Thermal Imaging Market Analysis Report By Product, By Technology,By Application, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global thermal imaging market size was valued at USD 5.95 billion in 2019. The market is projected to register an 8.4% CAGR over the forecast duration, 2020 to 2027. The use of thermal imaging technology has gained traction over the past years in both the commercial and residential sectors. Further, large-scale production has led to the availability of cost-effective thermal imaging cameras. In addition, increasing expenditure in research and development by companies, capital firms, and the government to introduce innovative solutions in thermal imaging has driven the market growth.

The increasing use of thermal imaging cameras in surveillance and security across both public and private sector is spurring product demand. Increasing focus on public and employees safety is driving its adoption in a security application. Further, growing urbanization in emerging countries is projected to drive the adoption of thermal imaging cameras. Increasing investment in infrastructural development along with growing professional surveillance is likely to bolster the market growth over the forecast duration.

However, owing to the reduction in the defense budget, in countries such as Canada, Italy, France, and the U.S., the market may witness a setback over the forecast duration. Although, the introduction of the innovative thermal imaging system is anticipated to increase their adoption in automotive technology. In addition, increasing demand from several commercial applications is estimated to bode well for market growth.

Increasing use of handheld thermal imaging systems such as portable cameras is further anticipated to drive the market from 2020 to 2027. These devices find their application in the defense sector in detecting potential threats as they offer clear images even at the night. Further, their usage in the mission-critical application is likely to spur market growth over the next seven years.

Product Insights

Based on the product, the thermal imaging market is categorized into cameras and modules. In 2019, the camera segment held the largest share in the market. The growing use of thermal imaging cameras in both commercial and residential sectors is proliferating its demand. These cameras are used for various applications such as leak detection, crack detection, and home insulation in various residential and commercial buildings.

On the other hand, the module segment is likely to gain traction in the next few years. The ability of thermal cameras, modules, and scopes to operate during different climatic conditions is further estimated to drive their adoption.

Technology Insights

Based on the technology, the market is bifurcated into uncooled and cooled. Of them, the uncooled segment held the highest share in the market in 2019. Improved use in different climatic conditions such as fog, dust, and smoke is attributing to the growth of the segment.

On the other hand, the cooled segment is projected to register considerable growth over the forecast duration. These cameras are equipped with imaging sensors, cryocooler, and onboard image processing. Owing to their ability to provide high-quality images and high sensitivity, these cameras are suitable for research applications.

Application Insights

Depending on the application, the market is segregated into residential, commercial, industrial, and military & defense. Its industrial application includes detection of the hot spot in mechanical and electrical installation. Industrial applications are gaining traction in emerging countries such as India and China.

Building diagnosis and airport security are the major commercial application of thermal imaging systems. In addition, increasing demand from security applications is projected to drive the product demand shortly. Besides, the residential sector is anticipated to witness increased adoption due to the availability of various low-cost devices. Thermal imaging technology helps in reducing the time and cost involved in investigations.

Regional Insights

North America was the leading region in 2019. Further, the region is projected to continue its lead over the forecast duration. The rise in demand from the commercial and industrial sectors is driving the regional thermal imaging market. In addition, the region spends a significant amount of budget on military and defense, which in turn is projected to drive the market growth.

Europe is witnessing increased demand for surveillance and security applications. While the Asia Pacific is likely to witness considerable growth over the forecast period. The rise in defense budgets in countries such as India and China is driving the demand from the Asia Pacific.

Impact of COVID-19

The outbreak of COVID-19 has increased the application of thermal imaging solutions considerably. However, thermal imaging solution alone is not effective in detecting body temperature with precision. Thermal imaging technology in conjunction with infrared cameras can be used to measure elevated body temperature. Further, with the integration of innovative technology, thermal imaging can prove crucial in detecting the body temperature of potential COVOD-19 patients. For example, Honeywell International in May 2020 launched an AI-based thermal imager that helps in detecting the elevated temperature of the body and use at entry at airports and other gateways.

Thermal Imaging Market Share Insights

Key players operating in the market include FLIR Systems, Raytheon Company, DRS Technologies, and BAE Systems among others. The market is highly competitive owing to the presence of several key players. To stay competitive in the market, companies are focusing on the development of cost-effective products along with the introduction of an innovative solution in the market.

Some of the other market participants include Safran, Axis Communications, Honeywell, Sofradir EC, Nippon Avionics, Ulis, and Lockheed Martin. Considering the growing application of thermal imaging cameras, companies are focusing on introducing new products in the market. For example, FLIR Systems introduced pan-tilt-zoom (PTZ) cameras for security applications in late 2019. These cameras are capable of providing short and long perimeter protection in various conditions.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global thermal imaging market report on the basis product, technology, application and region:

• Thermal Imaging Product Outlook (Revenue, USD Million, 2016 - 2027)
    • Cameras
    • Modules

• Thermal Imaging Technology Outlook (Revenue, USD Million, 2016 - 2027)
    • Cooled
    • Uncooled

• Thermal Imaging Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Military & Defense
    • Commercial
    • Residential
    • Industrial

• Thermal Imaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World