Thermal Imaging
Thermal Imaging Market Forecasts to 2030 - Global Analysis By Type (Thermal Cameras, Thermal Modules and Other Types), Wavelength (Shortwave Infrared (SWIR), Medium Wave Infrared (MWIR) and Large Wave Infrared (LWIR)), Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Thermal Imaging Market is accounted for $3.91 billion in 2023 and is expected to reach $6.78 billion by 2030 growing at a CAGR of 8.18% during the forecast period. Thermal imaging is a technology that detects and captures infrared radiation emitted by objects, converting it into visible images that represent temperature variations. It relies on the principle that all objects emit heat in the form of infrared radiation. Infrared cameras, equipped with specialized sensors, capture this radiation and generate thermal images with varying color gradients to depict temperature variations. Commonly used in diverse fields such as military, medicine, and industrial applications, thermal imaging allows users to identify heat patterns, detect anomalies, and visualize temperature differences, making it a valuable tool for safety, surveillance, and diagnostics.
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.
Market Dynamics:
Driver:
Increasing demand for non-contact temperature
Non-contact temperature measurement trend is primarily fueled by the growing emphasis on contactless monitoring and safety across various industries, such as healthcare, manufacturing, and infrastructure. This is facilitated by thermal imaging technology, allows for quick and accurate assessment of temperature variations without direct physical contact. This has become crucial for applications like fever screening, industrial process control, and building inspections, especially in the context of health and safety protocols. As organizations prioritize non-invasive temperature monitoring solutions, the thermal imaging market experiences heightened demand.
Restraint:
Power consumption
Traditional thermal imaging devices often require substantial energy to operate, limiting their applicability to portable or battery-powered devices. This constraint hinders the development and adoption of thermal imaging technologies in sectors such as consumer electronics, drones, and wearable devices. Addressing power consumption issues is crucial for expanding the market's reach and enabling the integration of thermal imaging capabilities into a broader range of applications, fostering innovation and efficiency in various industries.
Opportunity:
Automotive industry
The automotive industry is witnessing a significant opportunity, as this technology offers enhanced safety and efficiency features. Thermal imaging enables vehicles to detect pedestrians, animals, and other objects in low-visibility conditions, such as darkness or adverse weather. It plays a crucial role in advanced driver assistance systems (ADAS), providing real-time information to help prevent collisions and improve overall road safety. Additionally, thermal imaging aids in vehicle diagnostics, ensuring optimal performance and early detection of potential issues.
Threat:
Public perception
The threat to public perception of the thermal imaging market primarily revolves around privacy concerns. As thermal imaging technology becomes more prevalent in various applications, including surveillance and monitoring, there is a growing fear of potential invasions of personal privacy. Individuals may feel uneasy about being subjected to thermal scans without their consent, raising questions about the ethical implications and boundaries of this technology. Additionally, there's a risk of misuse, leading to public apprehension regarding the potential for surveillance abuses or unauthorized data collection.
Covid-19 Impact:
The COVID-19 pandemic has significantly impacted the thermal imaging market as the technology gained prominence for its non-contact temperature measurement capabilities. With increased emphasis on health and safety measures, thermal imaging solutions have found widespread applications in screening people for elevated body temperatures, a common symptom of the virus. This surge in demand led to substantial growth in the thermal imaging market, particularly in sectors such as healthcare, transportation, and public spaces. The need for accurate and rapid temperature screening fuelled innovations in thermal imaging technology, creating new opportunities for market players.
The thermal cameras segment is expected to be the largest during the forecast period
The thermal cameras segment is experiencing robust growth in the thermal imaging market due to its diverse applications across various industries. The increasing demand for non-contact temperature measurement and monitoring in sectors such as industrial, healthcare, and security is driving the adoption of thermal cameras. These devices offer real-time thermal data, enabling quick detection of anomalies, equipment malfunctions, and potential safety hazards. Additionally, advancements in technology have led to the development of more affordable and compact thermal cameras, expanding their accessibility to a wider range of users.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment has experienced significant growth due to its pivotal role in enhancing vehicle safety and performance. The integration of thermal imaging technology in automotive applications provides advanced driver assistance systems (ADAS) with improved visibility in challenging conditions such as low light, fog, and adverse weather. This has led to increased demand for thermal cameras in vehicles, contributing to the segment's expansion. The rising focus on autonomous vehicles fuels the adoption of thermal imaging for enhanced object detection and pedestrian recognition.
Region with largest share:
The North American region has witnessed substantial growth in the thermal imaging market due to increasing applications across various industries. The heightened demand is attributed to advancements in technology, fostering widespread adoption in sectors such as defense, aerospace, and healthcare. The rising awareness of the benefits of thermal imaging, such as enhanced security measures, preventive maintenance, and efficient surveillance, has fueled market expansion. Furthermore, the region's robust infrastructure development and the continuous innovation of thermal imaging solutions have contributed to the market's accelerated growth.
Region with highest CAGR:
The Asia-Pacific region has experienced significant growth in the thermal imaging market due to increasing adoption across industries. Rising demand for advanced surveillance and security systems, coupled with the expansion of industrial applications, has driven the market's expansion. The region's focus on infrastructure development, particularly in emerging economies, has propelled the use of thermal imaging for preventive maintenance and monitoring. Additionally, technological advancements, cost reductions, and the growing awareness of the benefits of thermal imaging have further fuelled the market's growth in the Asia-Pacific region.
Key players in the market
Some of the key players in Thermal Imaging market include BAE System Plc, Bullard GmbH, Cantronic Systems, Inc., Dali Technology Co., Ltd., Excelitas Technologies Corp., FLIR Systems, Inc., Fluke Corporation, HT Instruments, Leonardo S.p.A., Opgal Optronic Industries Ltd., RTX Corporation, Seek Thermal, Inc., Testo Inc., Thales Group, Thermoteknix Systems Ltd. and Trijicon Inc.
Key Developments:
In January 2024, RTX‘s Collins Aerospace business has showcased its Enhanced Power and Cooling System (EPACS), achieving 80 kilowatts (kW) of cooling capacity for the F-35. This system is poised to replace the current power and thermal management setup, doubling the aircraft’s cooling capability. This breakthrough positions EPACS as a potential replacement for the existing F-35 power and thermal management system (PTMS), offering an advance in cooling capabilities crucial for future upgrades.
In October 2023, Photonic solutions provider Excelitas Technologies Corp. has signed a definitive agreement with Heraeus Group of Hanau, Germany, to acquire the Heraeus Noblelight business, including operations in Germany, the U.K., the U.S., China and Japan, along with several key application centers. The acquisition of Heraeus Noblelight will represent the latest in a series of strategic acquisitions by Excelitas Technologies since its establishment in 2010.
Types Covered:
• Thermal Cameras
• Thermal Modules
• Thermal Scopes
• Other Types
Wavelengths Covered:
• Shortwave Infrared (SWIR)
• Medium Wave Infrared (MWIR)
• Large Wave Infrared (LWIR)
Technologies Covered:
• Cooled
• Uncooled
Applications Covered:
• Detection & Measurement
• Critical Infrastructure
• Security & Surveillance
• Other Applications
End Users Covered:
• Food & Beverages
• Healthcare & Life Sciences
• Commercial
• Oil & Gas
• Automotive
• Industrial
• Aerospace & Defence
• Residential
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Thermal Imaging Market, By Type
5.1 Introduction
5.2 Thermal Cameras
5.2.1 Fixed Thermal Cameras
5.2.2 Handheld Thermal Cameras
5.3 Thermal Modules
5.4 Thermal Scopes
5.5 Other Types
6 Global Thermal Imaging Market, By Wavelength
6.1 Introduction
6.2 Shortwave Infrared (SWIR)
6.3 Medium Wave Infrared (MWIR)
6.4 Large Wave Infrared (LWIR)
7 Global Thermal Imaging Market, By Technology
7.1 Introduction
7.2 Cooled
7.3 Uncooled
8 Global Thermal Imaging Market, By Application
8.1 Introduction
8.2 Detection & Measurement
8.3 Critical Infrastructure
8.4 Security & Surveillance
8.5 Other Applications
9 Global Thermal Imaging Market, By End User
9.1 Introduction
9.2 Food & Beverages
9.3 Healthcare & Life Sciences
9.4 Commercial
9.5 Oil & Gas
9.6 Automotive
9.7 Industrial
9.8 Aerospace & Defence
9.9 Residential
9.10 Other End Users
10 Global Thermal Imaging Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 BAE System Plc
12.2 Bullard GmbH
12.3 Cantronic Systems, Inc.
12.4 Dali Technology Co., Ltd.
12.5 Excelitas Technologies Corp.
12.6 FLIR Systems, Inc.
12.7 Fluke Corporation
12.8 HT Instruments
12.9 Leonardo S.p.A.
12.10 Opgal Optronic Industries Ltd.
12.11 RTX Corporation
12.12 Seek Thermal, Inc.
12.13 Testo Inc.
12.14 Thales Group
12.15 Thermoteknix Systems Ltd.
12.16 Trijicon Inc.
List of Tables
1 Global Thermal Imaging Market Outlook, By Region (2021-2030) ($MN)
2 Global Thermal Imaging Market Outlook, By Type (2021-2030) ($MN)
3 Global Thermal Imaging Market Outlook, By Thermal Cameras (2021-2030) ($MN)
4 Global Thermal Imaging Market Outlook, By Fixed Thermal Cameras (2021-2030) ($MN)
5 Global Thermal Imaging Market Outlook, By Handheld Thermal Cameras (2021-2030) ($MN)
6 Global Thermal Imaging Market Outlook, By Thermal Modules (2021-2030) ($MN)
7 Global Thermal Imaging Market Outlook, By Thermal Scopes (2021-2030) ($MN)
8 Global Thermal Imaging Market Outlook, By Other Types (2021-2030) ($MN)
9 Global Thermal Imaging Market Outlook, By Wavelength (2021-2030) ($MN)
10 Global Thermal Imaging Market Outlook, By Shortwave Infrared (SWIR) (2021-2030) ($MN)
11 Global Thermal Imaging Market Outlook, By Medium Wave Infrared (MWIR) (2021-2030) ($MN)
12 Global Thermal Imaging Market Outlook, By Large Wave Infrared (LWIR) (2021-2030) ($MN)
13 Global Thermal Imaging Market Outlook, By Technology (2021-2030) ($MN)
14 Global Thermal Imaging Market Outlook, By Cooled (2021-2030) ($MN)
15 Global Thermal Imaging Market Outlook, By Uncooled (2021-2030) ($MN)
16 Global Thermal Imaging Market Outlook, By Application (2021-2030) ($MN)
17 Global Thermal Imaging Market Outlook, By Detection & Measurement (2021-2030) ($MN)
18 Global Thermal Imaging Market Outlook, By Critical Infrastructure (2021-2030) ($MN)
19 Global Thermal Imaging Market Outlook, By Security & Surveillance (2021-2030) ($MN)
20 Global Thermal Imaging Market Outlook, By Other Applications (2021-2030) ($MN)
21 Global Thermal Imaging Market Outlook, By End User (2021-2030) ($MN)
22 Global Thermal Imaging Market Outlook, By Food & Beverages (2021-2030) ($MN)
23 Global Thermal Imaging Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
24 Global Thermal Imaging Market Outlook, By Commercial (2021-2030) ($MN)
25 Global Thermal Imaging Market Outlook, By Oil & Gas (2021-2030) ($MN)
26 Global Thermal Imaging Market Outlook, By Automotive (2021-2030) ($MN)
27 Global Thermal Imaging Market Outlook, By Industrial (2021-2030) ($MN)
28 Global Thermal Imaging Market Outlook, By Aerospace & Defence (2021-2030) ($MN)
29 Global Thermal Imaging Market Outlook, By Residential (2021-2030) ($MN)
30 Global Thermal Imaging Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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