Thermal Imaging Systems Market - Growth, Trends, and Forecast (2019 - 2024)

The Thermal Imaging Systems market is segmented by Technology (Cooled, Uncooled), Form Factor (Handheld Imaging Devices and Systems, Fixed Mounted Systems), Application (Industrial, Security & Surveillance, Thermography, Consumer Electronics), and Geography.

Market Snapshot

Market Growth_Thermal Imaging Systems Market
Study Period:


Base Year:


Fastest Growing Market:

North America

Largest Market:

North America



Key Players:

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Market Overview

The thermal imaging systems market is expected to witness a CAGR of 7.78%, during the forecast period (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, advancements in thermal imaging systems and their enabling technologies have 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.
  • Rapid advancements in technology and money being pumped into aerospace and defense research and development (R&D) have brought its costs down substantially and also introduced the world to a smarter, 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 includes 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 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 are considered for market estimation.

By Technology
By Form Factor
Handheld Imaging Devices and Systems
Fixed Mounted Systems
By Application
Security and Surveillance
Consumer Electronics
Other Applications
North America
United States
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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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 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 ISIS conflict in the Middle East, Indo-Pak conflict over Jammu and Kashmir, Syrian war are just a few examples. Also, increasing tensions across borders and between 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 rise in the military modernization program includes the application of thermal imaging systems.
  • 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.
Military Spending by countries 2018

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North America to Hold the Largest Market Share

  • The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom during the next five years.
  • As ADAS (Advances Driving Assistance Vehicle) and AV (Autonomous Vehicle) platforms to become the future of the automotive industry, research has shown that equipping thermal imaging system will make the autonomous driving safer. Also, the declining production cost of thermal imaging systems with mass manufacturing will create the demand for thermal imaging systems in the recent future.
  • Market leading companies such as DRS technologies, PixonImaging, and FLIR situated in North America. FLIR has invested 10% of its revenue on research and development in FY2018. It's primary research and development includes the project of a thermal imaging system for autonomous vehicles
Regional Growth_Thermal Imaging Systems Market

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Competitive Landscape

The thermal imaging system market concentrated with the presence of a few dominant players in the market. Innovation in the market requires the developers to have a better understanding of the industrial process to deliver a suitable solution. Companies are trying to gain more market share with mergers and acquisitions.

  • Mar 2019 - FLIR Systems, Inc. has announced the acquisition of Endeavor Robotic Holdings, Inc., a leading developer of battle-tested, tactical unmanned ground vehicles (UGVs) for the global military, public safety, and critical infrastructure markets. FLIR will be leveraging its thermal imaging and adjacent technologies to provide innovative, intelligent solutions for the new segments of the acquisition.
  • June 2018 - Thales S.A. introduced Sophie Ultima, thermal imager designed to give tactical superiority through collaborative and augmented imaging capability at night and by the day. It is a lightweight four in one thermal imager combining tactical binoculars, infrared target locator, daytime laser rangefinder, and teleconverter.

Major Players

  1. FLIR Systems, Inc.
  2. L3 Technologies, Inc.
  3. ULIS S. A. S.
  4. Elbit Systems Ltd
  5. Raytheon Company

* Complete list of players covered available in the table of contents below

Market Concentration_Thermal Imaging Systems Market

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Demand for Military Modernization Programs

      2. 4.2.2 Increasing Adoption of Thermal Imaging in Perimeter Security

    3. 4.3 Market Restraints

      1. 4.3.1 Defense Budget is in a State of Flux

      2. 4.3.2 Lack of Awareness About Benefits of Thermographic Inspection

    4. 4.4 Value Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry


    1. 5.1 By Technology

      1. 5.1.1 Cooled

      2. 5.1.2 Uncooled

    2. 5.2 By Form Factor

      1. 5.2.1 Handheld Imaging Devices and Systems

      2. 5.2.2 Fixed Mounted Systems

    3. 5.3 By Application

      1. 5.3.1 Industrial

      2. 5.3.2 Security and Surveillance

      3. 5.3.3 Thermography

      4. 5.3.4 Consumer Electronics

      5. 5.3.5 Transportation

      6. 5.3.6 Other Applications

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

      2. 5.4.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.4.4 Latin America

        1. Brazil

        2. Mexico

        3. Argentina

        4. Rest of Latin America

      5. 5.4.5 Middle East & Africa

        1. UAE

        2. Saudi Arabia

        3. South Africa

        4. Rest of Middle East & Africa


    1. 6.1 Company Profiles

      1. 6.1.1 Flir Systems Inc.

      2. 6.1.2 L3 Technologies, Inc.

      3. 6.1.3 Ulis S.A.S.

      4. 6.1.4 Elbit Systems Ltd

      5. 6.1.5 Raytheon Company

      6. 6.1.6 Lockheed Martin

      7. 6.1.7 Fluke Corporation

      8. 6.1.8 BAE Systems PLC

      9. 6.1.9 Leonardo DRS, Inc.

      10. 6.1.10 Sofradir SAS

      11. 6.1.11 Thermoteknix Systems Ltd

      12. 6.1.12 Testo SE & Co. KGaA

    2. *List Not Exhaustive


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