Thermal Imaging Systems Market - Growth, Trends, and Forecasts (2020 - 2025)

The Thermal Imaging Systems market was valued at USD 5.19 billion in 2019 and is expected to reach USD 7.92 billion by 2025, at a CAGR of 7.78% over the forecast period 2020 - 2025. Infrared and thermal imaging systems have witnessed a paradigm shift in recent years, due to their increasing use in military and defense applications. Many countries are investing heavily in IR and thermal imaging systems to tackle global-political instabilities and fortify their military power, with global tensions rising rapidly, thereby driving the demand for these systems.​

• Companies have also miniaturized IR and thermal imaging sensors, due to the advancements in technologies, making them portable and highly efficient, thereby increasing their ease of use. Handheld IR and thermal imaging systems gain traction for their portability and find its applications in various industry verticals, such as hospitals, saving repair times and heating costs.​
• The factors, such as rising demand for surveillance across various verticals, gradually decreasing costs of thermal cameras, and rapid development of high-speed infrared cameras, lead to increased demand for IR cameras across the above-mentioned applications, consequently driving the market growth.​ However, inaccurate measurements and image color issues associated with the cameras are challenging market growth. The industries heavily relying on IR cameras are military and defense and automotive.​
• Further, automotive applications are expected to gain traction in the next five years. The increasing use of thermal imaging systems such as thermal cameras in the automotive sector to reduce the risks in driving, especially during the night, is one of the major reasons for the growth of this application's thermal imaging market.​
• Furthermore, regional, national, and international airports are prized targets for criminal and subversive elements. Personnel and valuable equipment need to be protected, owing to which surveillance is witnessing rising demand at public places and airports. For instance, Copenhagen Airport employs FLIR Systems SR-Series thermal imaging cameras to make an even safer airport than before.​
• The outbreak of the COVID-19 virus has disrupted the supply chain globally, especially in hardware, electronic manufacturing, and semiconductor companies. However, market demand is likely to increase, and several players are launching new products. For instance, in May 2020, Honeywell International, Inc. introduced an AI-enabled thermal imager that detects elevated body temperatures at the entryway of factories, airports, distribution centers, and other commercial buildings.