The global Thermal Imaging Market size is expected to reach USD 7.59 billion by 2030, expanding at a CAGR of 7.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for low-cost devices owing to its widespread applications. Commercialized thermal imagers resulting from the development of microbolometers expected to augment the growth of the market over the forecast period.
In addition to increasing demand in industrial and
commercial sectors, thermal imaging devices are also used across several
security and surveillance applications. Moreover, increasing adoption of
integrated solutions across commercial applications would further fuel the
growth of the industry. Furthermore, the use of thermal imaging in
high-resolution camera and smartphone is expected to bolster further the growth
of the industry.
Thermal Imaging application in commercial segment is
also poised to experience growth over the next few years. Growth can be
attributed to increasing the use of thermal imaging devices across various
applications such as surveillance and security, thermography and transportation
systems.
List of Key Players in Thermal Imaging Market
- 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
Related Press Release@ Thermal Imaging Market Report
Thermal Imaging Market Report Highlights
- Defense & Military 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
- North America was the largest regional market in 2022 and accounted
for over 32.2% of the market. Growing industrial and commercial sectors
are expected to fuel the market growth over the forecast period. The
extensive use of thermal imaging sensors in security products and rising
demand for safety and surveillance applications is expected to drive
demand in Europe. Asia Pacific is also expected to witness significant
growth owing to rising defense budget.
- The market is highly competitive and is characterized by cost
minimization strategies by key industry players. The companies emphasize
on continuous innovation and R&D to outpace the competition. In the
industry, there is a high degree of integration between the manufacturers
and suppliers. Manufacturers focus on global deployment, technological
innovation, and unique products to cater to growing demand. Furthermore,
increasing focus on scaling production which leads to reduced product cost
due to economies of scale is expected to propel demand over the next few
years.
- Key players in the industry include BAE Systems Inc., FLIR Systems
Inc., Raytheon Company, and DRS Technologies Inc. Optimizing manufacturing
throughput along with greater product reliability through vertical
integration of production activities is expected to be a key growth
driver.
Thermal Imaging Market Report
Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 4.63 billion |
|
Revenue forecast in 2030 |
USD 7.59 billion |
|
Growth rate |
CAGR of 7.3% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2017 - 2021 |
|
Forecast period |
2023 - 2030 |
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Thermal Imaging Market Segmentation
Grand View Research has segmented the global thermal
imaging market on the basis of application and region:
Thermal Imaging Application Outlook (Revenue in USD
Million, 2017 - 2030)
- Military & Defense
- Industrial
- Commercial
- Residential
Thermal Imaging Regional Outlook (Revenue in USD Million,
2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of World
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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