The global thermal imaging market size was valued at USD 4.27 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. High demand across the commercial and residential sectors is expected to be a key growth factor. Mass production has led to the availability of cost-effective cameras. The surge in demand across diverse application areas is the primary factor expected to drive the thermal imaging systems market over the forecast period.
Technology innovation has led to the development of microbolometers, which is expected to provide several growth opportunities over the forecast period. Further, the aforementioned development has resulted in increased commercialization of thermal imagers and is anticipated to spur the demand.
Growing demand for security and surveillance applications across private and public environments is expected to drive thermal imaging industry growth. This may be attributed to the need for increased security among citizens and employees. Rapid urbanization is expected to impose increased demand for additional advanced security solutions. Rising investment in infrastructural systems and surging demand for professional surveillance are expected to positively impact thermal imaging systems market growth over the forecast period.
The market may experience a setback owing to a decline in the defense budget in several countries, such as the U.S., Canada, Italy, and France. However, high demand across several commercial applications offers potential avenues for the thermal imaging camera market.
The pandemic boosted the demand for thermal imaging solutions across various sectors, including healthcare, transportation, manufacturing, and public safety. Thermal imaging technology proved effective in identifying individuals with elevated body temperatures, a common symptom of COVID-19 and played a crucial role in the early detection and prevention of the virus's spread. In the healthcare sector, thermal imaging cameras were widely adopted in hospitals, clinics, and airports to screen individuals for fever symptoms. It helped identify potential COVID-19 cases and implement appropriate measures such as isolation or further testing.
Based on the application, the global market for thermal imaging is segmented into military & defense, industrial, commercial, and residential. The military & defense segment captured the largest revenue share of over 45.7% in 2022 and is expected to grow at the fastest CAGR of 7.7% during the forecast period. The rising demand for unmanned aerial vehicles (UAVs) or drones in military operations has significantly boosted the adoption of thermal imaging technology. Drones with thermal cameras offer valuable capabilities such as aerial surveillance, target tracking, and reconnaissance in day and night conditions. The ability to capture thermal signatures from a bird's-eye view provides military forces with valuable intelligence, facilitating strategic decision-making and operational planning.
Commercial applications mainly comprise airport security and building diagnosis. Further, surging demand across numerous security applications is also expected to impact the demand in the future positively.
The residential sector is expected to increase due to high product penetration and the availability of low-cost devices. The technology helps reduce time-consuming and expensive invasive investigations. It is used extensively in energy audits, detecting moisture in ceilings, walls, roofs, and plumbing leaks or blockages.
The industrial sector is expected to grow at a significant CAGR of 7.5% during the forecast period. The increasing need for efficient and reliable monitoring and inspection systems in manufacturing, oil, gas, and energy has fueled the demand for thermal imaging technology. This technology allows for non-contact and non-destructive inspection of equipment, pipelines, and structures, enabling early detection of faults, leaks, and potential hazards.
North America dominated the market and accounted for the largest revenue share of 32.2% in 2022. On account of the high demand for thermal imaging devices across several law enforcement activities, the North America thermal imaging market is expected to emerge as the dominant region. Further, growth across both industrial and commercial sectors is expected to drive product demand over the forecast period. The industrial sector in North America is also embracing thermal imaging technology for inspection and maintenance purposes. Thermal imaging cameras enable efficient and non-destructive testing of equipment and infrastructure, allowing companies to identify potential issues and prevent costly breakdowns.
Asia Pacific is expected to register the highest CAGR of 9.1% over the forecast period. Advancements in thermal imaging technology, including developing high-resolution cameras and improved image processing algorithms, are further propelling market growth in the region.
The industry players are undertaking strategies such as investment, launches, acquisitions, and collaborations to increase their global reach. Manufacturers focus on global deployment, innovation of new technologies and unique products, ability to design for large volumes, and at the same time, lower the production cost, rapid product development cycles, enhanced customer service, and controlling multiple production inputs through vertically integrated operations. There exists a high degree of vertical integration between the suppliers and the manufacturers.
For instance, in May 2023, Satellite Vu secured funding of USD 15.8 million for its thermal-imaging satellite constellation. An existing investor of Satellite Vu, Molten Ventures, directed the Series A-2 investment round. The company intends to deploy its initial satellite through a SpaceX Falcon 9 rideshare mission scheduled for June 2023.
The following are some of the major participants in the global thermal imaging market:
Axis Communications AB
BAE Systems, Inc.
Teledyne FLIR LLC
Honeywell International Inc.
Lockheed Martin Corporation
Raytheon Technologies Corporation
Testo SE & Co. KGaA
Thermoteknix Systems Ltd
In June 2023, SatVu launched its revolutionary thermal imaging satellite, HOTSAT-1. Once deployed in orbit, this advanced climate technology offers unparalleled insights into economic activities and energy efficiency across various industries. In collaboration with Surrey Satellite Technologies (SSTL), SatVu seamlessly integrated cutting-edge thermal imaging technology into the design of HOTSAT-1, propelling it to the forefront of satellite innovation.
In January 2023, Multi Radiance Medical announced its exclusive worldwide distribution partnership with Digatherm Thermal Imaging, which integrates laser therapy and thermal imaging technologies. Multi Radiance Medical aims to leverage the synergistic relationship between these two technologies through this collaboration. By combining thermal imaging with laser therapy, veterinarians have a comprehensive set of tools.
In November 2022, RealWear, inc. launched the hands-free, voice-activated thermal imaging solution. This innovation enables frontline workers to observe detailed visible-spectrum images or utilize various thermal and color modes by integrating the newly developed RealWear thermal camera module and the RealWear Navigator 500 headset, incorporating built-in voice recognition. This technology facilitates the swift identification of temperature irregularities in crucial industrial machinery such as pumps, pipes, wires, and motors.
In May 2022, Guide Sensmart launched a New TK Handheld Thermal Imaging Monocular. Guide Sensmart launched the TK Handheld Thermal Imaging Monocular. This device is equipped with Guide's state-of-the-art infrared detector and utilizes their patented image processing technology, resulting in clear and sharp imaging. The unique capabilities of the TK include capturing both images and videos, smooth zoom functionality, approximate ranging, and the inclusion of Picture-in-Picture. Furthermore, this monocular supports personalized image observation in various scene modes.
In April 2022, Dahua Technology Co., Ltd launched its M Series Thermal Monocular Camera Series in April 2022. The M Series offers three model options, namely M20, M40, and M60, with varying image resolutions and multiple models with different lenses to cater to diverse customer needs. This innovative series provides high-quality thermal imaging capabilities in a compact and user-friendly device, making it an ideal choice for various thermal imaging tasks in the field.
Market size value in 2023
USD 4.63 billion
Revenue forecast in 2030
USD 7.59 billion
CAGR of 7.3% from 2023 to 2030
Base year for estimation
2017 - 2021
2023 - 2030
Revenue in USD million/billion and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America; Europe; Asia Pacific; Rest of World
U.S.; Canada; U.K.; Germany; France; China; India; Japan; South Korea; Australia
Key companies profiled
Axis Communications AB; BAE Systems; Inc.; Leonardo DRS; Teledyne FLIR LLC; Honeywell International Inc.; Lockheed Martin Corporation; Raytheon Technologies Corporation; Safran Group; Lynred USA; Testo SE & Co. KGaA; Thermoteknix Systems Ltd
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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 2017 to 2030. For this study, Grand View Research has segmented the global thermal imaging market report based on application and region:
Application Outlook (Revenue in USD Million, 2017 - 2030)
Military & Defense
Regional Outlook (Revenue in USD Million, 2017 - 2030)
Rest of World
b. The global thermal imaging market size was estimated at USD 4.27 billion in 2022 and is expected to reach USD 4.63 billion in 2023.
b. The global thermal imaging market is expected to grow at a compound annual growth rate of 7.3% from 2023 to 2030 to reach USD 7.59 billion by 2030.
b. North America dominated the thermal imaging market in 2022 by holding a revenue share of over 32.0%. The high market share of the region can be attributed to the emergence and presence of a number of market players offering thermal imaging solutions, the availability of low-cost thermal imaging hardware, and rising investments in the aerospace and defense industry.
b. The key players in this thermal imaging market include Seek Thermal, FLIR Systems, Inc., Testo SE & Co. KGaA, Fluke Corporation, Axis Communications AB, Opgal, Stonkam Co., Ltd., Xenics, JENOPTIK AG, Leonardo, HGH Infrared System, Tonbo Imaging Pvt Ltd, Workswell, Veoneer Inc., InfraTec GmbH, Excelitas Technologies Corp, and Lynred, among others.
b. Key factors that are driving the market growth include the increasing application of thermal imaging solutions across various industries, including automotive, healthcare & life sciences, along with increasing investments in aerospace and defense by governments worldwide.
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