 2026). Infrared and thermal imaging systems have witnessed a paradigm shift in recent years, due to their increasing use in military and defense applications.
- With global tensions rising at a significant pace, countries, to tackle global-political instabilities and to fortify their military power, are investing heavily in IR and thermal imaging systems, driving the demand for these systems.
- With advancements in technologies, companies have miniaturized IR and thermal imaging sensors, making them highly efficient and portable and increasing their ease of use. Handheld IR and thermal imaging systems are gaining traction for their portability, with this segment finding its applications in various industry verticals, such as hospitals, saving repair times and heating costs.
- Lack of awareness about the emerging applications of the technology is expected to act as a restraint for this market.
