PUBLISHER: The Business Research Company | PRODUCT CODE: 1436744
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436744
Thermal imaging technology utilizes infrared radiation and thermal energy to create visible images of objects, facilitating visibility in low-light environments by translating thermal energy into visible light.
In the realm of thermal imaging, key products include thermal cameras, thermal scopes, and thermal modules. Thermal imaging cameras function by converting thermal energy into visible light, facilitating analysis of specific objects or scenes. These cameras utilize diverse technologies such as cooled and uncooled systems, employing wavelengths such as shortwave infrared, mid-wave infrared, and long-wave infrared. Their applications span across thermography, surveillance, personal vision systems, firefighting, ruggedized smartphones, and various other uses. These technologies find utility in sectors such as aerospace and defense, law enforcement, healthcare, automotive, oil and gas, residential purposes, manufacturing, and beyond.
The thermal imaging market research report is one of a series of new reports from The Business Research Company that provides thermal imaging market statistics, including thermal imaging industry global market size, regional shares, competitors with a thermal imaging market share, detailed thermal imaging market segments, market trends and opportunities, and any further data you may need to thrive in the thermal imaging industry. This thermal imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The thermal imaging market size has grown rapidly in recent years. It will grow from $6.89 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed in the historic period can be primarily attributed to several factors including increased usage in military and defense applications, industrial inspections, building and infrastructure inspections, utilization in law enforcement and public safety sectors, as well as advancements in medical diagnosis. These diverse applications played a significant role in driving the growth witnessed during that time frame.
The thermal imaging market size is expected to see rapid growth in the next few years. It will grow to $11.81 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period is expected to stem from various factors, including increased demands in surveillance and security requirements, ongoing infrastructure development, utilization in firefighting and emergency response scenarios, health screening applications, and advancements in automotive safety measures leveraging thermal imaging technologies.
Growth in the thermal imaging market is propelled by increased government spending in aerospace and defense. Thermal imaging technology serves critical surveillance needs in these sectors. In 2020-21, the Ministry of Defence in a national budget allocation received a substantial $62.76 billion (Rs 4,71,378 crore), representing 15.5% of the central government's budget. This substantial investment fuels the demand for thermal imaging technology.
The thermal imaging market anticipates growth driven by escalating demand from the automotive industry. In this sector, thermal imaging aids in diagnosing vehicle issues by detecting heat anomalies in components, facilitating maintenance. For example, global vehicle production reached 85.4 million units in 2022, up by 5.7% from the previous year, as reported by the European Automobile Manufacturers' Association (ACEA), emphasizing the automotive industry's impact on driving the thermal imaging market.
Technological progression stands as a prominent trend influencing the thermal imaging market. Leading companies in this sector concentrate on pioneering technological solutions to fortify their market presence. InfiRay, a China-based technology firm, introduced an array of thermal imaging innovations in July 2023. These advancements encompass infrared detectors, thermal camera modules, night vision cameras, and thermographic cameras for temperature measurement. Their patented dual FOV objective lens offers versatile wide and narrow field of view options, delivering unparalleled image quality alongside user-friendly features, HD display, extended battery life, durable housing, and ample internal memory.
Major players in the thermal imaging market concentrate on pioneering products such as the thermal imaging camera to cater to customer needs reliably. A thermal imaging camera, leveraging infrared technology, captures images based on emitted heat from objects, transcending visible light limitations. Seek Thermal's FirePRO 300 launch in April 2023 exemplifies this trend. This camera introduces Seek Thermal's unique Mixed Gain mode, enabling firefighters to perceive extreme heat and cold simultaneously in one image, enhancing detail visibility and providing superior situational awareness.
In May 2021 witnessed Teledyne Technologies Incorporated, a US-based technology provider, finalizing the acquisition of FLIR Systems Inc. for $8.2 billion. FLIR, renowned for its thermal imaging infrared camera designs, now operates as Teledyne FLIR under Teledyne's Digital Imaging division. This strategic acquisition expands Teledyne FLIR's scope, encompassing a wide array of unmanned systems and imaging payloads, spanning applications from deep-sea ventures to space exploration.
Major companies operating in the thermal imaging market report are United Technologies Corporation, RTX Corporation, Canon Inc., BAE Systems PLC, L3HARRIS Technologies Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Zhejiang ULIRvision Technology Co. Ltd., Leonardo S.p.A., Teledyne Technologies Incorporated, Sofradir SAS, FLIR Systems Inc., Axis Communications AB, Fluke Corporation, Jenoptik AG, Testo SE & Co. KGaA, Wuhan Guide Sensmart Tech Co. Ltd., Guide Infrared Co. Ltd., Vertex Aerospace LLC, Nippon Avionics Co. Ltd., Thermoteknix Systems Ltd., InfraTec Infrared LLC, Xenics NV, Opgal Optronic Industries Ltd., Cantronic Systems Inc., Tonbo Imaging Pvt. Ltd., MoviTHERM, New Imaging Technologies, Seek Thermal Inc., Argus Thermal Imaging Cameras
North America was the largest region in the thermal imaging market in 2023. The regions covered in the thermal imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the thermal imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The thermal imaging market consists of revenues earned by entities by providing thermal imaging services such as gathering and analysis of thermal radiation, infrared thermal imaging services, detect radiation. The market value includes the value of related goods sold by the service provider or included within the service offering. The thermal imaging market also includes sales of computers, infrared thermal camera, thermometers which are used in providing thermal imaging services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Thermal Imaging Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on thermal imaging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for thermal imaging ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The thermal imaging market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.