Meticulous Research®, a prominent global market research firm, has released its latest report, titled ‘THERMAL IMAGING MARKET by Type (Handheld Cameras, Fixed Cameras, Scopes, Modules), Technology (Cooled, Uncooled), Wavelength (SWIR, MWIR, LWIR), Application (Security & Surveillance) - Global Forecast to 2031.’ According to the report, the thermal imaging market is projected to grow to $7.8 billion by 2031, with a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
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This upward trend is driven by several factors, including the increasing demand for surveillance and security systems, along with rising applications in manufacturing and industrial sectors. Moreover, the growing use of thermal imaging in healthcare and the military's expanding budget for surveillance technologies are expected to propel market growth. The popularity of unmanned aerial vehicles (UAVs) equipped with thermal imaging also contributes to this trend. However, competition from alternative imaging technologies, such as radar and visible light cameras, may curb market growth. Additionally, the high cost of thermal imaging devices poses a significant challenge for industry players.
The report provides a comprehensive analysis of the market, segmented by type, technology, wavelength, and application, while also examining industry competitors and regional markets.
In terms of type, the market is categorized into handheld cameras, fixed cameras, scopes, and modules. By 2024, handheld cameras are expected to account for over 55% of the market share due to their portability and ease of use, particularly in field inspections and emergency operations. However, fixed cameras are projected to experience the highest growth during the forecast period, driven by the need for continuous monitoring of critical infrastructure without manual intervention.
Technologically, the market is divided into cooled and uncooled thermal imaging systems. Cooled thermal imaging, accounting for 64% of the market in 2024, is favored for its high sensitivity, accuracy, and long-range detection capabilities. Uncooled thermal imaging, however, is anticipated to witness the highest growth rate due to its cost-effectiveness and lower maintenance requirements, making it ideal for applications such as building diagnostics and wildlife monitoring.
The market is also segmented by wavelength, with the longwave infrared (LWIR) segment expected to dominate in 2024, capturing over 49% of the market. The widespread use of LWIR cameras in various sectors, including environmental monitoring and advanced driver assistance systems (ADAS), contributes to its large market share. On the other hand, the shortwave infrared (SWIR) segment is poised for the highest growth, owing to its ability to provide enhanced visibility in challenging environments like fog and haze.
Regarding applications, security and surveillance are projected to lead the market, holding over 41% of the market share in 2024, driven by the growing need for enhanced perimeter security and thermal camera integration into smart security systems. The healthcare sector, however, is forecasted to register the highest CAGR, fueled by the rising use of thermal imaging for non-invasive diagnostics, including early disease detection and fever screening.
Geographically, North America is set to dominate the thermal imaging market, with a 36% share in 2024, driven by increasing security concerns and advancements in medical diagnostics. The Asia-Pacific region is expected to grow at the fastest rate, with a CAGR of 8.5%, attributed to the region’s increasing adoption of thermal imaging technologies in various sectors.
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Key Players:
The key players operating in the thermal imaging market are Teledyne FLIR LLC (U.S.) (a subsidiary of Teledyne Technologies Incorporated (U.S.)), Fluke Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), Leonardo S.p.A. (Italy), Axis Communications AB (Sweden), BAE Systems plc (U.K.), RTX Corporation (U.S.), Lockheed Martin Corporation (U.S.), Testo SE & Co. KGaA (Germany), Thales Group (France), Seek Thermal, Inc. (U.S.), Exosens (France), Honeywell International Inc. (U.S.), Trijicon, Inc. (U.S.), Cantronic Systems, Inc. (U.S.), Safran Group (France), Zhejiang Dali Technology Co., Ltd. (China), HT Italia S.r.l. (Italy), Thermoteknix Systems Ltd. (U.K.), and Bullard (U.S.).
Key questions answered in the report-
- Which are the high-growth market segments based on type, technology, wavelength, application, and geography?
- What was the historical market for the thermal imaging market?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the thermal imaging market?
- Who are the major players, and what shares do they hold in the thermal imaging market?
- What is the competitive landscape in the thermal imaging market?
- What are the recent developments in the thermal imaging market?
- What do the major players adopt the different strategies in the thermal imaging market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global thermal imaging market, and how do they compete with the other players?
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