Market Size of Thermal Imaging Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.78 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermal Imaging Systems Market Analysis
The Thermal Imaging Systems market is expected to register a CAGR of 7.78% over the forecast period. The major application of handheld thermal imaging is witnessing increased demand in the defense and security sector. For instance, The US Army aims to provide thousands of new goggles to its soldiers engaged in combat missions.
- Companies have also miniaturized IR and thermal imaging sensors due to technological advancements, making them highly efficient, thereby increasing their ease of use. Handheld IR and thermal imaging systems gain traction for their portability and find their applications in various industry verticals, such as hospitals, saving repair times and heating costs.
- 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 at night, is a significant reason for this application's thermal imaging market growth.
- Moreover, recent developments in cooled mercury cadmium telluride (MCT or HgCdTe) infrared detector technology have made the development of high-performance infrared cameras possible for various demanding thermal imaging applications.
- The factors, such as rising demand for surveillance across various verticals, gradually decreasing thermal cameras cost, and rapid development of high-speed infrared cameras, lead to increased demand for IR cameras, 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, defense, and automotive.
- The COVID-19 Pandemic has increased demand for thermal imaging solutions across various industries, including healthcare, life science, transportation, and others. Several firms have reduced the transmission of illness at their locations. Authorities in nations such as China use thermal cameras and eyewear to identify pedestrians in high temperatures. Personnel addition, police are scanning and identifying persons with elevated body temperatures using AI-powered thermal smart helmets.
