Thermal Imaging Market Size was valued at USD 4.05 billion in 2023, and is expected to reach USD 6.14 billion by 2031, and grow at a CAGR of 5.3 % over the forecast period 2024-2031.
The process of improving the appearance and clarity of objects even in the dark by identifying an object or image using infrared light is called thermal imaging. The emergence of thermal images has helped companies reduce their downtime. Companies will no longer be required to close their applications even during thermal audit. By enabling the early detection of faulty products, thermal imaging helps businesses save a significant amount of money. In addition, there is no physical touch involved in the process, making it fully non-invasive. As a result, the electronics subjected to thermal assessments sustain no harm.
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KEY DRIVERS:
Increasing spending on R&D by businesses, governments, and investment organizations to create innovative thermal imaging systems.
Government spending on aerospace and military is growing, which is driving the thermal imaging industry.
RESTRAINTS:
Export restriction obligatory on thermal imaging products.
OPPORTUNITIES:
Thermal imaging is used to identify structural flaws in buildings.
Increased use of thermography in healthcare applications for diagnosis of the infantile stage.
CHALLENGES:
For applications involving see-through walls, thermal imaging is ineffective.
Glass and water do not impede the operation of thermal cameras.
The COVID-19 outbreak and subsequent expansion have slowed global economic growth. It has negatively affected a number of industries, including the thermal imaging industry. Companies plan and work to keep their businesses running. Production and distribution of products are important challenges that companies face. Several countries around the world have set up or expanded lockdown to contain the spread of the epidemic, which has led to disruptions in the supply of thermal imaging market.
Based on Type, the thermal imaging market is segmented into Thermal Modules, Thermal Cameras and Thermal Scopes. The thermal camera segment holds the largest share of the thermal imaginary market and is expected to continue this growth during the forecast period. A number of factors, such as the high-quality electronic imagery produced in a short period of time and the availability of different types (hand-held, mounted, and independent) and various small and nano sizes, contribute to this dominance.
Based on Application, the thermal imaging market is segmented into Monitoring & Inspection, Security & Surveillance and Detection & Measurement.
Based on applications, the hot imaging market is divided into security and surveillance, monitoring and evaluation, detection and evaluation. At the time of forecasting, the security and surveillance category had the biggest market share for thermal imaging. The need for cutting-edge thermal imaging systems for security and surveillance applications is fast rising as a result of urban migration. Growing conflicts and acts of terrorism between countries also increase the need for well-equipped systems to monitor the country's borders from invading enemies and to protect the country from them.
BY PRODUCT TYPE
Handheld Thermal Cameras
Fixed Thermal Cameras
BY TYPE
Thermal Modules
Thermal Cameras
Thermal Scopes
BY TECHNOLOGY
Cooled
Uncooled
BY APPLICATION
Monitoring & Inspection
Security & Surveillance
Detection & Measurement
BY INDUSTRY VERTICAL
Industrial
Residential
Automotive
Oil & Gas
Commercial
Aerospace & Defence
Healthcare & Life Sciences
Food & Beverages
North America currently maintains the biggest market share for thermal imaging among all regions, and is anticipated to keep expanding over the projected period. Major producers of thermal imaging equipment, including thermal cameras, scopes, and modules, are based in the area. The US has played a major role in this region and accounted for about 90% of the total thermal imaging market in North America. The presence of more manufacturers and distributors, decreased thermal imaging component prices, and greater government investment in the aerospace and military industries are all contributing factors to the region's thermal imaging market growth.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key players in the thermal imaging market are Fluke Corporation, L3HARRIS TECHNOLOGIES, Axis Communications, Opgal, FLIR Systems, Leonardo, United Technologies, BAE Systems, Xenics and Thermoteknix Systems & Other Players.
United Technologies-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 4.05 Billion |
| Market Size by 2031 | US$ 6.14 Billion |
| CAGR | CAGR of 5.3% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Handheld Thermal Cameras, Fixed Thermal Cameras) • By Type (Thermal Modules, Thermal Cameras, Thermal Scopes) • By Technology (Cooled, Uncooled) • By Application (Monitoring & Inspection, Security & Surveillance, Detection & Measurement) • By Industry Vertical (Industrial, Residential, Automotive, Oil & Gas, Commercial, Aerospace & Defence, Healthcare & Life Sciences, Food & Beverages) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | The key players in the thermal imaging market are Fluke Corporation, L3HARRIS TECHNOLOGIES, Axis Communications, Opgal, FLIR Systems, Leonardo, United Technologies, BAE Systems, Xenics and Thermoteknix Systems. |
| Key Drivers | • Increasing spending on R&D by businesses, governments, and investment organizations to create innovative thermal imaging systems. |
| RESTRAINTS | • Export restriction obligatory on thermal imaging products. |
The Thermal Imaging Market size was valued at 4.05 billion in 2022 at a CAGR of 5.3%.
The market value is expected to reach USD 6.14 billion by 2031.
The market has been segmented with respect to type, product type, technology, industry vertical and application.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Thermal Imaging Market Segmentation, by product type
8.1Introduction
8.2 Handheld Thermal Cameras
8.3Fixed Thermal Cameras
9. Thermal Imaging Market Segmentation, by type
9.1Introduction
9.2 Thermal Modules
9.3Thermal Cameras
9.4Thermal Scopes
10. Thermal Imaging Market Segmentation, by technology
10.1 Introduction
10.2 Cooled
10.3 Uncooled
11. Thermal Imaging Market Segmentation, by application
11.1 Introduction
11.2 Monitoring & Inspection
11.3 Security & Surveillance
11.4 Detection & Measurement
12. Thermal Imaging Market Segmentation, by industry vertical
12.1 Introduction
12.2 Industrial
12.3 Residential
12.4 Automotive
12.4 Oil & Gas
12.5 Commercial
12.6 Aerospace & Defence
12.7 Healthcare & Life Sciences
12.8 Food & Beverages
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14.Company Profiles
14.1 Thermoteknix Systems
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Fluke Corporation
14.3 L3HARRIS TECHNOLOGIES
14.4 Axis Communications
14.5 Opgal
14.6 FLIR Systems
14.7 Leonardo
14.8 United Technologies
14.9 BAE Systems
14.10 Xenics
15.Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments
16.Conclusion
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