Market Overview

The thermal imaging systems market is expected to witness a CAGR of 7.78% during the forecast period of 2019 - 2024. Thermal imaging helps in improving visibility by detecting the objects' infrared radiations and creating an image based on that information.

• Over the years, the advancements in thermal imaging systems and their enabling technologies penetrated different verticals, like Aerospace and Defense, Thermography, Security and Surveillance, NDT, and others. This is increasing the scope of the thermal imaging technology market.
• The factors, like the rapid advancements in technology, as well as the investments being made for aerospace and defense's research and development (R&D), helped to bring its costs down substantially and also introduced the world to a smarter and efficient way of doing things.
• There is an increasing trend of cross-border terrorism across the provinces. There are many countries facing insurgency issues across the border from their neighboring countries. Hence, there has been a growing demand for military modernization programs, which include improved thermal imaging systems requirements.
• However, the uncertainty of the defense budget and lack of awareness about the full capabilities and its application are the factors restricting the market's growth.

Scope of the Report

The scope of our study for the thermal imaging systems is limited to the cooled and uncooled technologies and different forms of systems used for a wide range of applications, globally. 

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Key Market Trends

Security and Surveillance to Occupy a Major Share

• Globally, there is a growing trend of rising crimes and violence. This factor has raised the budgets of the homeland security forces to procure the advance protective systems and gadgets. Modern warfare has become more asymmetric with an increasing number of non-lethal and lethal weapons.
• The ongoing battles with the ISIS conflict in the Middle East, the Indo-Pak conflict over Jammu and Kashmir, and the Syrian war are just some of the examples. In addition, the increasing tensions across the borders and countries have led to an increase in the demand for IR and thermal imaging long-range surveillance in low-light conditions.
• According to SIPRI, the world military expenditure has reached USD 1.8 trillion in 2018, which is 2.6% higher than the previous year and 5.6% higher than in 2009. The drive for military modernization program includes the application of thermal imaging systems.
• The terrorist attacks have been seen increasing for damaging critical infrastructure in many countries. To avoid such incidences, the governments are investing for stringent surveillance with infrared and thermal imaging security systems.

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