Market Trends of Thermal Imaging Systems Industry
This section covers the major market trends shaping the Thermal Imaging Systems Market according to our research experts:
Applications in Military to Drive the Market Growth
- Military and defense were the first applications of IR and thermal imaging systems. With the defense sector's rising investments in surveillance, IR, and thermal imaging systems, adoption is expected to increase further.
- In the military sector, governments worldwide invest in improving next-generation technology by providing military personnel with improved and accurate information. This has impacted the growth of especially short-wavelength IR cameras, as the adoption of IR thermography devices has increased in the defense sector.
- Globally, there is a growing trend of rising crimes and violence. This factor has raised the homeland security forces' budgets to procure advanced protective systems and gadgets. Modern warfare has become more asymmetric, with increasing non-lethal and lethal weapons.
- The key players in the market are constantly working on thermal imaging systems to introduce technological advancements. For instance, in June 2021, Raytheon Technologies Research Center is working with the Collins Aerospace and Pratt & Whitney businesses to break new ground on power and thermal management technologies that will enable future military aircraft while supporting updates to the present fleet.
- The combined number of military personnel among NATO member countries was approximately 3.3 million in 2021, increasing from 3.27 million the previous year. NATO nations' total defense spending in 2021 was approximately USD 1.17 trillion, the maximum amount NATO members have collectively spent on defense from 2014 to 2021.
Understand The Key Trends Shaping This Market
Download Sample
North America to Hold the Significant Market Share
- North America is expected to hold a significant market share for the thermal imaging systems market during the forecast period due to the increasing adoption of infrared imaging products and services by organizations in the region for applications such as surveillance, threat detection, automotive, predictive maintenance, and others.
- Companies in the region are developing new products or solutions to leverage the growing opportunity. For instance, in February 2021, the FLIR Boson-based thermal camera premiered in Veoneer's fourth-generation Night Vision System as an option on the all-new Cadillac Escalade, identical to the FLIR Thermal Automotive Development Kit (ADK). The new thermal-vision system offers a broader field of view with four times the resolution compared to the previous generation, extending road coverage, improving situational awareness, and displaying a sharper image to the driver.
- According to a survey conducted by NATO, in 2021, the United States is estimated to spend 3.52%of its gross domestic product on defense expenditures. This makes them the country with the highest share of GDP spent on the defense budget in 2021. Such investments in the region drive the market.
- Most companies are keen on developing an advanced IR camera to provide detailed infrared information to gain a competitive edge over others. For instance, in April 2021, Seek Thermal launched Reveal FirePro X, the latest personal thermal imaging camera (TIC) for firefighters. The upgraded handheld thermal imaging camera provides a new charging port, making it even more durable and easier to access when needed.
- Autonomous cars have been witnessing significant adoption in Canada. In addition, companies such as Uber have also tested driverless technology in Phoenix, Arizona, and Pittsburgh, Pennsylvania.
Get Analysis on Important Geographic Markets
Download Sample
