The thermal imaging market is growing rapidly as it offers advantages such as high resolution images, ability to identify flaws in products, and increasing demand from various industries such as automotive, defense.
The thermal imaging market projected to grow from USD 3.6 billion in 2021 and is expected to reach USD 4.7 billion by 2026, growing at a CAGR of 5.5%. Owing to the increasing demand for thermal imaging in various industrial applications such as oil and gas, power, aircraft & defense, automotive, and manufacturing. The increasing use of thermal imaging in smart cities is also expected to drive the growth of the thermal imaging market.
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The automotive segment is projected to be the largest market for thermal imaging in 2026, followed by oil and gas and power markets.
In terms of application areas, industrial thermography is the leading application category in the thermal imaging market. This is due to the increasing demand for thermal imaging tools for monitoring processes such as welding and fabricating metals. In addition, smart city applications are also growing rapidly owing to their potential benefits such as reducing traffic congestion and improving urban infrastructure management.
The following are some of the key drivers that are responsible for the growth of the thermal imaging market:
• Increasing demand for thermal imaging tools for security, automotive, and industrial applications
• Growing adoption of 3D thermal imaging technology across various industry verticals
• Rise in demand from emerging economies
Thermal Imaging Market Size, By Technology
Thermal imaging technology is used for a variety of purposes such as industrial inspection, security, and product identification.
The key factors driving this growth are increasing adoption of thermal imaging technology in multiple applications such as automotive manufacturing, oil and gas exploration, and food processing.
North America will be the largest market for thermal imaging in 2026, and will account the largest market share. The growth in the Asia-Pacific region is attributed to the increasing demand for thermal imaging applications in industrial and infrastructure sectors. The developed countries are investing in thermal imaging technologies to maintain their competitive edge.The following are the key applications of thermal imaging:
1. Manufacturing process monitoring and analysis
2. Material inspection
3. Security and surveillance
4. Traffic monitoring
5. Asset tracking
6. Environmental monitoring
Some major players in the thermal imaging market are FLIR Systems (US), Fluke Corporation (US), Leonardo (Italy), L3HARRIS TECHNOLOGIES (US), United Technologies (US), Axis Communications (Sweden), BAE Systems (UK), Opgal (Israel), Testo (Germany), Xenics (Belgium), Thermoteknix Systems (UK), and so on.
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