Thermal Imaging Market Size Set for Explosive Growth Globally at 9.4% CAGR by 2031 | The Insight Partners

The report runs an in-depth analysis of market trends, key players, and future opportunities. The market for thermal imaging solutions is experiencing robust growth and innovation, driven by various factors across different sectors

NEW YORK, Jan. 17, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "Thermal Imaging Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Types, Solution, and End-users, and Geography", the global thermal imaging market is observing healthy growth owing to the rising applications in healthcare and automotive sector.

The global thermal imaging market is set for explosive growth, with projections indicating a surge by 2031. This remarkable expansion is driven by rising application in the military and surveillance sector.         

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Market Overview and Growth Trajectory:

Thermal Imaging Market Growth: The Thermal Imaging market is expected to record a CAGR of 9.4% during the forecast period 2021 to 2031. Among the most adaptable gadgets on the market right now are probably thermal cameras. Thermal cameras are now widely used in a variety of industries, including building surveying, electrical, firefighting, law enforcement, and many more, thanks to recent advancements in their development that have made them significantly cheaper for professional surveyors in these fields. In essence, a thermal imager—also referred to as a thermal image camera or TIC—is a heat sensor that can pick up even the smallest temperature variations. The apparatus gathers infrared radiation from focused objects and uses the data to produce an electronic image.

Rising Demand from the Defense and Surveillance Sector: Wars are brief, swift, and fierce, and conflict scenarios are high-tech. Global armies are updating their military arsenals and equipping personnel with the newest in combat and surveillance technology in order to meet the diversely asymmetric, multifaceted, and extremely deadly demands of the battlefield. One such advancement is seen in the field of Optronics systems, particularly with Thermal Imaging Devices. An essential component of perimeter monitoring and Automatic Target Recognition (ATR) systems is motion detection. Because thermal imaging can function in all weather, it has become a crucial component of these systems. Both enemy forces and terrorists find military sites and immobile installations to be appealing targets. Since these installations contain workers as well as operating and administrative equipment, effective perimeter security is crucial. The military can evaluate the possible threat and take prompt, efficient action thanks to early warning thermal imaging devices.

Some of the developments in these areas are,

• In August 2024, Leonardo DRS, Inc., a leader in defense technology, announced that it has secured a significant order worth US$117 million to continue the production of next-generation thermal weapon sights for the US Army. This order is part of the ongoing Indefinite Delivery/Indefinite Quantity (IDIQ) contract for the Family of Weapon Sights – Individual (FWS-I), ensuring the continuous supply of these essential systems.
• In November 2024, The British Army announced that it is upgrading its night-fighting capabilities with the Talon Fused Weapon Sight, a thermal imaging device designed to identify targets up to a kilometre away in complete darkness. This technology, developed by Qioptiq, a division of Excelitas, will be mounted on SA80 L85 A3 and KS-1 L403 A1 rifles, transforming their standard scopes into thermal sights.

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Rising Applications in the Healthcare Sector: In many domains of endeavor, but especially in medical imaging for therapeutic and preventive purposes, the use of thermal imaging is rapidly expanding. This technology has demonstrated its value and is still effective in identifying illnesses, infections, and wounds in both humans and animals. Convenient and effective, this technology can be used in a touchless, non-invasive manner and can identify candidates for additional diagnostic testing in a matter of seconds. Compared to forehead-reading thermometers, this screening method enables the user to operate the instrument at a wider distance from the patient and may help reduce and limit the transmission of infectious diseases.

Some of the recent developments in this sector are,

• In September 2023, USATherm, a leading innovator in the field of medical thermal imaging technology, is pleased to announce that the U.S. Food and Drug Administration (FDA) has granted a 510(k) on its 2nd generation thermal imaging device. ThermPix™ leverages cutting-edge thermal imaging technology to provide high-resolution, real-time thermal images of the human body. This non-invasive and non-ionizing imaging device has the potential to transform the way healthcare professionals screen, diagnose and manage a wide range of conditions.

Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.

Thermal Imaging Market Segmentation, Applications, Geographical Insights:

• Based on product type, the thermal imaging market is segmented into thermal cameras, thermal scopes, thermal modules. The thermal camera segment held the largest market share in 2023.
• Based on technology, the thermal imaging market is segmented into cooled and uncooled. The thermal camera segment held the largest market share in 2023.
• Based on wavelength, the thermal imaging market is segmented into SWIR, MWIR, LWIR. The SWIT segment held the largest market share in 2023.
• Based on end user, the thermal imaging market is segmented in to aerospace and defense, automotive, healthcare and life science, oil and gas, food and beverages, others. The aerospace and defense segment held the largest market share in 2023.

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Key Players and Competitive Landscape:

The Thermal Imaging Market is characterized by the presence of several major players, including:

• Flir Systems, Inc.
• Fluke Corporation
• BAE Systems.
• L-3 Communications Holdings, Inc.
• DRS Technologies, Inc.
• AXIS Communications
• Honeywell International, Inc.
• Thermoteknix Systems Ltd
• Testo AG

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Thermal Imaging Market Recent Developments and Innovations:

• SatVu launched its revolutionary thermal imaging satellite, HOTSAT-1
• Multi Radiance Medical announced its exclusive worldwide distribution partnership with Digatherm Thermal Imaging
• RealWear, inc. launched the hands-free, voice-activated thermal imaging solution
• Guide Sensmart launched a New TK Handheld Thermal Imaging Monocular

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Conclusion:

Globally, the thermal imaging market is growing, with notable expansion in North America, Europe, and Asia-Pacific. This expansion is being driven by increased demand in emerging economies, especially in Asia. The usage of thermal cameras for security and surveillance is growing, especially in applications related to border control, law enforcement, and the military. Their popularity has been aided by their capacity to identify heat signatures in low visibility situations (such as fog, smoke, and night). Thermal imaging is being used by the manufacturing, oil & gas, and energy sectors for equipment diagnostics, preventive maintenance, and the identification of leaks or hot spots in electrical systems.

Related Report Titles:

• Thermal Imaging Cameras Market Size and Forecast (2021 - 2031)
• Thermal Camera Market Size and Forecasts (2021-2031)
• Infrared Imaging Market Size and Forecasts (2021 - 2031)
• Infrared (IR) Sensing Imaging Market Size and Forecasts (2021 - 2031)
• Military Thermal Imaging Market Size and Forecasts (2021-2031)

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